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How the lawsuit against Binance affect the price of cryptocurrency?


After a fall earlier in the week following the filing of a lawsuit by US regulators against Binance, the largest cryptocurrency exchange in the world, bitcoin recovered during Wednesday morning trade in Asia. In the 24 hours leading up to 9:00 a.m. in Hong Kong, Bitcoin grew 1.29% to US$27,290, recording a weekly loss of 2.76%.The remaining top 10 non-stablecoin cryptocurrencies all increased in value.

The winners were still being led by XRP, with Cardano coming in second.XRP kept leading the winners, rising 10.04% to US$0.5215(9:00 a.m. in Hong Kong) for a seven-day gain of 12.92%. On hopes that Ripple Labs, whose cryptocurrency payment network is powered by XRP, may succeed in a lawsuit brought by the U.S. Securities and Exchange Commission, the token has continued to rise.Cardano posted the second largest gain among the top 10 non-stablecoin cryptocurrencies, jumping 6.68% to US$0.3678, but is still down 1.06% for the week.

On Tuesday, U.S. stocks declined due to a variety of concerns over interest rates, the economy, and proposed harsher regulations for the country’s banking sector.

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