Daily Crypto Market Highlights – SOL Leads the Top Ten Rebound

Total Market Cap – NASDAQ – 260123 Hourly Chart

While the economic and corporate earnings calendars in the US were uninfluenced, crypto news feeds delivered a bullish session.

This week, news touch the wires of Goldman Sachs (GS) ranking BTC as the best performing asset in the world. On a total return basis, BTC outperformed the MSCI Emerging Markets Index and asset classes including gold, 10-year US Treasuries and the NASDAQ index.

The latest ranking reflects the full loop of the crypto market since the collapse of FTX. News of an FTX revival was the key factor in the crypto market turnaround.

While the Goldman Sachs rating is bullish for BTC and the broader crypto market, the mitigation of FTX contagion risk and hopes of a painless bankruptcy from Genesis provided support mid-week. However, the news of Celsius allowing customers to withdraw funds deposited after bankruptcy was also positive.

On Wednesday we also covered a Twitter survey which gave respondents the choice of a BTC correction or an upside breakout at $25,000. According to the final results, 48.1% of respondents voted for a BTC correction, while 51.9% favored a BTC breakout to $25,000.

Today, US economic indicators will likely provide direction. US jobless claims and fourth quarter GDP numbers could support a Fed pivot, which would be a bullish signal for riskier assets. However, investors should continue to monitor crypto news feeds for updates on FTX, Genesis, Binance and any regulatory chatter.

Crypto Market Bulls Take Control As Crypto Environment Improves

It was a hectic Wednesday session. A bearish start to the day saw the crypto market capitalization fall to an early low of $960.74 billion. However, a late rally saw the crypto market capitalization peak at $1.026 billion before falling back. Despite the pullback, the crypto market cap ended the session at $1 trillion, marking a gain of $24.12 billion for the day.

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