Crypto Market Daily Highlights – MATIC and XRP Slide in FTX Woes

Key Insights:

• It was a bearish Sunday session for the crypto top ten, with MATIC and XRP leading the way down.
• Contagion fear stemming from the collapse of FTX continued to weigh on investor sentiment.
• The crypto market cap fell by $20.6 billion to end the day at $782.5 billion.

It was a bearish Sunday session for the crypto top ten. MATIC and XRP led the way down, with BTC falling for the seventh session in eight. Notably, BTC ended the day at sub-$17,000 for the third time since 2020.

FTX updates continued to impact investor sentiment, with news of an FTX hack adding further downward price pressure.

For a market looking to restore confidence, reports of Crypto.com sending 320,000 ETH to the wrong wallet address added to the bearish mood.

Crypto.com CEO Kris Marszalek addressed the issue on Twitter, saying,

“The ETH transfers that generated so much FUD & speculation on Twitter today were made over three weeks ago, on October 21^st to Crypto.com’s whitelisted corporate account at Gate.io.”

Kris went on to say,

“In this particular case, the whitelisted address belonged to one of our corporate accounts in a third-party exchange instead of our cold wallet. We have since strengthened our process and systems to better manage these internal transfers.”

The Crypto.com CEO added,

“That’s all there is to it. All our systems are operating normally.”

This morning, the crypto market was back in negative territory as contagion fear continued to grip the market. Contagion fear will likely lead to a further decoupling from the NASDAQ Composite Index.

Crypto Market Slides to Sub-$800 billion Over FTX Turmoil

It was a bearish Sunday session. The crypto market rose to an early high of $816.5 billion before sliding to a low of $773.7 billion. However, finding late support, the crypto market revisited $786 billion before easing back.

On Sunday, the market cap fell by $20.6 billion to $782.5 billion for the session. For the week, the market tumbled by $199.5 billion.

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

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

MATIC and XRP led the way down, with losses of 5.4% and 6.1%, respectively.

ADA (-3.0%), BNB (-2.2%), BTC (-2.8%), DOGE (-3.5%), and ETH (-2.9%) also struggled.

From the CoinMarketCap top 100, it is a bearish session.

Trust wallet token (TWT) led the way, rallying by 33.2%, with Axie Infinity (AXS) and GMX (GMX) seeing gains of 8.0% and 4.2%, respectively.

However, FTX token (FTT) led the way down, sliding by 29.4%. Cronos (CRO) and chiliz (CHZ) were among the worst performers, falling by 15.3% and 7.0%, respectively.

24-Hour Liquidations Jumped in Response to Market Cap Fall to Sub-$800bn

Over 24 hours, total liquidations jumped as investors responded to the latest FTX news. At the time of writing, 24-hour liquidations stood at $121.58 million, up from $56.08 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 68,578 versus 31,145 on Sunday morning. Liquidations were up over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations rose from $11.96 million to $74.59 million, with four-hour liquidations up from $2.65 million to $43.56 million. One-hour liquidations increased from $0.334 million to $3.43 million, reflecting a bearish turn of the day.

The chart below shows market conditions throughout the session.