Crypto Market Daily Highlights – DOGE and MATIC Lead Top Ten Sell-Off

Key Insights:

  • It was a bearish Sunday session for the crypto top ten, with dogecoin (DOGE) and polygon (MATIC) leading the way down.
  • Contagion fears resurfaced following FTX updates and news of Grayscale refusing to disclose its proof-of-reserves.
  • The crypto market cap slid by $18.44 billion to end the day at $764.0 billion.

It was a bearish Sunday session for the crypto top ten. Polygon (MATIC) and dogecoin (DOGE) led the way down. Notably, BTC fell short of $17,000 for the fourth consecutive day while avoiding sub-$16,000.

Contagion risk stemming from the collapse of FTX resurfaced on Sunday. Several events led to the break from two range-bound sessions.

Over the weekend, Grayscale announced it would not share proof-of-reserves, citing BTC security risk. The announcement came as other platforms try to restore investor confidence by disclosing proof-of-reserves.

Adding to the market angst was further FTX news. On Sunday, the BBC reported that FTX owes its biggest creditors $3.1 billion. According to the report,

“FTX owes its 50 largest creditors almost $3.1 billion according to a court filing.”

The report added that FTX owes its top ten creditors $1.45 billion, raising concerns over the impact of lost funds on the unnamed creditors and their ability to continue doing business.

The latest pullback will likely see the crypto market decouple from the NASDAQ Composite Index. This morning, the NASDAQ mini was down 5 points. However, hawkish Fed chatter could add to the negative crypto investor sentiment.

Total Market Cap – NASDAQ – 211122 Daily Chart

Crypto Market Tumbles on FTX and Grayscale News

It was a bearish Sunday session. The crypto market rose to an early high of $797.3 billion before sliding to a late low of $$762.4 billion.

Investor reaction to the Grayscale and FTX news weighed on investor confidence, with more fallout from the collapse of FTX likely.

The crypto market cap fell by $27.2 billion to $764.0 billion, down $18.44 billion for the week.

Total Market Cap 211122 Daily Chart

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 DOGE led the way down, sliding by 7.96% and 9.10%, respectively.

ADA (-4.88%), ETH (-6.25%), and XRP (-6.03%) also saw heavy losses. BTC and BNB fell by 2.50% and 3.05%, respectively.

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

Chiliz (CHZ) led the way down, sliding by 19.28%, with algorand (ALGO) and Ethereum PoW (ETHW) seeing losses of 14.19% and 12.39%, respectively.

However, UNUS SED LEO (LEO) bucked the market trend, rising by 2.31%.

24-Hour Liquidations Spike on Contagion Fear-Fueled Sell-Off

Over 24 hours, total liquidations jumped as investors reacted to FTX and Grayscale news. At the time of writing, 24-hour liquidations stood at $128.15 million, up from $28.75 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 51,985 versus 16,225 on Sunday morning. Liquidations were up over four and twelve hours and over one hour.

Total Crypto Liquidations 211122

According to Coinglass, 12-hour liquidations rose from $19.00 million to $74.75 million, with four-hour liquidations up $7.98 million to $53.38 million. One-hour liquidations rose from $1.11 million to $2.63 million.

The chart below shows market conditions throughout the session.

Total Market Cap 211122 Hourly Chart

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