Daily Crypto Market Highlights FTX Focus Weighs on Sentiment

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Key Insights: It was a bearish session on Wednesday for the crypto top ten. BNB and ADA led the top ten into negative territory. As fears of a Binance liquidity crisis eased, the extradition of FTX and Sam Bankman-Frieds to the US made investors jittery, leading to a decoupling from the NASDAQ index . The crypto market capitalization fell by $4.68 billion to end the day at $769.24 billion.

It was a bearish session on Wednesday for the top ten cryptos. BNB and ADA led the way. Notably, BTC failed to see $17,000 again for the fourth time in five sessions.

US economic indicators and corporate earnings took a back seat on Wednesday. Investor attention has returned to FTX and former CEO Sam Bankman-Fried. Extradition to the United States is a source of uncertainty, as the SBF is likely to release information that could scare off investors and increase scrutiny by US lawmakers.

One area of ​​government interest will likely be the relationship between FTX and Binance and whether Binance was responsible for FTX’s collapse.

SBF can also provide a list of other platforms at risk of collapsing due to the fallout, which would put additional pressure on the crypto market.

Wednesday’s bearish session came despite the NASDAQ index gaining 1.54% on better than expected US consumer confidence numbers and upbeat quarterly results from Nike (NKE) and FedEx (FDX).

Today, FTX updates will remain a focal point, with US economic indicators likely to spark interest. Barring a revision in third-quarter GDP figures, weekly jobless claims could move the dial. This morning, the NASDAQ mini was up 9.75 points, providing early support.

Total Market Cap NASDAQ 221222 5-Minute Chart Crypto Market Up An Inch As Market Focus Returns To FTX

A mixed start to the day saw the crypto market cap hit an early morning high of $776.37 billion. However, a bearish morning saw the crypto market cap fall to a mid-morning low of $763.50 billion before stabilizing.

A range-bound afternoon session left the crypto market cap down $4.68 billion at $769.24 billion for the day.

Total Market Cap 221222 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

It was a bearish session on Wednesday for the top ten cryptos.

ADA (-2.32%) and BNB (-2.11%) fell 2.32% and 2.11%, respectively, to lead the way lower, with DOGE (-1.47%), MATIC (-1.02%) and XRP (-1.12%) struggling.

However, BTC (-0.47%) and ETH (-0.25%) saw modest losses.

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

Helium (HNT) led the way with a rise of 32.29%. Toncoin (TON) and Ethereum Classic (ETC) were also among the favorites, up 6.79% and 4.40% respectively.

However, the chain (XCN) led the way, slipping 18.33%, with the trusted wallet token (TWT) and lido DAO (LDO) posting losses of 6.21% and 5.18%, respectively.

24-hour liquidations slip as investor caution drives down trading volumes

Within 24 hours, crypto liquidations plummeted as investor caution towards FTX led to lower trading volumes.

As of this writing, 24-hour liquidations were $14.77 million versus $40.76 million Wednesday morning.

Traders liquidated in the last 24 hours have also decreased. At the time of writing, liquidated traders stood at 8,388 from 10,661 on Wednesday morning. Crypto liquidations declined over 12 hours while increasing over four hours and one hour.

Total Crypto Clearance 221222

According to Coinglass, 12-hour liquidations fell from $16.77 million to $6.88 million. However, four-hour clearouts increased from $1.09 million to $2.45 million, with one-hour clearouts dropping from $0.399 million to $0.471 million.

The chart below shows market conditions throughout the session.

Total Market Cap 221222 Hourly Chart

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