Bitcoin, the largest cryptocurrency, jumped 7.83 per cent in the last 24 hours to $21,961.59 and is up 8.15 per cent in the last seven days.
Ethereum gained 6.71 per cent to $1,249.91, taking its weekly rise to 14.36 per cent. XRP advanced 7.17 per cent to $0.3528.
The biggest gainer in the top 20 cryptocurrencies was Polygon, which soared 11.65 per cent to $0.5826. Shibu Inu added 6.79 per cent to $0.00001133. Avalanche rose 6.81 per cent to $20.61. Polkadot and Litecoin rose 6 per cent each while Salona and Dogecoin were up 4 per cent each.
The global cryptocurrency market cap stood at $968.99 billion, rising 5.53 per cent in the last 24 hours. The total cryptocurrency trading volume also jumped 10.28 per cent to $63.46 billion.
A few top figures in the cryptocurrency space said they felt the ecosystem has likely already made it through the worst of the risk-off pressure that has rocked digital asset prices, Reuters reported.
Many of the crypto industry’s recent problems can be traced back to the spectacular collapse of the so-called stablecoin TerraUSD in May, which saw the stablecoin lose almost all its value, along with its paired token, the Reuters report suggested. That crash put substantial pressure on bitcoin and ether, two of the largest digital assets, said the Reuters report.
Bitcoin was down 58 per cent in the first six months of 2022, its worst first half of year showing ever.
– A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets.
– The US Federal Deposit Insurance Corporation is looking into Voyager
‘s marketing of deposit accounts for cryptocurrency purchases, an FDIC official said, confirming a report in the Wall Street Journal.