Bitcoin and Ethereum show mid-week stabilisation while mid-cap blockchains make a move

The crypto markets show signs of stabilising after a bearish start to the week, adding 2.2% to bring total market capitalisation up to US$1.03tn.

Bitcoin is currently changing hands at around US$21,200, while Ethereum is trading upwards of US$1,630 following a 4% rally in the past day.

Among the strongest daily risers was the US$400mln XDC Network, which added 11% following the integration of the Frontier cryptocurrency wallet.

Other mid-cap networks posting strong results this morning include Waves, Neo and IOTA.

As for the large-cap network tokens, Cardano, Solana and Polygon added around 2% whlie Polkadot added 3.5%, but the strongest performer was Avalanche with a nearly 5% rally.

In the decentralised finance (DeFi) space, stablecoin exchange Curve outperformed by adding close to 6% to its market cap, while Uniswap, Aave, MakerDAO and Synthetix trended in line with the wider market.

Total volumes locked across all DeFi protocols is currently US$61.7bn.

In the news

In the latest development in the high-profile Celsius Network insolvency, Celsius is suing a former business partner, custodian service Prime Trust, for the return over over US$17mln in digital assets that the bankrupt lender says is owed to it.

Prime Trust cut ties with Celsius in 2021 over “red flags” pertaining to the latter’s business practices, CoinDesk reports.

The Ukrainian Security Service has blocked a Russian citizens’ cryptocurrency wallet for the first time, successfully seizing funds being collected in support of the Russian invasion.

BitBoy Crypto, one of the largest crypto-related YouTube channels with over 1.4 million subscribers, is suing content creator Erling Mengshoel (aka “Atozy”) over allegations of defamation and “tortious interference of business practices”.

The allegations arose after Mengshoel accused BitBoy Crypto creator Ben Armstrong of promoting scams related to the failed Pamp Network.

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