It was a bearish Friday session for the crypto top ten. ADA led the way down, with BNB, DOGE, and MATIC also seeing heavy losses. BTC fell short of $18,000 for the second consecutive session and slid to sub-$17,000 for the first time in four sessions.
News of accounting firm Mazars Group removing its Binance proof-of-reserves report from its website spooked investors. Mazars Group has also reportedly suspended work with other crypto clients, including KuCoin and Crypto.com.
In a statement to CNBC, Mazars Group reportedly said that it had,
“paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public.”
US economic indicators and the NASDAQ Index fueled recession fears following disappointing retail sales numbers from Thursday.
According to prelim figures, the US manufacturing PMI fell from 47.7 to 46.2, with the all-important services PMI down from 46.2 to 44.4. The services PMI stood fell to its lowest level since September 2021 (43.7).
The NASDAQ Index responded to the numbers, falling by 0.97%, with the S&P500 ending the day with a 1.11% loss.
Today, market reaction to the Mazars news and recession fears may continue to test buyer appetite.
A bullish start to the day saw the crypto market cap rise to a late-morning high of $812.74 billion. However, the reversal saw the crypto market cap slide to a final-hour low of $753.13 billion.
Weighed by the news of Mazars withdrawing from the crypto space and another bearish NASDAQ Index session, the crypto market cap ended the day at $759.99 billion, a loss of $45.49 billion.
It was the most marked single-day loss since the collapse of FTX in early November.
It was a bearish Friday session for the crypto top ten.
ADA led the way down, sliding by 12.33%, with BNB (-10.66%), DOGE (-10.60%), and MATIC (-9.26%) close behind.
BTC (-4.21%), ETH (-7.86%), and XRP (-7.07%) also struggled.
From the CoinMarketCap top 100, it was a bearish session.
Toncoin (TON) and UNUS SED LEO (LEO) bucked the trend, rising by 1.92% and 0.38%, respectively.
However, Filecoin (FIL) led the way down, tumbling by 26.34%. Trust wallet token (TWT) and Chiliz (CHZ) were among the worst performers, falling by 19.51% and 14.97%, respectively.
Over 24 hours, crypto liquidations tumbled in response to Binance jitters and recession fears that drove trading volumes higher.
At the time of writing, 24-hour liquidations stood at $226.03 million versus $48.70 million on Friday morning.
Liquidated traders over the last 24 hours also surged. At the time of writing, liquidated traders stood at 87,242 versus 13,916 on Friday morning. Crypto liquidations increased over 12 and four hours and over an hour.
According to Coinglass, 12-hour liquidations jumped from $28.82 million to $137.56 million, with four-hour liquidations up from $7.30 million to $98.30 million. One-hour liquidations rose from $0.895 million to $2.77 million.
The chart below shows market conditions throughout the session.