Crypto Market Today: FTX Focus Dents Sentiment

  • The crypto market recorded a bearish session on Wednesday, with ADA and BNB leading the pack into the negative region.
  • While worries about Binance’s liquidity crush lessened, FTX & SBF’s extradition to the United States made investors nervous, triggering a decoupling from the NASDAQ.
  • The cryptocurrency market capitalization lost $4.68 billion to close Wednesday at $769.24B.

The top ten crypto assets saw pessimism on Wednesday, with ADA and BNB leading the downward trip. Meanwhile, Bitcoin could not revisit $17K for the 4th time within five sessions. United States economic signals and corporate earnings remained on the back seat yesterday.

Meanwhile, investor attention returned to the troubled former FTX CEO Sam Bankman-Fried. The US extradition brings worries, with Bankman-Fried likely to reveal information that might spook market participants and heighten scrutiny by United States lawmakers.

The government will likely ponder the association between Binance and FTX and whether Binance contributed to FTX’s fall. Also, SBF could list other platforms that might collapse following the fallout, which would further pressure the cryptocurrency market.

Yesterday’s bearishness surfaced despite a 1.54% uptick in the NASDAQ Index, following better-than-anticipated United States consumer confidence figures, FDX quarterly earnings, and upbeat Nike.

FTX news will attract attention today, with the United States economic indicators potentially being a focal point. Excluding the Q3 GDP revision, the weekly unemployment claims might move the markets. NASDAQ mini offers early support today, with a 9.75 points increase.

Crypto Market Leap Higher with FTX on Focus

Mixed early moves yesterday witnessed the cryptocurrency market capitalization soaring to a $776.37B morning peak.

Nonetheless, bearishness pushed the metric to a $763.50B-mid-morning low before stabilizing. A range-bound session during the afternoon left the overall crypto market $4.68B down, closing Wednesday at $769.24B.

Crypto Shakers & Movers – Top 10 and Beyond

The top ten digital coins suffered bearishness on Wednesday. Cardano (-2.32%) and Binance Coin (-2.11%) led the downside, with more struggle surfacing from Dogecoin (-1.47%), Polygon (-1.02%), and Ripple (-1.12%).

Meanwhile, Bitcoin (-0.47%) and Ethereum (-0.25%) recorded minor losses. Moreover, Coinmarketcap shows top 100 cryptos saw mixed movements. Helium (HNT) gained a notable 32.29% to lead the upside. Ethereum Classic and Toncoin followed, surging 4.40% and 6.79%, respectively.

Meanwhile, Chain (XCN) suffered the most, losing 18.33% to lead DAO and Trust Wallet Token’s 5.18% and 6.21% slides, respectively.

Daily Liquidations Dip, With Investor Caution Sinking Trading Volumes

24hr cryptocurrency liquidations fell as market players cautioned over FTX-driven low trading volumes. While publishing this news, 24hr liquidations hovered at 414.77M versus early Wednesday at $40.76M.

Also, the past day saw liquidated traders tumbling. The metric stood at around 8,388 during this writing versus yesterday’s 10,661. Meanwhile, cryptocurrency liquidations declined over twelve hours while surging over one hour and four hours.