Crypto Market Daily Highlights – FTX Hack Delivers More Bad News

Key Insights:

• It is a mixed Saturday session for the crypto top ten, with 60 minutes (UTC) remaining. Dogecoin (DOGE) bucks the top ten trend.
• Following news of the FTX liquidity crunch and the bankruptcy filing, FTX reported unauthorized access to accounts.
• The crypto market cap is down by $14.0 billion to end the day at $805.3 billion.

It is a mixed Saturday session for the crypto top ten. DOGE bucks the top ten trend as the broader crypto market continues to reel from the never-ending missteps of FTX. MATIC leads the way down, with BTC on track for the sixth daily loss in seven sessions.

Elon Musk delivered DOGE support. While talking about the demise of FTX, Musk reportedly said, “Doge to the moon,” which was enough to draw in buyers amidst the chaos.

However, DOGE was one of only a handful of coins to avoid the red.

FTX updates continued to rock the crypto market going into the weekend. Following news of FTX CEO Sam Bankman-Fried filing for bankruptcy and stepping down as CEO, FTX reported unauthorized access to accounts.

According to reports, hackers withdrew more than $400 million in crypto assets from FTX wallets forcing FTX to move all remaining digital assets to cold wallets. Kraken CSO Nick Percoco tweeted overnight,

“We know the identity of the user.”

Percoco was responding to a tweet from Mario Nawfal.

According to Satoshi Stacker, the FTX hacker funded a TRX wallet from Kraken.

Nick Percoco provided a more recent update, saying,

“Update: I’ve been told that FTX Official or SBF_FTX will be making a public statement regarding the sweeping of the Tron wallet in question and them utilizing funds from their verified Karenfx account to complete this transaction.”

FTX.US General Counsel Ryne Miller shared a statement from newly appointed FTX CEO John J.Ray III, saying,

“Consistent with their obligations as Chapter 11 Debtors-in-Possession, FTX US and FTX.com continue to make every effort to secure all assets, wherever located.”

Ryne Miller went on to share,

“Among other things, we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian. As widely reported, unauthorized access to certain assets has occurred.”

The statement from John Ray concluded,

“An active fact review and mitigation exercise was initiated immediately in response. We have been in contact with, and are coordinating with law enforcement and relevant regulators.”

The timing could not be worse for FTX and its users, with the hack making it more challenging to complete a salvage operation. Updates on a bailout have also been slow following the Justin Sun interview with Bloomberg TV on Friday.

While FTX continues to grab the headlines, contagion remains the main threat to the crypto market, with the market yet to feel the full impact of the FTX collapse.

Crypto Market Falls Again as FTX Floods the Crypto News Wires

It is a bearish Saturday session. The crypto market rose to an early high of $824.4 billion before sliding to a mid-morning low of $789.9 billion. However, finding afternoon support, the crypto market revisited $812 billion before easing back.

With 60-minutes (UTC) of the Saturday session left, the market is down $14.0 billion to $805.3 billion for the session. For the week, the market is down $177 billion.

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

It is a mixed Saturday session for the crypto top ten, with 60 minutes (UTC) of the Saturday session remaining.

DOGE bucks the top ten trend, rallying by 6.96%.

However, top ten newcomer MATIC leads the way down, sliding by 10.54%.

ADA (-3.39%), BNB (-2.21%), BTC (-1.14%), ETH (-2.11%), and XRP (-4.64%) are also struggling.

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

FTX token (FTT) leads the way down, sliding by 15.3%. Synthetix (SNX) and maker (MKR) are among the worst performers, falling by 13.4% and 10.2%, respectively.

Trust wallet token (TWT) leads a handful of cryptos in the green, rallying by 16.5%, with GMX (GMX) and stacks (STX) seeing gains of 7.5% and 2.7%, respectively.

24-Hour Crypto Slide as Crypto Market Sees Flat Afternoon Session

Over 24 hours, total liquidations eased further back despite a bearish session and news of the FTX.US hack. At the time of writing, 24-hour liquidations stood at $56.08 million, down from $170.06 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 31,145 versus 102,459 on Saturday morning. Liquidations were down over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations fell from $ $113.78 million to $11.96 million, with four-hour liquidations down from $14.17 million to $2.65 million. One-hour liquidations decreased from $6.75 million to $0.334 million, reflecting the flat afternoon session.

The chart below shows market conditions throughout the session.