This week in the cryptocurrency market was anything but uneventful. It witnessed significant developments, including the fall of a prominent industry leader, legal hurdles for Kraken, and erratic Bitcoin price movements.
The week began with a major shift at Binance, the largest global cryptocurrency exchange. Changpeng ‘CZ’ Zhao stepped down from his leadership role in a dramatic turn of events.
This change in leadership was part of a $4.3 billion agreement with U.S. regulators, addressing allegations of money laundering, bank fraud, and sanctions violations.
The future for CZ remains uncertain. Meanwhile, Binance is experiencing substantial withdrawals, and Coinbase Global Inc (NASDAQ: COIN) is capitalizing on this situation.
In the midst of these shifts, Bitcoin’s value initially took a sharp 4.5% dive against the U.S. dollar on Tuesday. However, displaying resilience, Bitcoin recovered these losses within a day, and the rest of the week was relatively stable.
As of the latest updates, the BTC/USDT pair traded above $37,500, marking an almost 4% increase over the week.
On the day CZ left Binance, the exchange’s native token, BNB, experienced a sharp drop of over 10%. While it has somewhat recovered, it still lags behind Bitcoin, showing a 4% decline weekly.
Ethereum (ETH), the second-largest cryptocurrency, witnessed a significant surge in the latter part of the week, gaining over 5% since the previous Friday. Presently, the ETH/USDT pair is trading around $2,083.
In the broader altcoin market, Ripple (XRP), Cardano (ADA), Toncoin (TON), and Chainlink (CHAIN) are performing well. Conversely, Solana (SOL), Dogecoin (DOGE), and Tron (TRX) are less popular among traders at the moment.
The global cryptocurrency market capitalization stands at approximately $1.43 trillion, with Bitcoin maintaining over 52.5% dominance in the market.
