Major cryptocurrencies saw a slight recovery on Friday morning, even as more details emerged about the deepening FTX crisis.
Ethereum (ETH), Dogecoin (DOGE) and Polygon (MATIC) were among the top gainers over the 24-hour period as we approach the end of a bumpy week.
FTX founder Sam Bankman wrote Fred long apology On Twitter on Thursday, he outlined several issues with the company and said he would be splitting from sister unit Alameda Research.
FTX was later opened to limited withdrawals, causing customers to withdraw million from the stock exchange. A brief moment of hope gave the markets a respite a week after the massacre.
Prices were also boosted by new inflation figures, which showed that the US Consumer Price Index (CPI) was beginning to decline. The CPI report shows the rate of change in the prices of a basket of consumer goods, ranging from used cars to a carton of milk, and is used as a common benchmark for inflation.
The total value of the cryptocurrency market recovered by 4.4% over the course of a single day, but it was still below the trillion dollar mark. fell below earlier this week. The total market value is now $913 billion, according to Queen Gekko.
Ethereum (ETH), the second largest cryptocurrency in the world 6% It is in 24-hour value but still down 16.5% since Friday, in part due to the collapse of FTX.
Dogecoin (DOGE) saw a similar rally, up 4.7% on the day but still down 26.8% after this time last week.
But Polygon (MATIC) posted a weekly gain of 13.8% and a massive jump of 16.3% in the last day.
Meanwhile, Bitcoin (BTC) is up 3.7% to trade just over $17379.
Despite the gloom and doom for the rest of the market, Polygon received a slew of good news this week, announcing In collaboration with Meta Instagram That allows users to create and sell NFTs.