Massive Bitcoin Volatility, Ripple (XRP) Trial, and CZ Ruling: This Week’s Crypto Roundup

The price of Bitcoin was pretty wild over the past seven days. The cryptocurrency is down 4.2% during that period, but this summary doesn’t do the action justice, so let’s dive in.

The market was fairly quiet at the start of the week, trading around $64,000 with little sign of significant volatility. Things started going downhill after April 30, though. BTC then took a massive hit, falling towards $60,000, causing many investors to panic.

The next day, May 1, BTC fell below $57,000. This coincided with the first day of IBIT ETF exits. This is the local Bitcoin ETF launched by BlackRock, which only increased in terms of flows to date. Since then, the market has been recovering, and BTC has soared towards $62,000 today, posting gains of over 5% in the past 24 hours alone.

I told you things were heating up, but that’s not all.

Price action aside, the industry also saw a couple of major developments. First, Changpeng Zhao, the former CEO and one of the founders of Binance, finally received his sentence. He will spend 4 months in prison for violating the regulations associated with the fight against money laundering.

This brings to an end a case that has dragged on for many months. CZ said she will do her time and move on to the next chapter in her life: education.

In other news, it was reported that Bitcoin Jeasus, Roger Ver, was arrested in Spain. He is reportedly accused of tax evasion worth $50 million. Ver is closely associated with Bitcoin Cash and one of the cryptocurrency’s most vocal supporters.

All in all, BTC’s halving is gone and many expected prices to continue to lurch. So far, that clearly hasn’t been the case, but some analysts note that this is in line with historical price movements prior to a post-halving bull run.

Will the market rebound? Time will tell! If one thing is clear, it’s that next week will probably be just as exciting as this one!

Market data

Market capitalization: $ 2.4 thousand | 24 Hour Flight: $88 Million | BTC Dominion: 50.4%

BTC: $61,700 (-4.2%) | ETH: $3,056 (-2.2%) | BNB: $576 (-4.9%)

This week’s crypto headlines you better not miss

Former Binance CEO Changpeng Zhao gets 4 months in jail for AML violations. The sentencing for Changpeng Zhao, the former CEO and one of the founders of the world’s largest cryptocurrency exchange, Binance, is finally coming. He will serve four months in prison for breaching anti-money laundering rules.

US prosecutors are investigating Jack Dorsey’s blocking of non-compliant crypto services: report. Block: The payments company co-founded by Jack Dorse (co-founder of Twitter) is allegedly under investigation. According to reports, the company has not maintained the necessary standards when handling transactions that violate the sanctions.

BlackRock’s Bitcoin Spot ETF Sees Early Exits Amid BTC Price Plunge. For the first time since its inception, the local Bitcoin ETF launched by BlackRock – IBIT ETF – saw BTC outflows. This came at a time of broader market decline.

Robinhood partners with Uniswap to simplify crypto purchases for US users. One of the most popular traditional retail-oriented trading sites, Robinhood, has partnered with Uniswap. The goal is to simplify cryptocurrency purchases for users in the United States.

US DOJ Arrests ‘Bitcoin Jesus’ Roger Ver for $50 Million Tax Evasion. Bitcoin Jeasus – which is one of Roger Ver’s popular aliases – was arrested in Spain this weekend. The proponent of Bitcoin Cash and one of the most popular figures in the crypto industry has been accused of evading taxes worth $50 million.

Coinbase adds support for Bitcoin Lightning Network. Coinbase, the second largest cryptocurrency exchange in the world and the most popular in the United States, has added support for the Bitcoin Lightning Network. The integration aims to reduce the cost of sending BTC globally.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for the full price analysis.

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