Crypto Market Daily Highlights – FTX Contagion Weighed on Sentiment
- It was a mixed Monday session for the crypto top ten, with XRP bucking a bearish top ten trend.
- Contagion fears continued to weigh, with news of Genesis warning of bankruptcy adding to the bearish mood.
- The crypto market cap slid by $18.66 billion to end the day at $745.3 billion.
It was a mixed Monday session for the crypto top ten. XRP bucked the top ten trend, while BNB and BTC led the way down. Notably, BTC fell to sub-$16,000 for the first time in seven sessions and only the third time since 2020.
Contagion risk stemming from the collapse of FTX continued to weigh on the broader crypto market.
According to the report,
“Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail.”
Last week, the Wall Street Journal reported news of Genesis seeking a $1 billion emergency loan before suspending withdrawals.
While the NASDAQ Composite Index also saw red on Monday, falling by 1.09%, the reasons for the losses differed. Market jitters over a new wave of COVID-19 cases in China contributed to the NASDAQ loss.
Crypto Market Tumbles on Genesis Bankruptcy Warning
It was a bearish Monday session. The crypto market fell from an early high of $768.9 billion to a late low of $727.6 billion.
Investor reaction to the Genesis bankruptcy warning weighed on investor confidence, with more fallout from the collapse of FTX likely.
However, finding late support, the crypto market ended the day at $745.3 billion, down $18.66 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Monday session for the crypto top ten.
From the CoinMarketCap top 100, it was a mixed session.
24-Hour Liquidations Rise Further on Genesis-Fueled Crypto Pullback
Over 24 hours, total liquidations increased as investors reacted to the Genesis bankruptcy warning. At the time of writing, 24-hour liquidations stood at $160.27 million versus $128.15 million on Monday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 54,017 versus 51,985 on Monday morning. Liquidations were up over twelve hours while down over four hours and one hour.
According to Coinglass, 12-hour liquidations rose from $74.75 million to $80.49 million. However, four-hour liquidations fell from $53.38 million to $25.14 million, with one-hour liquidations down from $2.63 million to $1.96 million.
The chart below shows market conditions throughout the session.