Total Crypto Market Cap Hits $850 Million As Bitcoin, Altcoins Recover From FTX Collapse
Total Crypto Market Recovers Some Lost Ground as Contagion Risks Associated with FTX Collapse Begins to Look Resolved .
Market analysis
Total cryptocurrency market capitalization has increased by 2% in the past seven days, reaching $850 billion. Even with the positive move and ascending channel initiated on November 20, overall sentiment remains bearish and year-to-date losses stand at 63.5%.
Total USD crypto market cap, 4 hours. Source: TradingViewBitcoin (BTC) price also only gained 2% over the week, but investors have little to celebrate as the current level of $16,800 represents a 64% drop since the start of the year.
Failed exchange FTX remained in the spotlight after the hijacker continued to move some of the $477 million in stolen assets in an attempt to launder the money. On November 29, analysts claimed that some of the stolen funds were transferred to OKX.
The FTX saga has got politicians screaming louder in their calls for regulation. On November 28, European Central Bank (ECB) President Christine Lagarde called crypto regulation and oversight an “absolute necessity.” U.S. House Financial Services Committee Chair Maxine Waters announced that lawmakers will review FTX's collapse during an investigation on December 13.
On November 28, Kraken, a US-based cryptocurrency exchange, agreed to pay over $362,000 as part of an agreement "to settle its potential civil liability" related to
Total Crypto Market Recovers Some Lost Ground as Contagion Risks Associated with FTX Collapse Begins to Look Resolved .
Market analysis
Total cryptocurrency market capitalization has increased by 2% in the past seven days, reaching $850 billion. Even with the positive move and ascending channel initiated on November 20, overall sentiment remains bearish and year-to-date losses stand at 63.5%.
Total USD crypto market cap, 4 hours. Source: TradingViewBitcoin (BTC) price also only gained 2% over the week, but investors have little to celebrate as the current level of $16,800 represents a 64% drop since the start of the year.
Failed exchange FTX remained in the spotlight after the hijacker continued to move some of the $477 million in stolen assets in an attempt to launder the money. On November 29, analysts claimed that some of the stolen funds were transferred to OKX.
The FTX saga has got politicians screaming louder in their calls for regulation. On November 28, European Central Bank (ECB) President Christine Lagarde called crypto regulation and oversight an “absolute necessity.” U.S. House Financial Services Committee Chair Maxine Waters announced that lawmakers will review FTX's collapse during an investigation on December 13.
On November 28, Kraken, a US-based cryptocurrency exchange, agreed to pay over $362,000 as part of an agreement "to settle its potential civil liability" related to
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