Days after cryptocurrency the fall of the exchange FTX, cryptocurrencies including Bitcoin, and stablecoin have begun to show hints of recovery as the total market value of currencies has increased by two percent to $850 billion. “The bankrupt exchange FTX remained in the news after the exchange hacker continued to move pieces of the stolen assets worth $477 million, in an effort to launder the money. Proper cryptocurrency regulation is the need of the hour,” Pratik Gauri, co-founder, and CEO, 5ire, a blockchain-based platform, told FE Blockchain.
However, as per industry analysts, the overall sentiment of the market is still bearish. Dogecoin (DOGE) increased by 26.8% as cryptocurrency investors raised hopes that Elon Musk’s vision for Twitter 2.0 would incorporate DOGE in some capacity.
Weekly winners and losers among the top 80 coins. Source: Nomics
It is to be further observed that the seven percent upward price movement of Ether had the biggest impact on the two percent weekly increase in total market capitalisation. “Altcoins were significantly impacted by the bullish sentiment as well. US Fed chief has put out feelers that it may end its hawkish stance on monetary policy and aggressive rate hikes; which provides the macro market much-needed direction, specifically for institutional investors,” Mahin Gupta, founder, Liminal, a digital wallet infrastructure platform, said.