Ethereum and Bitcoin Boost Morale After Post-Merger Depression by Proactive Investors

© Reuters Ethereum and Bitcoin boost morale after post-merger depression

It was a fittingly bleak affair in the crypto markets over the UK long weekend, marred by poor performance as traders retreated from their positions now after The Merge.

But after falling as low as US$1,280 – the lowest in two months – the past 24 hours have seen signs of recovery with a 4.5% rally taking ETH back above US$1,350.

followed a similar trajectory over the past few days, after dipping frighteningly near the US$18,000 mark before adding 4.5% on Tuesday morning, closing in on US$19,500.

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Other large-cap blockchain tokens have failed to regain as much ground, with and Polygon particularly struggling.

The crypto markets as a whole currently stand at US$935 billion; Investors are hoping for a return above US$1 billion by the end of the week.

Today’s top performers include Bored Ape Yacht Club’s APE token, which added double digits to its now $1.8 billion market cap, and the 1.5 billion fan engagement token. billion, Chiliz, which grew about 9%.

Mid-cap blockchains Algorand Algorand, Kava and Internet Computer also performed well.

In the decentralized finance (DeFi) space, the total value locked across all protocols remained essentially unchanged at $54 billion.

In the news

The UK’s Financial Conduct Authority (FCA) has issued a warning against Sam Bankman-Fried’s Bahamian-registered digital asset exchange, FTX.

“We believe this company may provide financial services or products in the UK without our authorisation,” the FCA statement read, adding: “This company is not authorized by us and is targeting people in UK.

But in response, an FTX spokesperson told Bloomberg, “We are reviewing the matter and communicating with regulators; we believe a scammer is impersonating FTX… The phone numbers listed by FCA are not from FTX and are listed as a crypto scam.

South Korean prosecutors have asked Interpol to intervene in the capture of Terraform Labs founder Do Kwon, who allegedly refused to cooperate in an investigation into the $60 billion collapse of UST and LUNA tokens.

“We are doing our best to locate and arrest him,” the Seoul Southern District Attorney’s Office said. “He is clearly on the run as his company’s key financial officers also left for the same country during this time.”

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Ethereum and Bitcoin Boost Morale After Post-Merger Depression by Proactive Investors

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