Crypto Market Daily Highlights – MATIC and XRP Fall on Genesis News

Key Insights:

• It was a bearish Wednesday session for the crypto top ten, with polygon (MATIC) leading the way.
• News of Genesis Trading freezing redemptions reignited contagion fear, with a bearish NASDAQ Index session adding to the negative mood.
• The crypto market cap fell by $12.5 billion to end the day at $790.3 billion.

It was a bearish Wednesday session for the crypto top ten. Polygon (MATIC) led the way down. BTC fell for the eighth session in eleven. Notably, BTC ended the day at sub-$17,000 for the sixth time since 2020.

News of Genesis Trading suspending redemptions and new loan originations reignited contagion fear. Genesis follows BlockFi and Liquid, who froze withdrawals due to the collapse of FTX.

However, the market reaction to the news was relatively muted when considering the increased risk of more platforms to follow. On Wednesday, Binance CEO CZ looked to calm market jitters by providing an update on the recovery fund. The Binance CEO said,

“There are players that have strong financials and we should band together; we’ve got significant interest so far.”

However, details remained scarce, with the Binance CEO holding back details of interested parties.

Looking beyond the crypto market, the NASDAQ Composite Index fell by 1.54%, adding further pressure on the crypto market. US retail sales figures failed to provide support, despite an unexpected 1.3% jump in spending.

Micron Tech (MU) weighed on the NASDAQ on chip supply and capital spending updates. Target Corp (TGT) added to the bearish sentiment, forecasting weak sales for the holiday quarter.

Crypto Market Slides on Genesis News and NASDAQ Pullback

It was a bearish Wednesday session. The crypto market rose to an early high of $813.2 billion before sliding to a low of $775.1 billion.

Contagion fear resurfaced to reverse gains from the previous two sessions.

While recovering from sub-$780 billion, the market cap fell by $12.5 billion to end the day at $790.3 billion. The Wednesday slide left the market cap down $179 billion in November.

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

It was a bearish Wednesday session for the crypto top ten.

MATIC led the way down, sliding by 4.20%, with ETH (-2.92%) and XRP (-3.35%) struggling.

ADA (-1.48%), BNB (-1.81%), BTC (-1.37%), and DOGE (-1.72%) also saw red.

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

Trust wallet token (TWT) led the way, rallying by 11.90%. Aptos (APT) and chiliz (CHZ) were also among the front runners, rising by 3.69% and 6.06%, respectively.

However, maker (MKR) led the way down, falling by 6.46%, with kava (KAVA) and cronos (CRO) seeing losses of 4.51% and 4.34%, respectively.

24-Hour Liquidations Hold Steady Despite Bearish Session

Over 24 hours, total liquidations held at below-usual levels despite contagion fear resurfacing. At the time of writing, 24-hour liquidations stood at $62.13 million versus $69.38 million on Wednesday morning.

Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 28,735 versus 27,924 on Wednesday morning. Liquidations were down over 12 hours while up over four hours and one hour.

According to Coinglass, 12-hour liquidations fell from $41.79 million to $38.35 million. However, four-hour liquidations rose from $2.78 million to $5.59 million, with one-hour liquidations up from $0.444 million to $3.02 million.

The chart below shows market conditions throughout the session.