It is a mixed Friday session for the crypto top ten. DOGE leads the way, with XRP also bucking the broader market trend.
A quiet crypto session, with a sharp decline in trading volume over Thanksgiving, left the NASDAQ Composite Index to weigh on sentiment.
The crypto market cap is down by a modest $2.8 billion to $789.1 billion, with 45 minutes of the session left.
It is a mixed Friday session for the crypto top ten.DOGE leads the way, with XRP also finding support. However, BTC joined the broader market in the red while avoiding sub-$16,000 for the third consecutive session.
With the US Thanksgiving holiday, it was a quiet Friday session, with trading volumes down through the afternoon session.
There were no material updates on FTX to provide direction, leaving the NASDAQ Composite Index to test buyer appetite. In a shortened holiday session, the NASDAQ fell by 0.52%. Disappointing Black Friday updates and concerns over the fresh wave of COVID-19 cases in China weighed.
Total Market Cap – NASDAQ – 261122 5 Minute Chart
While FTX contagion eased this week, investors need to wait for updates from FTX debtors. News of new asset discoveries would further reduce FTX contagion risk. However, contagion risk will remain over the near term, which will likely continue to peg the market back from a full recovery.
Investors await the identities of FTX’s creditors, which the Court agreed to redact this week.
Today, the crypto news wires will remain the investor focal point.
Crypto Market Set to End Three-Day Winning Streak on Thin Trading
It is a bearish Friday session. The crypto market slid to a mid-morning low of $776.6 billion before rebounding to a high of $798.5 billion.
However, easing back through the afternoon session, the crypto market is down $2.8 billion to $789.1 billion, with 45 minutes remaining. The market is down $182 billion for November.
Total Market Cap 261122 Daily Chart
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Friday session for the crypto top ten.
DOGE leads the way, rallying by 9.83%, with XRP up by 1.85%.
However, the rest of the top ten are in the red, with 45 minutes (UTC) of the session remaining.
ADA (-0.32%), BTC (-0.43%), ETH (-0.28%), and MATIC (-0.81%) are heading for daily losses. BNB is currently flat for the session.
From the CoinMarketCap top 100, it is a mixed session.
Huobi token (HT) leads the way, gaining 17.6%, with DOGE and casper (CSPR) up by 9.83% and 3.7%, respectively.
However, binaryX (BNX) leads the way down, falling by 8.31%, with UNUS SED LEO (LEO) and kava (KAVA) down by 8.49% and 5.69%, respectively.
24-Hour Liquidations Hold Steady as Thanksgiving Lull Continues
Over 24 hours, total liquidations held steady on Friday amid lower trading volumes. At the time of writing, 24-hour liquidations stood at $45.76 million versus $43.88 million on Friday morning.
Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 15,477 versus 15,589 on Friday morning. However, liquidations were up over 12 and four hours and over one hour.
Total Crypto Liquidations 261122
According to Coinglass, 12-hour liquidations rose from $15.10 million to $16.36 million, with four-hour liquidations up from $1.33 million to $5.14 million. One-hour liquidations were up from $2.27 million.
The chart below shows market conditions throughout the session.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
