[ad_1]
The total crypto market cap saw inflows of $27.2 billion in the past 24 hours to post a four-week high of $871.4 billion.
This suggests that investor confidence is returning in the wake of the FTX scandal and broader, lingering macro factors.
Total Crypto Market Cap
The previous local market capitalization peak of $1,064.4 billion was reached on November 5.
Shortly after that date, as rumors of FTX’s insolvency and dodgy transactions spread, peak-to-trough outflows totaled $284.1 billion, hitting a low of $780.3 billion on the 22nd. november.
Since the trough, signs of a return of confidence have presented themselves with a slow recovery. This sentiment was reinforced on December 13 following better-than-expected US Consumer Price Index (CPI) data, showing a 7.1% year-over-year increase. Economists’ expectations were for a 7.3% increase.
Although the debate rages over the fact that US consumers were still paying 7.1% more in November than a year ago, markets interpreted the news positively.
Market leader Bitcoin peaked just below $18,000 and inflows surged at 1:30 p.m. (UTC) as the CPI was announced.
Source: CoinMarketCap.com
Additionally, former FTX CEO Sam Bankman-Fried (SBF) was arrested in the Bahamas at the request of the US government on December 12.
A statement from the Attorney General of the Bahamas revealed that US authorities have filed indictments against SBF and extradition to the United States to face the charges is likely.
The event caps a tumultuous period in which observers have expressed disbelief at the lack of criminal charges against SBF. The saga was all the more far-fetched given the mainstream media support it attracted.
Top 100 winners and losers
The biggest gainers in the past 100 24 hours were Toncoin (TON,) Lido DAO (LDO) and Fantom, up 13.0%, 9.4% and 8.8%, respectively.
Meanwhile, over the same period, the biggest losers were Stacks (STX,) GMX (GMX) and Bitcoin SV (BSV) down 7.7%, 7.3% and 2.7%, respectively.
Solana (SOL) led the top 10 (excluding stablecoins) with gains of 6.7%, and Cardano (ADA) brought up the rear, posting gains of 2.0%.
All eyes are on the next FOMC meeting, scheduled for December 14th.
Markets expect the Fed to slow its pace of rate hikes with a 50 basis point increase.
Read our latest market report Get an edge in the crypto market
Become a member of CryptoSlate Edge and gain access to our exclusive Discord community, more exclusive content and analytics.
On-chain analysis
Price Snapshots
More context
Sign up now for $19/month Discover all the benefits
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiZ2h0dHBzOi8vY3J5cHRvc2xhdGUuY29tL3RvdGFsLWNyeXB0by1tYXJrZXQtY2FwLW1ha2VzLTQtd2Vlay1oaWdoLXRvLTg3NC1iaWxsaW9uLWZvbGxvd2luZy1jcGktcmVsZWFzZS_SAW1odHRwczovL2NyeXB0b3NsYXRlLmNvbS90b3RhbC1jcnlwdG8tbWFya2V0LWNhcC1tYWtlcy00LXdlZWstaGlnaC10by04NzQtYmlsbGlvbi1mb2xsb3dpbmctY3BpLXJlbGVhc2UvP2FtcD0x?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]