Crypto Flipsider News — Cryptos Recover; Morgan Creek Counters FTX; Goldman Sachs to Buy Celsius; Cardano Update; SHIBA Burn

Read in the Digest:

Bitcoin and Ethereum sustain gains — Terra Classic (LUNC) spikes 50%.

Morgan Creek is preparing to counter FTX’s $250 million BlockFi bailout.

Goldman Sachs plans to raise $2 billion to buy Celsius Network assets.

IOG releases “Final Candidate” for the Cardano mainnet ‘Vasil’ hard fork.

Shiba Inu fails to meet weekly 1 billion burn average — burns 565M SHIB.

Bitcoin and Ethereum Sustain Gains, Terra Classic (LUNC) Spikes 50%

Recovering from the brutal crash endured by the crypto market last week, its two biggest players, Bitcoin (BTC) and Ethereum (ETH), are leading the market with sizable price recoveries.

Over the last week, the price of Bitcoin has shot up by more than 11%, hitting an interday high of $21,480 after dropping as low as $18k. Bitcoin now trades at $20,900 at the time of writing, losing 2% of its gains over the last 24 hours.

The 7 day price chart for Bitcoin (BTC). Source: CoinMarketCap

Ethereum has showed an even more impressive recovery than Bitcoin, gaining almost 20% over the same period. The price boost helped ETH hit a high of $1,272, up from a weekly low of $1,040. ETH now trades at $1,200 at the time of writing, though it shed 3% over the last 24 hours.

The 7 day price chart for Ethereum (ETH). Source: CoinMarketCap

Flipsider:

The biggest surprise of the crypto market rally has been Terra Classic (LUNC) — the original Terra token which was abandoned in favor of Terra 2.0.

LUNC has gained in value by 50% over the last 24 hours, and more than 61% in the last week, outperforming both Bitcoin and Ethereum.