The global crypto market registered a slight recovery amidst increased volatility. The cumulative market cap is marginally up by 1.06% over the last 24 hours, standing at $838 billion. However, 24 hour trading volume has dropped by a massive 15.44% to stand at $51.4 billion.

Bitcoin’s (BTC) price is up by 1.7% in the last 24 hours, trading at $16,809, at the time of writing. Litecoin (LTC), UNUS SED LEO (LEO), and Aptos (APT) gained significant value in the last 24 hours, as LTC soared by more than 7% to $62. The LEO price has grown by more than 7% to $4.15, and the APT price has increased by nearly 6.5%.

In a note to investors, analysts at JP Morgan noted that all major exchanges experienced outflows last week but Gemini, OKX and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller, and this may continue to hurt the price of other major cryptocurrencies like Bitcoin.

Holders of stablecoins appeared to have increased withdrawals from exchanges, according to statistics from Santiment. USDC, BUSD, and USDT have experienced significant exchange outflow in recent days. The outflow for USDC was $39.58 billion, for USDT it was $24.82 billion, and for BUSD it was $6.1 billion, at the time of writing.

Matter Labs, the team behind Ethereum scaling solution zkSync, has just raised a fresh $200 million!

zkSync is one of many different technical approaches to scaling the Ethereum mainnet. Its roll-ups are EVM-compatible, meaning they work with any blockchain using an Ethereum Virtual Machine. Examples of other EVM-compatible networks include Avalanche, Solana, Polygon, and Binance Smart Chain.

The team also announced that it would be open-sourcing all of its code, too, as per the MIT Open Source Initiative. “Anything other than full open-source, is censorship of code, censorship of ideas, and censorship of innovation,” according to the chief product officer at Matter Labs Steve Newcomb.

In other news,

• Crypto Liquidity Provider B2C2 Offers to Purchase Loans from Genesis. Read More
• Binance Temporarily Suspends Deposits of USDC, USDT on Solana. Read More
• Ripple Partners With Remittances and Payments Firm MSF Africa. Read More
• Apple is Working on a Rival Metaverse. Read More

FTX’s bankruptcy filing has revealed that Alameda Research loaned $3.3 billion to Sam Bankman-Fried, the FTX founder. The reason for this loan is yet to be ascertained. Asides from SBF, former FTX Director of Engineering, Nishad Singh, also received a loan of $543 million from the same company.

The filing contained more damning reports about the internal management of Bankman-Fried’s companies. For one, the general FTX Group did not have centralized control of its funds. They also failed to have a proper bank account list and did not pay sufficient attention to their banking partners’ creditworthiness.

Current FTX CEO, John Ray III, said the only FTX silo that worked with a reliable accounting firm for its audit was WRS. He showed concern regarding the financial statement presented by the Dotcom silo. And there were no financial statements from Ventures and Alameda silos.

More updates on FTX:

• Bahamas Regulators Now Confirm They Directed SBF to Move Assets. Read More
• House Committee Calls on SBF, Binance to Testify on FTX Collapse. Read More
• FTX Catastrophe Likely Triggered By Terra Collapse: Nansen. Read More
• DappRadar publishes report on the impact of the FTX collapse on Dapps . Read More

Earlier this week, a group of banking institutions, including HBSC, Mastercard, and Wells Fargo, announced the launch of a proof-of-concept digital money platform called the Regulated Liability Network (RLN).

"Members of the U.S. banking and payments community involved in this [proof-of-concept] are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York," the group said in a statement.

According to the group, the platform will use distributed ledger technology, better known as a blockchain, to create opportunities to improve financial settlements. It would also draw participation from central banks, commercial banks, and "regulated non-banks," including BNY Mellon, Citi, PNC Bank, Swift, TD Bank, Truist, and U.S. Bank.

The group says the RLN will run for twelve weeks and only operate in U.S. dollars. Participants will issue simulated digital tokens representing customer deposits and settle through simulated central bank reserves on a shared blockchain.

In other news,

• El Salvador to Start Buying 1 Bitcoin Every Day Says President Bukele. Read More
• Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions. Read More
• Crypto Snack enables RCD Espanyol to become the first football club to integrate crypto payments. Read More
• Wells Fargo and HSBC add offshore digital yuan to their foreign-exchange system. Read More

U.K. lawmakers have decided that Binance’s submitted evidence on the collapse of FTX wasn’t sufficient.

The U.K.’s Parliamentary Treasury Committee asked crypto exchange Binance for internal correspondence on the collapse of FTX earlier this week. Binance simply sent back news articles in response, according to a Thursday Bloomberg television interview with Treasury Committee member Alison Thewliss.

“It doesn’t really give us the real background detail,” the Scottish National Party MP for Glasgow Central told Bloomberg. “I’m sure the committee will be asking more questions to get to the details of what happened here, because there are wider implications for this collapse and for the crypto sector as a whole.” She added

The government body is currently investigating the risks and opportunities crypto brings British investors and businesses.

In other news,

• US Senators Warren, Durbin Probe FTX Collapse. Read More
• Brazil crypto laws reignited amid FTX collapse. Read More
• Janet Yellen: FTX Meltdown Shows Need for 'More Effective Oversight' of Crypto. Read More
• Here's how the CFTC could prevent the next FTX. Read More