Daily News | UK Banks Turn Away Crypto Clients As International Crypto Lawsuits Intensify

2023-04-03, 01:51

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##Crypto Daily Digest: Negative Sentiment Courses Through The UK As Banks Further Crackdown On Crypto Clients. Bearishness Strikes DOGE In New Lawsuit – With Musk Bearing The Brunt

Good morning, traders! Let’s grab this week by the horns and start it off the right way! 🚀

US stock indexes have been subject to growth, while commodities such as natural gas, copper, and silver have fallen. The likes of TRAN, NASD 100, and the S&P 500 were all privy to upward of 1.5% growth across the past day, signifying a moderate uptick in interest in the finance and tech worlds.

However, currency pairs have witnessed notable losses, with the AUD/USD pair reaping -0.12% losses and the GBP/USD pair shedding -0.089, with the EUR/USD pair trailing closely behind. Investors will be closely monitoring US treasury data when it is revealed in the coming days, to ascertain the impacts of this on the wider financial market in the coming week.

The positive sentiment arising from the US stock market may be short-lived however, as investor fears surrounding the lack of resilience of major stocks as they fail to factor in recession woes have been exacerbated due to the current banking onslaught.

Despite the solid first-quarter gains, many analysts and investors fear this current performance could come under pressure if the widely expected recession hits the international economy in full force.

The positive sentiment from the US market has flowed into early trading in Australia and New Zealand, where futures pointed to gains for benchmarks in Japan and Hong Kong. Australian shares rose 0.8%, with financial firms leading the way, and energy producers also seeing gains. The market remains cautious about the potential for the Federal Reserve to implement higher-for-longer rate hikes to control inflation.

<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s value fell below $28,000 in the past day, with this zone anticipated to act as its new support. However, considering it gained an impressive 23% throughout March, some analysts are eying up $35k as the new target zone for BTC, hypothesizing that in the coming quarter that it will continually push toward this threshold. In light of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s positive surge, a variety of altcoins from across the market have responded well, with the likes of XLM and <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> soaring by almost 17% respectively in the past week, with the likes of HBAR and ADA following suit, reaping gains just below the 10% mark.

In contrast, the widely loved <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> has not been so lucky, with it shedding 4.87% in the past 24 hours as a result of a $258,000,000,000 lawsuit, which eccentric billionaire and DOGE-fanatic, Elon Musk, is calling to be thrown out. According to a Reuters report, attorneys representing Musk have implored for the lawsuit to be thrown out after a series of investors have accused him of perpetrating a pyramid scheme through the meme coin. His representatives have stated that “there is nothing unlawful about tweeting words of support” in regards to his avid love for DOGE.

On a similar dismal note, it has been reported that crypto clients across the UK are facing adversity from banks and similar institutions, according to Bloomberg. The few banks that are still collaborating with crypto firms have ramped up their documentation requirements and are requesting a surplus of monitoring information in relation to client transactions. Those who have failed to comply or have been unknowingly barred have been subject to account freezing and application rejection, leading many firms to complain to the prime minister, Rishi Sunak.

Despite Sunak’s plans to prioritize financial technology, the climate surrounding crypto in the UK remains relatively hostile, with very few banks and institutions entertaining crypto and blockchain clients.

##Topic of the Day: A pro-<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> lawyer has weighed in on the upcoming Ripple vs SEC verdict timeframe

The Ripple vs SEC lawsuit has long divided both the crypto and traditional finance communities, following the SEC’s insistence that Ripple’s native token, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, was funded and utilized in the same way that security is. With this two-year lawsuit seeming to never end, crypto lawyer and <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> supporter, John Deaton, has weighed in on the legal tussle. Addressing the alleged unregistered security lawsuit, Deaton tweeted to his quarter of a million followers stating his belief that Judge Analisa Torres, who is overseeing the case, is not bound to a specific timeframe.

Deaton stated: “There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple of months of her Daubert/Experts’ decision.”

Having represented <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> holders as amicus curiae in the case, Deaton attests that there will not be any insider knowledge of the case’s final outcome. Deaton has said that only Judge Torres and her small circle of staff will know the outcome of the ruling before the public. These statements come in light of concerns regarding ‘insider information’, with some speculators suggesting that Ripple and the SEC will know the outcome before the public.

On a similar note, last month, Ripple CEO, Brad Garlinghouse addressed the lawsuit, stating that it could have substantial repercussions on the entire crypto market depending on the outcome, urging investors to understand how ‘pivotal’ the ultimate outcome is, particularly if it is unfavorable to the industry, as this could introduce an onslaught of negative implications.

##<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> (<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>) $0.5186 (+1.41%) - Bullish Outlook

**Overview:**

- Closest daily support zone: 0.514- 0.5169
- Closest daily resistance zone: 0.5268- 0.5284
- Key Level: 0.5749 (3-Monthly High)

<br>![](https://gimg2.gateimg.com/image/article/1680486511unnamed0403.png)

In another bullish week for <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, the asset soared, with the asset refusing to shy away from green candlesticks. Opening the week at around $0.45, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> began to progressively accrue value, moving at a sloping upward pace. By the 29th, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> reached a weekly high of $0.5749 and continued to stand its ground in the $0.5 zone throughout the remainder of the week, vastly exceeding its 7-day SMA and serving as a testament to the bullish sentiment surrounding the asset as of late.

Across the past day, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has witnessed growth of +1.41%, which has pushed it to reach a three-monthly high of $0.5749, which serves as a critical point for the asset. Providing <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> can maintain the recent bullish momentum, it is plausible that it could be eyeing $0.58 as the next target price, or that it could even push itself toward $0.6 – a level not realized since May of 2022.

**Daily Resistance zones**

0.5154 - 0.5164
0.5241 - 0.5256
0.5268- 0.5284

**Daily Support zones**

0.514- 0.5169
0.523-0.5248
0.5192-0.5201

<div class="blog-details-info">
<div>Author:** Matthew Webster-Dowsing **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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