The global crypto markets were up 3.6% to US$928.56bln in Friday’s early trade, rounding a topsy-turvy week off on a positive note.
Bitcoin was up 2.62% to US$20,627, while Ethereum added a healthy 8.85% bringing its price to US$1,202.
The strong day-on-day growth outflanked the blue-chip indexes, which saw deepening losses, although performance on a weekly basis remains firmly in the red for now.
Network tokens continued to recover lost ground, with Binance’s BNB coin up 3.35%, Cardano up 3.23%, Solana up 7.84% and Polkadot up 4.17%.
Ripple’s XRP payment token enjoyed a 6.07% rally on the back of a decisive win in the long-running securities dispute with the Securities Exchange Commission (SEC).
Polygon’s MATIC token rallied 8.2% following a partnership announcement with Disney’s accelerator fund.
The decentralised finance (DeFi) space also posted strong results, with Compound Finance, Uniswap and Curve all posting double-digit gains.
Total value locked across the wider DeFi landscape is currently US$76.38b, down from over US$78bln on Monday.
In the news
Amid the deepening centralised finance (CeFi) crisis battering the crypto markets, CoinFLEX has partially recommended withdrawals at a 10% cap per account.
The news comes after the Seychelles-registered crypto lender imposed a total withdrawal freeze on June 24.
UK and US financial regulators have announced a joint approach to crypto regulation targeting “consumer protection, market integrity, data privacy and financial crime”.
Nikhil Rathi of the UK’s Financial Conduct Authority (FCA) said: “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty.”
Matt Damon, Gwynth Paltrow, Reece Witherspoon and other celebrity crypto enthusiasts have been served a roasting in the latest South Park movie South Park: The Streaming Wars Part 2.
The Paramount Plus-steaming animated feature lampoons the actors’ crypto advertising practices, particularly Damon’s widely mocked “fortune favours the brave” partnership with Crypto.com.