Crypto Market Daily Highlights – SOL and DOGE Lead Top Ten South
Key Insights:
- Solana (SOL) and dogecoin (DOGE) led the crypto top ten into the deep red.
- News of FTX facing a liquidity crunch, followed by Binance agreeing to acquire FTX, sent the crypto market into a tailspin.
- The crypto market cap fell by $98.4 billion to end the day at $876.5 billion.
It was a bearish Tuesday session for the crypto top ten, with SOL and DOGE leading the top ten down. BTC saw red for a third consecutive session. Notably, BTC tumbled to a two-year low of $16,950 before steadying. BTC last visited sub-$17,000 in November 2020.
There were no US economic indicators to influence, leaving the investors to react to the collapse of FTX and the SEC’s win over LBRY.
On Tuesday, news hit the wires of FTX facing a liquidity crunch. FTX token (FTT) tumbled to $2.54, its lowest level since May 2020. News of Binance agreeing to acquire FTX eased some of the pain. FTT ended the day down 75.11% to $5.49.
Adding to the bearish mood was news of the SEC winning its case against LBRY. LBRY may be insignificant in size, but the ruling could raise concerns over the likely outcome of the SEC v Ripple case.
While the crypto market went into a tailspin, the NASDAQ Composite Index rose for a third consecutive session. Decoupling from the NASDAQ leaves the crypto market in the hands of regulator news and investor fears of contagion from the FTX collapse.
On Tuesday, the NASDAQ Composite Index rose by 0.49%. This morning, the NASDAQ mini was up 3.75 points.
Crypto Market Sees Largest Single-Day Fall Since August Fed Policy Pivot
It was a bearish Tuesday session. The crypto market rose to a late afternoon high of $993.7 billion before sliding to a low of $812.8 billion.
The crypto market fell by $180.9 billion, from peak to trough, before a partial recovery to end the day at $876.5 billion.
The bearish session left the crypto market down $98.4 billion for the session, the largest fall since August 19. (See chart below).
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bearish Tuesday session for the crypto top ten.
SOL and DOGE led the way down, tumbling by 20.36% and 20.68%, respectively.
BTC (-9.95%), ETH (-14.93%), and XRP (-12.74%) also saw heavy losses
ADA (-7.92%) and BNB (-2.76%) fared better than their peers.
From the CoinMarketCap top 100, it was a bearish session.
BinaryX (BNX) bucked the top 100 trend, rising by 2.71%.
However, it was a bearish session for the rest of the pack.
FTX token (FTT) tumbled by 75.11%, sending the broader crypto market into a tailspin on news of a liquidity crunch and Binance buyout.
EthereumPoW (ETHW) and lido DAO (LDO) were among the worst performers, sliding by 24.21% and 22.59%, respectively.
24-Hour Crypto Liquidations Spike on Crypto Market Meltdown
Over 24 hours, total liquidations surged in response to the collapse of FTX. At the time of writing, 24-hour liquidations stood at $854.42 million, up from $137.65 million on Tuesday morning.
Liquidated traders over the last 24 hours also surged. At the time of writing, liquidated traders stood at 403,858 versus 72,793 on Tuesday morning. Liquidations were up over one and four hours and over 12 hours.
According to Coinglass, 12-hour liquidations jumped from $77.08 million to $544.12 million, with four-hour liquidations up from $53.96 million to $482.13 million. One-hour liquidations surged from $1.06 million to $280.40 million, reflecting chaotic market conditions.
The chart below shows market conditions throughout the session.
