Crypto Market Daily Highlights – XRP and BTC Buck the Top Ten Trend
- It was a mixed Thursday session for the crypto top ten, with XRP finding support to buck the broader trend.
- News coverage of the FTX fallout, the increased regulatory scrutiny, and contagion risk weighed.
- The crypto market cap fell by $3.4 billion to end the day at $786.6 billion.
It was a mixed Thursday session for the crypto top ten. Polygon (MATIC) led the way down, while XRP and BTC bucked the top ten trend. BTC rose for the third time in seven sessions. Notably, BTC fell short of $17,000 for the first time in four sessions.
The fallout from the collapse of FTX continued to leave the broader crypto market under pressure. Following the news of BlockFi, Liquid, Genesis, and Gemini Earn freezing withdrawals, stablecoins became the area of focus on Thursday.
The news hit the wires on Thursday of exchanges suspending support for Solana-based USD Coin (USDC) and USD Tether (USDT). Binance, ByBit, and OKX suspended the SOL-based stablecoins.
While Binance removed the suspension on Solana USDT deposits, the latest news further impacted investor confidence. On Thursday, Binance issued a notice, suspending deposits of USDC (SOL) and USDT (SOL). However, Binance provided no reason for the suspension.
Solana’s close link with Alameda Research, FTX, and Sam Bankman-Fried saw SOL tumble by 59.7% last week.
Hawkish Fed chatter added to the bearish mood, which led the NASDAQ Composite Index down 0.35% on the day. FOMC member Bullard spoke on Thursday, saying that Fed rate hikes have only had a limited impact on inflation.
Later today, a lack of US economic indicators or FOMC member speeches will leave the crypto market in the hands of FTX-linked news and the NASDAQ Index. This morning, the NASDAQ mini was up 19.50 points.
Crypto Market Falls for a Second Session on FTX Contagion Risk
It was a bearish Thursday session. The crypto market rose to an early high of $797.6 billion before sliding to a low of $773.0 billion.
FTX-linked news updates and sentiment towards the suspension of SOL-based USDC and USDT weighed on investor sentiment.
While recovering from sub-$780 billion, the market cap fell by $3.4 billion to end the day at $786.7 billion. The Thursday decline left the market cap down $184 billion in November.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Thursday session for the crypto top ten.
XRP and BTC bucked the trend, with gains of 1.78% and 0.17%, respectively.
However, MATIC led the way down, sliding by 2.97%, with ADA (-2.11%) struggling.
BNB (-1.44%), DOGE (-1.05%), and ETH (-1.30%) also saw red.
From the CoinMarketCap top 100, it was a mixed session.
Litecoin (LTC) led the way, rallying by 8.89%. Kava (KAVA) and Arweave (AR) were also among the front runners, rising by 5.31% and 5.29%, respectively.
However, curve DAO token (CRV) and near protocol (NEAR) led the way down, with losses of 5.66% and 4.79%, respectively. Solana (SOL) also struggled, falling by 4.42%.
24-Hour Liquidations Continued to Slide Amid Rising Contagion Risk
Over 24 hours, total liquidations fell further below-usual levels as contagion risk intensified. At the time of writing, 24-hour liquidations stood at $43.31 million, down from $62.13 million on Thursday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 19,228 versus 28,735 on Thursday morning. Liquidations were down over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations fell from $38.35 million to $24.16 million, with four-hour liquidations down from $5.59 million to $2.54 million. One-hour liquidations fell from $3.02 million to $0.580 million.
The chart below shows market conditions throughout the session.