Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX’s collapse
The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%.
Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date.
Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX.
The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28, the European Central Bank (ECB) president Christine Lagarde called regulation and supervision of crypto an "absolute necessity." The United States House Financial Services Committee Chair Maxine Waters announced that lawmakers would explore the collapse of FTX in a Dec. 13 inquiry.
On Nov. 28, Kraken, a U.S.-based cryptocurrency exchange, agreed to pay more than $362,000 as part of a deal "to settle its potential civil liability" related to violating sanctions against Iran. According to the United States Treasury Department's Office of Foreign Assets Control, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions.
The 2% weekly gain in total market capitalization was impacted mainly by Ether's (ETH) 7% positive price move. The bullish sentiment also significantly impacted altcoins, with 6 of the top 80 coins rallying 10% or more in the period.
Fantom (FTM) gained 29.3% amid
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