FTX Finds $5B, Bitcoin Extends Rally

Bitcoin (BTC): The largest cryptocurrency by market value was recently trading at the $17,500 level, almost the same from the past 24 hours. In futures trading, the three-month BTC futures listed on the Chicago Mercantile Exchange, widely considered a proxy for institutional activity, are drawing a premium over the cryptocurrency’s going spot market price for the first time since FTX went bust. Equities closed higher as traders eyed Thursday’s U.S. inflation report. The tech-heavy Nasdaq Composite closed up 1.7%, while the S&P 500 and Dow Jones Industrial Average (DJIA) were up 1.2% and 0.8%, respectively.

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