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CZ responds to CFTC Suit and MakerDAO approves 'Constitution'

Mar 28, 2023
Market Update Crypto markets seem to be taking yesterday's Binance news in stride, with $BTC down just 0.40% today at time of writing and $ETH up 1.88%. SPX and NDQ were down 0.10% and 0.63%, respectively. Interestingly, the ETH/BTC ratio appears to be stabilizing ahead of the Shanghai withdrawals on April 12th. ETH/BTC was up 2.33% today and nearly 4% from last week's low. Today's outperformers include liquid staking derivatives $LDO and $RPL, which were up 2.95% and 8.87%, as well as $XRP, up 4.80% as traders speculate ahead of its upcoming case vs. the SEC. After yesterday's Binance news, several decentralized exchanges, such as $GMX (up 4.17% today), received attention from the market. Since the FTX collapse in November, these decentralized exchanges have seen steady increases in volume, and Binance's case with the CFTC could accelerate this trend. Binance CEO, CZ, called the CFTC suit filed yesterday an "incomplete recitation of facts" in a blog post last night. CZ stated, "The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years." The lawsuit alleges that Binance operated a derivatives trading operation in the U.S. and offered trades for cryptocurrencies which the CFTC suit referred to as “commod

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