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Crypto Market Daily Highlights – XRP Led the Top Ten on NASDAQ Support

By:
Bob Mason
Updated: Nov 16, 2022, 00:37 GMT+00:00

It was a bullish crypto session on Tuesday. Despite news of another exchange freezing withdrawals, the NASDAQ Composite Index provided support.

Crypto Highlights - FX Empire

Key Insights:

  • It was a mixed Tuesday session for the crypto top ten, with BNB seeing red to buck the top ten trend while XRP led the way.
  • Contagion fear continued to ease on Tuesday, despite reports of another exchange freezing withdrawals in the wake of the FTX collapse.
  • The crypto market cap rose by $9.7 billion to end the day at 802.8 billion.

It was a mixed Tuesday session for the crypto top ten. XRP led the way, while BNB bucked the trend, falling by a modest 0.68%. BTC rose for the third session in ten. Notably, BTC ended the day at sub-$17,000 for the fifth time since 2020.

Investor sentiment toward the collapse of FTX pegged the broader crypto market from a breakout session. Following news of BlockFi freezing withdrawals, crypto exchange Liquid announced the freezing of withdrawals.

On Tuesday, Liquid made a statement on Twitter, saying,

“Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States. Until further notice, we would suggest to not deposit either FIAT or crypto. We will provide updates when available.”

However, the news of the latest platform to freeze withdrawals had a muted impact on the crypto market. Hopes of the Binance recovery fund supporting projects impacted by the FTX collapse muted the impact of the news.

Looking beyond the crypto market, the NASDAQ Composite Index gained 1.45% on Tuesday, delivering crypto support. US wholesale inflation provided support to riskier assets.

The US annual inflation rate softened from 8.4% to 8.0% in October. Economists forecast a rate of 8.3%.

Tuesday’s figures further fueled bets of a December Fed pivot. This morning the probability of a 75-basis point December Fed rate hike stood at 14.6%, according to the FedWatch Tool.

NASDAQ Correlation
Total Market Cap – NASDAQ – 161122 5 Minute Chart

Crypto Market Finds Support on Softer US Wholesale Inflation

It was a bullish Tuesday session. The crypto market fell to an early low of $786.3 billion before rising to an early afternoon high of $819.4 billion. However, an afternoon pullback saw the market cap fall back to sub-$800 billion before finding late support.

On Tuesday, the market cap increased by $9.7 billion to $802.8 billion. However, the market was down $173 billion in November.

Crypto market enjoys a bullish Tuesday.
Total Market Cap 161122 Daily Chart

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

It was a mixed Tuesday session for the crypto top ten.

XRP led the way, rising by 3.07%, with MATIC ending the day up by 2.62%.

ADA (+1.51%), BTC (+1.56%), DOGE (+1.52%), and ETH (+0.82%) also found support, while BNB (-0.68%) bucked the trend.

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

Chiliz (CHZ) led the way, rallying by 10.59%, with quant (QNT) and stacks (STX) seeing gains of 9.58% and 9.28%, respectively.

However, trust wallet token (TWT) slid by 13.75% to lead the way down, with helium (HNT) and chain (QNT) seeing losses of 5.03% and 2.87%, respectively.

24-Hour Liquidations Tumbled on Second Bullish Crypto Session

Over 24 hours, total liquidations slid back to below-usual levels as contagion fear abated. At the time of writing, 24-hour liquidations stood at $69.38 million, down from $167.33 million on Tuesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 27,924 versus 66,235 on Tuesday morning. Liquidations were down over 12 and four hours and over one hour.

Crypto liquidations slide.
Total Crypto Liquidations 161122

According to Coinglass, 12-hour liquidations fell from $63.02 million to $41.79 million, with four-hour liquidations down from $13.20 million to $2.78 million. One-hour liquidations decreased from $4.13 million to $0.444 million, reflecting steady market conditions.

The chart below shows market conditions throughout the session.

Crypto market steady late in the session.
Total Market Cap 161122 Hourly Chart

About the Author

Bob Masonauthor

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.

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