Bitcoin, Ethereum, Dogecoin Surge On CZ's 'Recovery Fund' Optimism: False Rally Or True Comeback?

Bitcoin, Ethereum, Dogecoin Surge On CZ's 'Recovery Fund' Optimism: False Rally Or True Comeback?

Major coins surged on Monday, with the overall cryptocurrency market capitalization rising nearly 4.5% to $843.35 billion.

Cryptocurrency  Performance Price (Monday, 9:45 pm EST)
Bitcoin +4.25% $16,757
Ethereum +6.17% $1,259
Dogecoin +6.80% $0.086

What Happened: Bitcoin BTC/USD jumped 4.25% and Ethereum ETH/USD spiked 6.17%, after Binance CEO Changpeng "CZ" Zhao’s “Industry Recovery Funds” initiative, which he said would help cryptocurrency businesses overcome liquidity issues.

According to Glassnode, the FTX FTT/USD collapse has inspired a surge in self-custody among retail users, who are moving their Bitcoin to cold wallets. Retailers are taking their coins out of exchanges at the fastest rate ever, with withdrawals primarily from Crypto.com

Over 72,900 BTC were removed from exchanges over the past seven days, one of the largest net withdrawals in market history, as per Glassnode Insights. 

Top Gainers Performance Price (Monday, 9:45 pm EST)
Cronos +24.58% $0.07
Quant +18.43% $116.10
Trust Wallet +16.19% $2.31
Solana +14.51% $14.16
Lida DAO +13.45% $1.13  

See More: What are the best altcoins?

Elon Musk-backed cryptocurrency DOGE DOGE/USD  gained 6.80% in the past 24 hours, trading at $0.086 as of 9:45 pm EDT.

Crypto.com’s native token Cronos CRO/USD was the top gainer in the past 24 hours. Cronos rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszalek’s comments on recent speculation surrounding the company’s health. He said, “Trust was damaged, if not lost, and we need to focus on rebuilding trust.”

In the last 24 hours, Trust Wallet Token TWT/USD rose more than 16% after CZ suggested investors “take custody of their assets” and recommended Trust Wallet.

Cryptocurrency trader Michaël van de Poppe described Monday’s market movement as "consolidating" on Twitter. He said, “I would assume we’d be at $10k actually after the terrible news we’ve received in the past weeks.”

Decentralized Exchanges (DEXs) experienced a dramatic increase in trading volume. According to DeFi Llama, all of the wiped volumes on centralized exchanges seem to have moved to decentralized ones. On Nov. 14, trading volume across all decentralized exchanges was $3.67 billion, up from $2.95 billion on Nov. 13.

Read Next: The FTT Debacle: Want To Cash In? Here's What Experts Said After Binance Selloff
 

Posted In: BinanceBitcoinChangpeng ZhaoCZdogecoinEthereumFTXCryptocurrencyNewsTop StoriesMarketsMoversTrading Ideas

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