Cryptos Muted Amidst Anxiety Over FTX Ramifications
Crypto market cap oscillated between $822 billion and $856 billion in the past 24 hours amidst lingering anxiety over what remains to be unraveled in the FTX fiasco.
The multi-million-dollar hack at FTX, reports that FTX creditor count could swell to a million, Visa severing global credit card arrangements with FTX, allegations that Alameda Research had prior knowledge of token listings by FTX, sports franchises cutting ties with FTX and several other FTX related developments dominated crypto newsrooms over the past few hours.
Crypto market capitalization edged down to $853 billion, even as the crypto world stares at the cascading effects surrounding last week’s FTX implosion.
Bitcoin is trading at $16,994.32, implying a loss of 0.42 percent in the past 24 hours and 13.7 percent in the past week.
Ethereum dropped 0.31 percent overnight to $1,276.14. Ether has also lost more than 13 percent in the past week.
Third ranked Tether (USDT) continued to trade away from the $1 peg. USDT ranged between $0.9992 and $0.9988 in the past 24 hours. USDCoin (USDC) and Binance USD (BUSD) traded between $1 and $0.9998 in the past 24 hours.
4th ranked BNB (BNB) however declined more than 4 percent in the past 24 hours. Meanwhile, CryptoDaily has reported that Changpeng Zhao, has revealed that his crypto exchange Binance would act as the ‘guinea pig’ for Vitalik Buterin’s Proof-of-Reserves protocol. The protocol is expected to implement the Merkle Tree algorithm to integrate large amounts of data into a single hash and efficiently verify the integrity of the data set.
7th ranked XRP (XRP) is the top gainer with a 10.87 percent overnight rally. 68th ranked Synthetix (SNX) also gained more than 10 percent overnight. 31st ranked Quant (QNT), 81st ranked Lido DAO (LDO), 93rd ranked Compound (COMP) and 36th ranked Hedera (HBAR) have also gained more than 8 percent in the past 24 hours.
85th ranked Helium (HNT) topped the laggards list with a 11 percent overnight decline. 97th ranked Convex Finance (CVX) also declined more than 5 percent overnight.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflow of $42 million for the week ended November 11, versus the outflow of $15.6 million recorded in the previous week.
Bitcoin recorded inflows of $18.8 million whereas Short Bitcoin investment products recorded inflows of $12.6 million. Month to date flows is positive at $23.4 million whereas year-to-date follows exceed $500 million. Total Assets Under Management stood at $23.7 billion led by $14.7 billion in Bitcoin and $5.9 billion in Ethereum products.
The higher-than-expected fall in U.S.CPI that lifted stock market benchmarks and caused the Dollar’s relative decline has had little lasting influence on crypto markets, as the crypto industry comes to terms with the shocking collapse of a major crypto player. The events of the past week have clearly served to demonstrate the waning correlation between stock market and crypto market.
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