Crypto Market Daily Highlights – BNB Leads Bullish Top Ten Session
- It was a bullish Wednesday session for the crypto top ten. Binance coin (BNB) led the way, with DOGE and ETH also on the move.
- FTX contagion risk eased further on Wednesday, supporting another bullish session.
- The crypto market cap rose by $24.6 billion to $788.3 billion.
The market focus remained on FTX contagion risk that continued to ease mid-week. Market reaction to the reports of FTX holding $1.24 billion in cash and market interest in FTX assets delivered further support on Wednesday.
On Wednesday, former FTX CEO Sam Bankman-Fried was back in the news. A letter to employees hit the news wires, with the former CEO raising hopes of saving the business. In the letter, Bankman-Fried wrapped up by writing,
“Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen because it’s not my choice.”
The upside came despite lawmakers calling for an investigation into FTX and calls for greater regulatory oversight.
It was also a bullish session for the US equity markets, with the NASDAQ Composite Index rising by 0.99%. The FOMC meeting minutes delivered support, with the Fed signaling a monetary policy pivot.
However, US economic indicators disappointed, limiting the upside for the NASDAQ. There are no US stats to consider today, with the US markets closed for Thanksgiving.
Crypto Market Finds Further Support on Easing FTX Contagion Risk
It was a bullish Wednesday session. The crypto market fell to an early low of $759.2 billion before rising to a high of $794.9 billion.
Despite easing back from the day high, the crypto market rose by $24.6 billion (+3.22%) to end the day at $788.3 billion. The bullish session left the market cap down $185.5 billion for November.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Wednesday session for the crypto top ten.
From the CoinMarketCap top 100, it was a bullish session.
24-Hour Liquidations Hold at Sub-$100m on Second Bullish Session
Over 24 hours, total liquidations eased further back on Wednesday. At the time of writing, 24-hour liquidations stood at $92.83 million versus $99.83 million on Wednesday morning.
Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 29,688 versus 34,317 on Wednesday morning. Liquidations were up over one hour, while down over 12 and four hours.
According to Coinglass, 12-hour liquidations fell from $63.26 million to $48.10 million, with four-hour liquidations down from $7.43 million to $5.98 million. However, one-hour liquidations were up from $3.13 million to $3.58 million.
The chart below shows market conditions throughout the session.