Crypto Market Daily Highlights – MATIC Leads a Bullish Top Ten

Key Insights:

• It is a bullish Tuesday session for the crypto top ten. Polygon (MATIC) leads the way with 120 minutes (UTC) of the session left.
• Crypto investor sentiment improved on news of FTX cash reserves and market interest in FTX assets, which eased FTX contagion fears.
• The crypto market cap is up by $15.6 billion to $760.7 billion.

It is a bullish Tuesday session for the crypto top ten, with 120 minutes (UTC) remaining. MATIC leads the way, with BTC recovering from sub-$16,000. Notably, BTC fell to sub-$16,000 for the second consecutive session and only the fourth time since 2020.

FTX contagion risk continued to weigh on the broader crypto market early in the day. However, news of FTX holding $1.24 billion in cash reserves eased investor angst, with reports of Tron CEO Justin Sun and Ripple CEO Brad Garlinghouse targeting FTX assets a positive.

The cash reserves and asset sales should ease the losses of the top 50 creditors, which have $3.1 billion in exposures to FTX.

It was also a bullish session for the US equity markets, with the NASDAQ Composite Index rising by 1.36%. Best Buy (BBY) delivered broad-based market support, with upbeat sales forecasts easing fears of a poor holiday season for retailers.

Later today, US economic indicators will draw attention, with private sector PMIs, consumer confidence, and weekly jobless claims in focus.

The stats will influence if crypto market conditions are orderly. FOMC member chatter will also need consideration as investors continue receiving mixed signals on the December move.

Crypto Market Finds Support on Easing FTX Contagion Risk

It is a bullish Tuesday session. The crypto market fell to a late morning low of $732.2 billion before rising to a high of $768.9 billion.

With 120 minutes (UTC) of the session left, the crypto market cap is up $15.6 billion to $760.7 billion, while down $210 billion in November.

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

It is a bullish Tuesday session for the crypto top ten.

MATIC leads the way, rallying by 5.52%, with BNB (+4.53%), DOGE (+4.83%), and XRP (+3.61%) close behind.

ADA (+1.97%), BTC (+2.41%), and ETH (+2.06%) trailed the front runners, however.

From the CoinMarketCap top 100, it is a mixed session.

Curve DAO token (CRV) leads the way, surging by 26.54%, with Litecoin (LTC) and chainlink (LINK) seeing gains of 13.15% and 8.11%, respectively.

However, binaryX (BNX) leads the way down, sliding by 6.38%. Chain (XCN) and UNUS SED LEO (LEO) are also among the worst performers, falling by 2.91% and 2.51%, respectively.

24-Hour Liquidations Slides to Sub-$100m on Bullish Session

Over 24 hours, total liquidations fell back to sub-$100 million on Tuesday. At the time of writing, 24-hour liquidations stood at $99.83 million, down from $160.27 million on Tuesday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 34,317 versus 54,017 on Tuesday morning. Liquidations were up over one hour, while down over 12 and four hours.

According to Coinglass, 12-hour liquidations fell from $80.49 million to $63.26 million, with four-hour liquidations down from $25.14 million to $7.43 million. However, one-hour liquidations were up from $1.96 million to $3.13 million.

The chart below shows market conditions throughout the session.