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Crypto wrap: Market continues to recover as total cap nears $1 trillion

There was a blip in the market on Thursday after the US agencies arrested the founder of Hong Kong-based crypto exchange Bitzlato, but it recovered on Friday

Instant app-based loan case: 8-9 crypto exchanges under ED scanner

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3 min read Last Updated : Jan 20 2023 | 5:47 PM IST

The crypto market continued to recover in the past week, with Bitcoin and Ethereum rising 10 per cent to $20,943 and $1,550, respectively. The total market cap was up from $907 billion to $975 billion during the week. However, it touched $1 trillion on Thursday, according to data from CoinMarketCap.

There was a blip in the market on Thursday after the US agencies arrested the founder of Hong Kong-based crypto exchange Bitzlato.

"Bitcoin began the week by reaching a new high of $21,000, driven by investor optimism following a report on consumer prices that showed a decrease in inflation numbers for January. This surge also caused the total market value of cryptocurrencies to surpass $1 trillion for the first time since November. Bitcoin and Ethereum reached a two-month high during this period. However, prices dropped slightly on Thursday due to the US government's crackdown on the Bitzlato exchange and uncertainty surrounding Genesis,&q