Crypto Market Daily Highlights – FTT Leads on Justin Sun Bailout Hopes

Key Insights:

• It was a bullish Thursday session for the crypto top ten. Polygon (MATIC) led the way, with XRP, ETH, and DOGE also front runners.
• Hopes of an FTX rescue and the US CPI report of October delivered a bullish session.
• The crypto market cap increased by $87.7 billion to end the day at $841.6 billion.

It was a bullish Thursday session for the crypto top ten. MATIC rallied by 37.83% to cement its place in the top ten, with DOGE, ETH, and XRP finding strong support. BTC ended a four-day losing streak but failed to hold onto the $18,000 handle.

It was a double whammy for the crypto market on Thursday. Buyers jumped in throughout the day on news of Tron’s Justin Sun working on an FTX bailout plan. Several industry players have been in talks, and there is also the hope of an outsider entering the fray.

However, investors will need to be mindful of the events that unfolded during the collapse of Terra Labs. With reports of FTX needing more than $9 billion and US regulators circling the wagon, many players follow in Binance’s footsteps and give it a pass.

However, the impact of an FTX collapse on the broader crypto market will force players with deeper pockets to consider the options.

While market leaders attempt to hammer out a rescue plan, US economic indicators were crypto-friendly on Thursday. The US CPI report for October drove bets of a December Fed pivot, driving demand for cryptos and other riskier assets. The crypto market cap surged by $48.5 billion within the first 30-minutes of the report.

The US annual inflation rate softened from 8.2% to 7.7% in October. The markets responded strongly to the numbers. This morning, the probability of a December 75-basis point rate hike stood at 17.0% versus 48.0% one week ago.

Today, expect updates on the FTX salvage operation to remain the key driver. US economic indicators will likely take a backseat following Thursday’s CPI report. However, FOMC member chatter could influence should progress be made towards saving FTX.

On Thursday, the NASDAQ Composite Index surged by 7.35% in response to the CPI report. This morning, the NASDAQ mini was up 20.75 points.

Crypto Market Revisits $870 Billion on Justin Sun Hopes and the US CPI Report

It was a bullish Thursday session. The crypto market fell to an early low of $743.3 billion before surging to a late high of $870.1 billion.

While easing back late in the session, the crypto market cap rose by $87.7 billion to end the day at $841.6 billion. Despite the bullish session, the market cap is still down $140 billion for the week.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Thursday session for the crypto top ten.

Polygon (MATIC) led the way, surging by 37.83%, with DOGE (+20.44%), ETH (+17.77%), and XRP (+18.59%) making solid gains.

ADA (+16.09%), BNB (+13.85%), and BTC (+10.44%) trailed the front runners, however.

From the CoinMarketCap top 100, it was a bullish session.

FTX token (FTT) responded to hopes of a bailout, rallying by 54.44% to lead the way. Polygon (MATIC) and chiliz (CHZ) were among the front runners, rising by 37.83% and 39.57%, respectively.

UNUS SED LEO (LEO) bucked the broader market trend, falling by 0.93% on the day.

24-Hour Crypto Liquidations Ease Back on FTX Bailout Hopes

Over 24 hours, total liquidations eased back on news of Justin Sun working on a solution. At the time of writing, 24-hour liquidations stood at $365.35 million, down from $585.05 million on Thursday morning.

Liquidated traders over the last 24 hours also fell back. At the time of writing, liquidated traders stood at 187,194 versus 329,379 on Thursday morning. Liquidations were down over one and four hours and over 12 hours.

According to Coinglass, 12-hour liquidations fell from $391.49 million to $162.66 million, with four-hour liquidations down from $186.75 million to $26.07 million. One-hour liquidations slid from $23.65 million to $4.38 million, reflecting improving market conditions.

The chart below shows market conditions throughout the session.