Bitcoin, the largest cryptocurrency, jumped 7.83% in the past 24 hours to $21,961.59 and was up 8.15% in the past seven days.
Ethereum gained 6.71% to $1,249.91, taking its weekly rise to 14.36%. XRP advanced 7.17% to $0.3528.
The biggest gainer in the top 20 cryptocurrencies was Polygon, which climbed 11.65% to $0.5826. Shibu Inu added 6.79% to $0.00001133. Avalanche rose 6.81% to $20.61. Polkadot and Litecoin were up 6% each while Salona and Dogecoin were up 4% each.
The global cryptocurrency market capitalization stood at $968.99 billion, up 5.53% in the past 24 hours. Total cryptocurrency trading volume also jumped 10.28% to $63.46 billion.
A few high-profile cryptocurrency figures said they believe the ecosystem has likely already been through the worst of the risk pressure that has driven digital asset prices higher, Reuters reported.
Many of the crypto industry’s recent problems can be attributed to the dramatic collapse of the so-called stablecoin TerraUSD in May, which saw the stablecoin lose almost all of its value, along with its paired token, according to the Reuters report. . This crash put considerable pressure on bitcoin and ether, two of the largest digital assets, according to the Reuters report.
Bitcoin is down 58% in the first six months of 2022, its worst first half in history.
– A former chief investment officer of Celsius Network sued the crypto lender on Thursday, claiming it used customer deposits to rig the price of its own crypto token and failed to properly hedge the risk, causing it to to freeze client assets.
– US Federal Deposit Insurance Corporation takes a look at Voyager
marketing of deposit accounts for cryptocurrency purchases, an FDIC official said, confirming a Wall Street Journal report.