FTX Focus Weighs on Sentiment

For the top 10 cryptos on Wednesday, it was a negative session. The descent was headed by BNB and ADA. It is noteworthy that BTC missed $17,000 for the fourth time in five sessions.

On Wednesday, US economic indices and business profits took a backseat. Investor attention has now shifted back to FTX and former CEO Sam Bankman-Fried. Uncertainty surrounds the extradition to the US since SBF is expected to provide material that might alarmed investors and heighten congressional attention in the US.

The link between FTX and Binance and if Binance was to blame for the demise of FTX will probably be one topic of government concern.

In order to put more pressure on the cryptocurrency market, SBF may also offer a list of other platforms that run the danger of collapsing as a result of the repercussions.

Despite the NASDAQ Index rising 1.54% on better-than-anticipated US consumer confidence data and positive Nike (NKE) and FedEx (FDX) quarterly results, Wednesday's session was gloomy.

Today's focus will be on FTX updates, with attention likely focused on US economic statistics. The weekly unemployment claims might change the course of events, barring an adjustment to the Q3 GDP figures. The NASDAQ mini was up 9.75 points this morning, offering initial assistance.