Crypto Market Daily Highlights – ADA and XRP lead the Top Ten Rebound

Key Insights:

• It was a bullish Thursday session for the crypto top ten, with XRP and ADA leading the way.
• A bearish NASDAQ Index session failed to derail a broad-based crypto rebound, with FTX news delivering support.
• The crypto market cap rose by $18.81 billion to end the day at $936.07 billion.

It was a bullish session for the crypto top ten on Thursday. XRP and ADA led the way. Notably, BTC ended the session at $21,000 for the third time in four sessions.

Following disappointing economic indicators from earlier in the week, US stats eased immediate fears of a hard landing.

Initial jobless claims fell from 205k to 190k, with the Philly Fed Manufacturing Index declining from -13.7 to -8.9. Initial jobless claims fell below the 200k mark for the first time since late September. However, the better-than-expected stats support a more aggressive Fed interest rate trajectory that could deliver a hard landing.

The stats left the NASDAQ Composite Index and the S&P 500 with losses of 0.96% and 0.76%, respectively.

On the earnings front, Netflix (NFLX) recovered losses after the closing bell on reporting an increase in subscribers.

While the US economic indicators weighed on riskier assets, talk of an FTX revival supported a bullish crypto session. According to the Wall Street Journal, new FTX chief John J. Ray III said he set up a task force to investigate restarting FTX.com. Reportedly, some customers have lauded the technology and intimated there would be value in a restart.

Today, US housing sector stats are in focus, which will leave FOMC members to move the dial. We expect the talk of another 50-basis point rate hike to test buyer appetite.

With no stats to influence, the crypto news wires also need monitoring. Updates on FTX will remain a focal point, with any news from the ongoing SEC v Ripple case likely to provide direction. Easing FTX contagion risk has been the key to the bullish start to 2023.

This morning, the NASDAQ mini was up 39.5 points.

Crypto Market Reacts to the Latest FTX News in Bullish Fashion

It was a bullish Thursday session. The crypto market cap rose from an early low of $913.70 billion to a late high of $942.28 billion before easing back.

Despite a late pullback, the crypto market cap rose by $18.81 billion to end the day at $936.07 billion.

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

It was a bullish session for the crypto top ten.

ADA and XRP rose by 3.68% and 3.82%, respectively, to lead the way.

BNB (+2.79%), DOGE (+2.00%), and ETH (+2.66%) also found strong support, while BTC (+1.91%) and MATIC (+1.53%) trailed the front-runners.

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

Ravencoin (RVN) and frax shares (FXS) rallied by 16.20% and 17.42%, respectively, to lead the way, with hedera (HBAR) gaining 13.31%.

However, helium (HNT) fell by 3.64%, with kava (KAVA) and compound (COMP) seeing losses of 2.55% and 2.13%, respectively.

24-Hour Liquidations Tumble on Crypto Market Rebound

Over 24 hours, crypto liquidations tumbled as the broader crypto market responded to the latest news on FTX. At the time of writing, 24-hour liquidations stood at $43.99 million versus $249.76 million on Thursday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 15,058 versus 62,125 on Thursday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $32.86 million, down from $228.28 million on Thursday, with four-hour liquidations falling from $23.21 million to $8.69 million. One-hour liquidations fell from $3.91 million to $0.448 million.

The chart below shows market conditions throughout the session.