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Crypto Market Daily Highlights – BNB Leads Bullish Top Ten Session

Skylar Shaw

Nov 24, 2022 15:37


The top ten cryptos had a positive Wednesday session. BNB took the initiative, with ETH and DOGE following. For the first time in three sessions, BTC avoided trading below $16,000.

The market's attention was still on the FTX contagion risk, which was still declining by mid-week. On Wednesday, the market's response to news that FTX had $1.24 billion in cash and that investors were interested in its assets provided more support.

Sam Bankman-Fried, the former CEO of FTX, was again in the news on Wednesday. In a letter to staff, the former CEO expressed hope for rescuing the company, which made headlines. Bankman-Fried concluded the letter by adding, "Perhaps there still remains a chance to preserve the company. I think there are many billions of dollars in sincere interest from new investors that could be used to compensate customers. But since I have no control over it, I can't guarantee you anything.

The positive outcome happened despite pleas from MPs for FTX to be looked into and for further regulatory control.

The NASDAQ Composite Index increased by 0.99%, signaling that the US equity markets likewise had a positive session. The minutes of the FOMC meeting provided encouragement, with the Fed indicating a change in monetary policy.

The US economic data underwhelmed, though, restricting the NASDAQ's potential growth. Since the US markets are closed for Thanksgiving, there are no US statistics to take into account today.