Cryptos Firm As Industry Attempts To Rebuild After The FTX Debacle

Cryptocurrencies remain firm early on Monday amidst efforts by industry players to restore confidence in the industry badly hurt by the FTX fiasco. Changpeng Zhao of Binance and Justin Sun of Tron pledged support to strong projects facing liquidity issues.

Changpeng Zhao (CZ) on Monday tweeted that in order to reduce further cascading negative effects of FTX, Binance was forming an industry recovery fund to help projects that are otherwise strong, but in a liquidity crisis. He also welcomed other industry players with cash who wanted to co-invest. The Binance CEO’s reassuring tweet that “Crypto is not going away. We are still here. Let’s rebuild” triggered a modest rebound in crypto prices.

Overall crypto market cap rose to $855 billion from $836 billion a day earlier. It is currently at $833 billion.

Bitcoin recovered from a low of $15,872.94, touched earlier in the trade to $16,563.74, implying an overnight loss of 0.51 percent. The market leader is trading with weekly losses of more than 20 percent.

Ethereum is trading at $1,247.35, more than 0.60 percent higher on an overnight basis, recovering from the low of $1,178.43 touched earlier in the trade. ETH is also trading 21 percent lower on a weekly basis.

3rd ranked Tether (USDT) traded between $0.9991 and $0.9986 in the past 24 hours.
FTX Token (FTT) declined 19 percent to trade at $1.44. Given the market capitalization of $473 million, the cryptocurrency has plunged to rank 209 overall. The token had earlier fallen to $1.29.

42nd ranked Trust Wallet Token (TWT), the token of the mobile cryptocurrency wallet Trust Wallet, gained 25 percent overnight to trade at $2.42. The token has gained 109 percent in the past week.

53rd ranked KuCoin Token (KCS) and 93rd ranked Convex Finance (CVX) have both added more than 14 percent in the past 24 hours.

55th ranked Huobi Token (HT) declined more than 8 percent and is the biggest loser among the top 100 cryptos.

In the light of the FTX debacle, crypto evangelist Elon Musk echoed the view that crypto should be maintained in a directly accessible cold wallet and not in an exchange. Changpeng Zhao (CZ) also advocated self-custody of cryptocurrencies, stating that it was a fundamental human right. Michael Saylor, another crypto industry player opined that in the absence of self-custody, custodians accumulate too much power and then they can abuse that power.

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