Bitcoin and Ethereum bounce for second day as FTX fallout continues

Bitcoin and Ethereum move higher for the second consecutive day despite the continued fallout of the FTX collapse.

Bitcoin rose 0.33% to US$16,630, climbing marginally over the last 24 hours, reaching its highest point this week.

Ethereum, on the other hand, jumped 3.35% to US$1,205, also recording its highest value since Monday.

Russian lawmakers are reportedly working on launching their own national cryptocurrency exchange.

According to Cointelegraph, the effort is supported by both the Russian Ministry of Finance and the Central Bank of Russia, which have long disagreed over crypto regulation.

Local media in Russia said the lower chamber of the Russian parliament has been discussing how to amend current legislation with stakeholders.

Any changes would lay down the legal framework for the formation of a national cryptocurrency exchange.

In turn, this could pave the way for other nations to follow suit, or at least provide heavier regulation, following the collapse of FTX.

Among some of the altcoins, Solana climbed 9% to US$14.23, Avalanche gained 2.4% to US$13.02 and Chainlink climbed 2.73% to US$6.71.