- It was a mixed Thursday session for the crypto top ten. XRP led the top ten with a return to $0.40.
- As the ongoing FTX contagion risk subsided, it tested buyer appetite at current levels.
- The crypto market cap rose a modest $3.8 billion to $791.9 billion.
It was a mixed Thursday session for the crypto top ten. XRP was the leader while MATIC struggled in a relatively tight bounds session. Remarkably, BTC avoided below $16,000 for the second session in a row.
With the US Thanksgiving holiday, it was a quiet Thursday session. There have been no significant updates to FTX to provide direction.
While the risk of contagion has subsided following news of FTX cash holdings and investor interest in FTX investing, uncertainty remains over the outlook for FTX’s largest holders.
FTX borrower updates are likely to have an important impact in the near term. News of new asset discovery would further reduce FTX contagion risk. However, regulatory risk needs to be considered as regulators continue to react to FTX collapse.
For investors looking for a positive spin, Chainalysis ran a comparison between FTX and Mt. Gox on Thursday. chain analysis said,
“Big Picture: The collapse of FTX has rocked the crypto market. But it’s not the first time crypto has faced significant turmoil related to an exchange collapse.”
Comparing FTX’s collapse to Mt. Gox, Chainalysis continued to say,
“The first thing we have to ask ourselves is: how prominent were Mt. Gox and FTX in the overall crypto exchange ecosystem? In the year before it closed, Mt. Gox averaged a 46% share of all exchange inflows, while FTX averaged about 13%.”
Given the shattered confidence, another quiet day in crypto news should provide broader market support. US markets are in an abbreviated session with no economic indicators to distract investors.
The crypto market surges for the third straight day on the easing of FTX contagion
It was a bullish session on Thursday. The crypto market surged to an early high of $802.9 billion before falling to an afternoon low of $780.5 billion. However, when the crypto market found support late in the day, it rose again to $792 billion before falling again.
The bullish session pushed the market cap up $3.8 billion to $791.9 billion, reducing the November deficit to $188 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Thursday session for the crypto top ten.
XRP led the way, up 5.38%, with ETH (+1.63%) and BNB (+0.47%) also avoiding the red.
However, MATIC led the way down 1.53%, with ADA (-0.63%), BTC (-0.04%) and DOGE (-0.49%) also in the red.
From the CoinMarketCap Top 100, it was a mixed session.
BinaryX (BNX) and GMX (GMX) led, gaining 9.15% and 7.59%, respectively. XRP was also a frontrunner.
However, Apecoin (APE) led, shedding 4.05%, while Arweave (AR) and Decred (DCR) were down 3.49% and 3.30%, respectively.
24 hour liquidation slide on Thanksgiving holiday
Across 24 hours, total liquidations continued to fall on Thursday. At the time of writing, 24-hour liquidations totaled $43.88 million, up from $92.83 million as of Thursday morning.
Liquidated traders in the last 24 hours also declined. At the time of writing, liquidated traders stood at 15,589 versus 29,688 on Thursday morning. Liquidations were down over 12 and 4 hours and over an hour.
According to Coinglass, 12-hour liquidations fell to $15.10 million from $48.10 million, and four-hour liquidations fell to $1.33 million from $5.98 million. Hourly liquidations fell from $3.58 million to $0.253 million.
The chart below shows the market conditions throughout the session.