Binance's U.S Based "VIPs", Tether Market Cap Nears All-time High

Market Update Crypto and Equities are up today, with the S&P gaining 0.30% while $BTC was up 0.5% as investors assess weak job market data releases. Investors had reacted positively to poor economic data in anticipation that the Fed could pause ongoing rate hikes but attention is shifting to whether the Fed has induced a potential recession. Despite a short trading week for stocks, all eyes will be on the Labor Department's March jobs report coming out tomorrow, which will show the economy's resiliency and whether a soft or hard landing is developing on the back of the Fed's rate hikes. $ETH is underperforming $BTC, down 0.8% over the last day. $DOGE is underperforming among the top ten digital assets by market cap, falling 3.4% over the previous day as the hype-based rally from Twitter changing its logo begins to fizzle.  The CFTC has named US-based trading firms Jane Street Group, Tower Research Capital, and Radix Trading as Binance's top three "VIP" clients in their lawsuit against Binance. The commodities regulator alleges that Binance's relationship with the firms violated US law since Binance was not authorized to serve US customers. Despite Binance publicly declaring it did not serve US customers, according to the CFTC, the firms used offshore entities to avoid the ban.