Bitcoin and Ethereum end the week strong amid insider trading charges for former Coinbase staff

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The crypto markets rounded off a turbulent week on a positive note, gaining 2.8% on Friday morning, bringing market cap to US$1.06tln.

Bitcoin stayed relatively flat at US$23,156, though Ethereum outperformed with a 6.6% boost to $US1,590.

Among Friday’s biggest risers were decentralised stablecoin exchange Curve, which added nearly 25%, and derivatives exchange Synthetix, which added 16% to its US$377mln market cap.

Blockchain networks have been the top gainers this past week, with Polygon, IoTeX, Fantom, Avalanche and NEAR Protocol all enjoying double-digit growth.

Total volumes across the DeFi sector rose 12.7% to US$85.8bln over the past week, encouraged by DAI stablecoin developer MakerDAO’s seven-day gain of 10.9%.

Overall, crypto had a much-needed 12.4% rally over the past seven days.

In the news

Coinbase’s former product manager Ishan Wahi and his brother Sameer have been arrested in the first-ever case involving insider trading in the cryptocurrency sector.

Charges handed down by the US Attorney for the Southern District of New York include wire fraud and illegal trades of at least 25 digital assets.

The markets responded with a 4.5% drop in NASDAQ-listed COIN shares in Friday’s pre-market trade.

Blockchain.com has cut 25% of its workforce due to “harsh bear market conditions and the need to absorb financial losses”.

The reduction follows news that the trading platform was highly exposed to Three Arrows Capital’s multi-billion dollar crash, and stands to lose over $270mln due to the bankruptcy.