By the top of the summer time, crypto markets have 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 time excessive stage of $1,092 on Sept. 12. Confidence was returning to the markets, pushed by FTX, a big change and custodian, which had stepped in to rescue giant CeFi lender BlockFi from chapter. The seemingly sturdy FTX, led by founder Sam Bankman-Fried, continued to spend money on crypto firms, bailed out many distressed startups and was seen because the strongest firm in crypto.