The crypto market decline has continued due to the well-documented collapse of FTX. The cumulative market cap has dropped by another 5.5% over the past day - it now stands at around $801 billion. While traders are increasingly uncertain about the market, the 24-hour trading volume is up by 28%, standing at $64.1 billion.

During the weekend, an announcement from Binance CEO Changpeng Zhao triggered an immediate rise in the price of Bitcoin and the overall crypto markets. CZ said he’s forming an “industry recovery fund” to support companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX. However, some of the weekend’s gains have since been eroded amidst more uncertainty and fear.

The stock market rally was mostly ailing last week but roared back Thursday thanks to the cooler-than-expected inflation report. China also eased Covid restrictions on Friday, providing another boost to stocks and commodities. The Dow Jones Industrial Average gained 4.15% last week while the S&P 500 and Nasdaq composite surged by 5.9%and 8.1% respectively!

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During the weekend, FTX and its U.S. subsidiary, FTX US, became victims of an attack that drained hundreds of millions of dollars in crypto out of the exchanges' wallets. Crypto exchanges Binance and Huobi scrambled to block deposits of FTT, FTX's native tokens, after about $400 million of the tokens were unexpectedly released out of schedule, with no official explanation.

In response to the sudden movement of funds out of FTX and FTX US wallets, Tether took a protective measure by blacklisting USDT related to the FTX wallet drainer. Almost $600 million in tokens were transferred out of wallets with stablecoins withdrawals swapped from Tether to DAI and other tokens swapped to Ethereum.

Elsewhere, Crypto.com reportedly saw a massive pullout by investors over the weekend as the company’s CEO, Kris Marszalek admitted to mishandling a $400 million transaction. His comments have failed to regain the confidence of the investors as its native token, Cronos price has dropped by a massive 50% in the last 7 days. The saga has generated speculation on the financial health of crypto.com - claims that Marszalek has been quick to dismiss.

In the wake of the crypto market plunge, Bitcoin once again slipped below $17,000 on Saturday to an intraday low of $16,543.48, less than 24 hours after residing at a high of $17,480. Bitcoin (BTC) fell 22% during the entirety of last week, and analysts are scrambling to assess the outlook for the industry that’s still reeling from the FTX scandal.

A Bank of America report suggests that Bitcoin has faced the fifth-worst collapse of assets in financial history, and by far, the biggest since the 1970s. In the past year alone, the world’s most valuable cryptocurrency has shed over 77% of its value.

At the time of writing, Bitcoin is trading at $16,667, with a market cap of about $320 billion.

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Bitcoin investors have been increasingly moving their holdings to self-custody solutions following the FTX collapse last week. On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode. Yesterday, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.

Exchange outflows are usually a bullish sign that BTC is being hodled for the long term. In this scenario, it appears to be the result of lower confidence in centralized crypto exchanges.

Analysts at JP Morgan have predicted that the shockwaves of a collapse of FTX could lead Bitcoin to tumble to 80 per cent below its all-time peak of $70,000 in November 2021 as firms are hit by a “cascade of margin calls.” Bitcoin could tumble to as low as $13,000 amid the persisting market turbulence, they said.

The current price of Ethereum (ETH) is $1,260, with a 24-hour trading volume of $13 billion. In the last 24 hours, ETH has gained less than 1% and maintained a live market cap of $154 billion.

Thanks to the successful absorption of FTX's funds right after the appearance of the first insolvency rumours and the lack of reserves on the exchange, Ether avoided the selling pressure that assets like SOL and Serum had to face, and they lost significantly more value than Buterin's coin.

Nonetheless, amid sustained selling on the weekend, the Ethereum price dropped 6% in the last three days. If ETH could maintain its price over the week, its bullish recovery could rise higher to meet the $1410 barrier.

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A day after the insolvency turned from a rumour into a fact, Ethereum-based DeFi platforms saw a surge in inflows, showing that investors decided to temporarily move their funds to noncustodial solutions to avoid any further issues with centralized exchanges.

Additionally, the rise in network activity has led to an increased burning rate, which could potentially become fuel for a bullish trend that will drag Ether away from a potential plunge to the 2022 low.

In the last 24 hours, the ETH price crossed the $1,250 threshold, which could become a foundation for a run toward $1,300. While support remains near $1,170/$1,095, a break below this level could expose ETH to $1,000, or $881, but this appears unlikely for the time being.

With most cryptocurrencies continuing to fall, the FTX Token (FTT) has unsurprisingly lost more than 18% of its value in the last 24 hours and over 90% in seven days to trade at $2.26. VIDT DAO (VIDT) has lost 90% in the last 24 hours

Trust Wallet Token (TWT), ZCash (ZEC), and GMX are three of the top 100 coins that have gained value in the last 24 hours (GMX). TWT soared by more than 19% to $2, the ZEC grew by more than 6% to $41.60, and the GMX increased by nearly 3%.

BNB has fallen in value by 5.13% at the time of writing and is now worth $268.88,while XRP declined by 11% to trade at $0.325579. The overall value of the meme coin is down by 11.52 percent over the last 24 hours. Dogecoin is trading at $0.08136, with its current value down by 8.80%, while Shiba Inu is also down by 9% to $0.000009.