The second largest cryptocurrency Ether was also up by 5.37 percent. Gadgets 360 crypto price tracker According to , the price of Ether was at around $1,402. Its value has increased by about $ 75 in the last one day. Apart from this, the prices of Binance Coin, Cardano, Polygon, Litecoin, Solana, Polkadot, Tron, Avalanche, Cosmos and Wrapped Bitcoin have also increased. The valuation of the crypto market is also at $ 890 billion with an increase of about four percent in the last one day.
Mimcoins, Dogecoin and Shiba Inu are up for the third day in a row. A major reason for the boom in the crypto market is the recovery of about five billion dollars from the bankrupt crypto exchange FTX. ftx Bankruptcy had a big impact on this market. Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients’ funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it took a loss on the borrowed money. This exemption allowed the firm to borrow funds from FTX regardless of the value of the collateral.
This change in code was caught by the US Securities and Exchange Commission (SEC). The SEC had reported that Alameda Research was being given credit without any limit. Billions of dollars were loaned to the firm in secret over two years. Troubles for the exchange began in November last year when questions were raised on its balance sheet.
