New Delhi: After a four-day massacre on the back of FTX’s fall, crypto markets heaved a sigh of relief after a positive Consumer Price Index report.
Bitcoin recovered to race past $17,000, whereas Ethereum, the second-largest crypto, jumped to top $1,200 mark. Polygon also hit the $1 mark.
All the top crypto tokens were rallying on Friday. Polygon surged 22%, whereas XRP and Solana soared 11% each. Dogecoin and Avalanche were up 10% each.
The global cryptocurrency market cap jumped to $860 billion, rising as much as 5% in the last 24 hours. However, the total trading volume tanked about one-fourth to $142.96 billion.
Most cryptocurrencies showed some signs of recovery in the past 24 hours after the confidence returned over the macroeconomic outlook and FTX partially started to open withdrawals to users, said Edul Patel, CEO and Co-Founder of Mudrex.
“Bitcoin was trading above the $17,000 level and if it falls below the current level, the next major support would be in the $16,500 range, ” he said. “The second largest crypto, Ethereum, recovered to $1,250 level as investors await the next price movement,” he added.
What’s cooking in India
The crypto rout over the past two days after Binance, the largest crypto exchange, said it was buying FTX, one of its closest rivals and then backtracked, has pushed Indian crypto investors looking for cover.