By the tip of the summer season, crypto markets had been exhibiting indicators of stabilizing. The leverage within the ecosystem had apparently been purged from the markets and investor confidence started to return to crypto. The CoinDesk Market Index (CMI) rose to a summer season excessive stage of $1,092 on September twelfth. Confidence was returning to the markets, pushed by FTX, a big change and custodian, who rescued giant CeFi lender, BlockFi, from chapter. The seemingly robust FTX, led by founder Sam Bankman-Fried, continued to spend money on crypto corporations, bailed out many distressed startups, and was seen because the strongest firm in crypto.
