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What a rebound… Bitcoin and Ethereum take off this Friday

Crypto markets have been nothing short of dramatic this week, but Bitcoin took advantage of a 6.5% rally on Friday morning to take its trading price to a two-week high of US$20,500.

Gains were still being added at the time of writing, but for what it’s worth, Bitcoin’s dominance in the broader crypto markets still appears to be waning.

Ethereum is also at a two-week high of US$1,700 after adding around 4% this morning, with continued bullish action seen at the time of writing.

As a result, the crypto markets broke through the US$1 billion barrier.

All large-cap network tokens, including Cardano, Solana, Polkadot, and Polygon, added between 5% and 10% of their respective market caps.

Terra Classic (LUNC) remains the top performer over the past seven days, having nearly doubled its market capitalization to over US$3 billion, although this morning saw a 2% reversal.

The Oracle Chainlink network and the highly scalable Cosmos (ATOM) blockchain solution also made strong progress this week.

On the other hand, fan-engagement token Chiliz and centralized financial platform Nexo were the biggest losers, after suffering double-digit losses.

In the decentralized finance (DeFi) space, the total value locked across all protocols has remained essentially flat over the past week and currently stands at $59.5 billion.

In the news

Shillers Anonymous wasted no time after Queen Elizabeth II passed away at 96 after her 70-year reign.

A wave of Queen-related tokens and NFTs flooded the market under names such as QueenDoge and Queen Elizabeth Inu.

The tasteless trend mostly occurred on Binance-based decentralized exchange PancakeSwap, a popular medium for unregulated crypto trading.

The US government, with the help of crypto analytics firm Chainalysis, recovered up to $30 million stolen from play-to-earn game Axie Infinity earlier this year.

Erin Plante, Senior Director of Investigations at Chainalysis, said in a blog post: “With the help of law enforcement and leading organizations in the cryptocurrency industry, over $30 million worth of crypto- currency stolen by hackers linked to North Korea were seized.

“This is the first time a cryptocurrency stolen by a North Korean hacking group has been seized, and we are confident it won’t be the last.”

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