Crypto Cheer Hints At FTX Resumption; Bitcoin Up
By Laxmikant Khanvilkar
Bitcoin, Ethereum and other cryptocurrencies staged a strong comeback as now-defunct crypto exchange – FTX head John J. Ray III, who previously handled Enron’s restructuring, said: “it could be worth reviving the exchange”.
Ray told reporters that “If there is a path forward on that, then we will not only explore that, we’ll do it.”
The confidence from restructuring specialists has boosted investor sentiment, pushing up leading cryptocurrencies.
Recently, Bitcoin (BTC) was trading at approximately $21,100, with an increase of 1.5% in the last 24 hours. This follows a slight dip the day before, from which BTC has now recovered. Additionally, Ether (ETH) was trading at $1,550, a 0.6% increase since the previous day. Over the course of the past week, both cryptocurrencies have seen considerable gains, with BTC up 13% and ETH up 7%.
The crypto market capitalization has risen by 1.90% in the last 24 hours, reaching a total of $981.08 billion. However, the total crypto market volume has decreased by 34.62% over the same period, amounting to $40.27 billion. Of this, DeFi accounts for 8.68%, while stablecoins make up 90.65%. Bitcoin’s dominance is currently at 41.44%, with no change since the day before.
FTX resumption prospect sent its native token- FTT, 33% higher on Binance.
Elsewhere, decentralized-finance giant MakerDAO’s community voted to keep the Gemini USD stablecoin as part of its reserve system for its DAI stablecoin.
Trader Joe, a decentralized exchange (DEX) on the Avalanche blockchain, has announced plans to bolster the utility of its native governance token JOE and other ecosystem tokens.
Meanwhile, closed as traders’ recession fears continued to loom over markets. The tech-heavy Nasdaq Composite slid 0.9%, while both the S&P 500 and the Dow Jones Industrial Average (DJIA) were down 0.7%. The recent risk revival in traditional markets and cryptocurrencies may not be sustained because the U.S. Federal Reserve is still fighting inflation, according to crypto options trading firm QCP Capital in a Thursday note.
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