- It was a mixed Friday session for the crypto top ten, with Binance coin (BNB) leading the way.
- An eventless day in the crypto market left the broader crypto market in a range-bound pattern throughout the session.
- The crypto market cap rose by $3.5 billion to end the day at $790.2 billion.
It was a mixed Friday session for the crypto top ten. Binance coin (BNB) led the way, while dogecoin (DOGE) fell for the third day in a row. Notably, BTC fell short of $17,000 for the second consecutive day.
Australia and the UK are among the nations revisiting crypto regulations. After increased regulatory activity in late 2021, which contributed to the beginning of the crypto winter, there had been little activity before the collapse of FTX.
According to the Financial Review, Australian regulators plan to roll out regulations for exchanges in 2023 in response to the FTX collapse. The government will reportedly ‘introduce custodial and exchange legislation.’
In the UK, the Financial Conduct Authority aims to take a harder line by proposing to ban crypto platforms.
The FCA has reportedly rejected or withdrawn 85% of license applications from crypto trading firms. Before its collapse, FTX could not operate in the UK for not having FCA approval.
In the US, CFTC Commissioner Mersinger has called for action and for lawmakers to initiate collaboration between the respective regulatory authorities.
Away from the crypto market, there were no US economic indicators to distract investors. On Friday, the NASDAQ Composite Index ended the day flat.
Crypto Market Ends a Two-Day Losing Streak on a Quiet Friday Session
It was a bullish Friday session. The crypto market rose to an early high of $803.9 billion before sliding to a late afternoon low of $780.6 billion. However, finding late support, the crypto market moved back into positive territory.
The late recovery gave the crypto market cap a modest $3.5 billion gain to end the day at $790.2 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Friday session for the crypto top ten.
However, DOGE bucked the trend, falling by 0.12%
From the CoinMarketCap top 100, it was a mixed session.
24-Hour Liquidations Continued to Slide as Trading Volumes Tumble
Over 24 hours, total liquidations fell further below-usual levels as trading volumes continued to trend lower.
At the time of writing, 24-hour liquidations stood at $33.67 million versus $43.31 million on Friday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 14,614 versus 19,228 on Friday morning. Liquidations were down over one and twelve hours while up over four hours.
According to Coinglass, 12-hour liquidations fell from $24.16 million to $16.84 million, with one-hour liquidations down $0.580 million to $0.370 million. However, four-hour liquidations rose from $2.54 million to $2.69 million.
The chart below shows market conditions throughout the session.