Proactive Investors - Bitcoin and Ethereum have staged a bounce back despite news that a large amount of FTX assets is either stolen or missing.
Bitcoin, the largest coin by market cap, rallied 5% to US$16,543, although that remains significantly below its US$20,000 price at the start of November.
Ethereum, on the other hand, has rallied 6% in the last 24 hours to US$1,164, ending a three-day trend of losing ground.
However, there is no clear reason for this bounce back in the crypto space.
According to Ipek Ozkardeskaya, a senior analyst at Swissquote, crypto “traders remain on the edge, on news that a ‘substantial amount’ of FTX assets have either been stolen or are missing.”
“Bitcoin however resists. The price of a coin recovered above US$16,000 yesterday, but risks remain titled to the downside," she added.
Reports this week suggested that cryptocurrency was either stolen or transferred to other exchanges in the final stages of FTX’s collapse, with the group calling on other platforms to aid in returning the assets so it can repay its creditors, although it is unclear exactly how much was stolen or moved.
Among some of the altcoins, XRP rallied 6% to US$0.37, Cardano surged 5% to US$0.316 and Dogecoin jumped 10% to US$0.081.