Post-Rally, Crypto Market Encounters Strong Bearish Pressure

• Bitcoin nearly hit a seven-week peak of $28.3K, boosting other cryptocurrencies.
• Binance faces a class-action lawsuit over alleged unfair competition and monopoly attempts.
• Solana recorded a notable growth of 24.70% in the previous week.

During a volatile week for the worldwide cryptocurrency market, Bitcoin spearheaded a bullish surge, almost hitting a seven-week peak of $28.3K on Monday, which positively impacted several digital currencies. Nevertheless, the market experienced an unexpected decline today, dropping by 2.56%.

On Monday, Bitcoin saw a significant increase, nearing the $28.3K mark, but it fell by 2.78% in the last 24 hours, with its current trading value at $27,502. However, it still managed to secure a 4.68% rise compared to the previous week. Ethereum , the second largest cryptocurrency, also reflected the market’s instability, declining by 4.19% in the last 24 hours to trade at $1,655. Despite this decline, it still posted a 4.08% increase every week.

Overall Market Downturn: 

The downturn in the market was not exclusive to Bitcoin and Ethereum but also impacted other digital currencies, such as Binance’s BNB, Ripple’s XRP , and Solana , among others, which experienced a decrease in their respective values.

CoinMarketCap data reveals that Binance Coin has declined by more than 2.08% in the last 24 hours, currently trading at $213. In contrast, XRP has sustained a trading price of around $0.5 after Ripple’s partial win in its lawsuit against the SEC. Nonetheless, it is important to highlight that XRP is still significantly below its former peak of roughly $0.9.

Currently, XRP is priced at $0.509, reflecting a 2.72% drop within a day. On the other hand, Solana (SOL) has experienced a slight rise of around 0.71% in the last 24 hours, with its present trading value standing at $24.09. In the previous week, Solana has recorded substantial growth, surging by a notable 24.70%.

Two significant entities in the volatile cryptocurrency market are currently dealing with legal issues. The previous chief executive officer of a now insolvent cryptocurrency exchange, Sam Bankman-Fried (SBF), began his court proceedings on Tuesday, which involved the process of jury selection.

Nir Lahav, a resident of California, has filed a class-action lawsuit against Binance, the leading cryptocurrency exchange. The lawsuit accuses Binance of numerous breaches of both federal and California-specific laws, including allegations of unfair competition and attempts to establish a monopoly in the cryptocurrency market.