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Key Insights:

  • It was a bearish Monday session for the crypto top ten. Binance coin (BNB) led the way down for a second consecutive session.
  • Risk aversion stemming from China protests sent the crypto market into the red, with news of BlockFi filing for bankruptcy adding to the negative sentiment.
  • The crypto market cap fell by $13.6 billion to end the day at $776.2 billion.

It was a bearish Monday session for the crypto top ten. BNB led the way down for a second day. Despite the bearish sentiment, BTC avoided sub-$16,000 for a sixth consecutive session.

Trading volumes rose on Monday as investors returned from the US Thanksgiving holidays. However, there was no post holiday cheer to support the crypto market, with news of protests across China weighing on investor appetite.

The NASDAQ Composite Index ended the day with a 1.58% loss.

News of BlockFi filing for bankruptcy added to the bearish mood. While attributing the bankruptcy filing to the demise of FTX, BlockFi stated,

“BlockFi has $256.9 million in cash on hand, which is expected to provide sufficient liquidity to support certain operations during the restructuring process.”

However, the Company did note that while the Company will focus on recovering all obligations owed, there will be delays in recoveries from FTX.

For the day ahead, US economic indicators, Fed chatter, and the NASDAQ Index will continue to provide direction. Investors will also need to monitor the crypto news for further updates on FTX-related news, including the BlockFi bankruptcy filing.

Total Market Cap – NASDAQ – 291122 5 Minute Chart

Crypto Market Falls on NASDAQ Composite Pullback and BlockFi

On Monday, the crypto market rose to an early high of $793.8 billion before sliding to a late afternoon low of $763.7 billion. Late in the day, the crypto market cap briefly revisited $783 billion before sliding back to sub-$800 billion.

The bearish end to the day left the market cap down by $13.6 billion to $776.2 billion.

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

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

BNB led the way down, sliding by 4.59%, with DOGE falling by 3.55%.

However, ADA (-2.24%), BTC (-1.36%), ETH (-2.18%), MATIC (-2.51%), and XRP (-1.91%) also struggled.

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

Fantom (FTM) led the way, rallying by 10.13%, with apecoin (APE) and chainlink (LINK) seeing gains of 5.47% and 4.45%, respectively.

However, celo (CELO) led the way down, sliding by 13.23%, with UNUS SED LEO (LEO) and huobi token (HT) seeing losses of 9.90% and 8.92%, respectively.

24-Hour Liquidations Jump on Rising Volumes and Risk Aversion

Over 24 hours, total liquidations returned to normal levels alongside increased trading volumes. Risk aversion stemming from the China protests sent liquidations higher, with BlockFi’s bankruptcy filing contributing.

At the time of writing, 24-hour liquidations stood at $91.98 million, up from $39.52 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 34,626 versus 15,088 on Monday morning. Liquidations were up over 12 hours while down over four hours and one hour.

Total Crypto Liquidations 291122

According to Coinglass, 12-hour liquidations rose from $16.93 million to $30.63 million. Four-hour liquidations fell from $10.98 million to $1.53 million, with one-hour liquidations down from $9.67 million to $0.275 million.

The chart below shows market conditions throughout the session.

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