Key ideas:
- It was a mixed Saturday session for the crypto top ten, with BTC and ADA bucking the top ten trend.
- Profit-taking and sentiment towards the Fed likely weighed, while talk of an FTX reset continued to provide support.
- The crypto market capitalization fell $6.05 billion to end the day at $989.06 billion.
It was a mixed session for the crypto top ten on Saturday. BTC Y ADA challenged a downtrend while SUN led the way down. Notably, BTC visited $23,000 for the first time since August and hit a new high of $23,367 in 2023.
There were no external market forces to guide investors on Saturday. Following a breakout session on Friday, profit taking weighed on the broader market as investors considered the events of the week.
News of a new management exploring an FTX restart continued to provide support as investors considered the implications of a Genesis bankruptcy.
Uncertainty about the Fed's February rate hike likely tested confidence. While inflation has eased, labor market conditions remained tight, allowing the Fed to take a hawkish policy that would hit riskier assets.
Today, investors should continue to monitor crypto news wires for events that might move the dial. Updates on FTX and Genesis are likely to attract interest alongside any talk from regulators. In the final hour, the NASDAQ mini will also play a role.
Crypto Market Sees Final Hour Slip Into the Red
It was a bearish Saturday session. In a mixed morning, total market capitalization rose to a late-morning high of $1.018 billion before falling to a late-morning low of $978.07 billion. Market cap revised $1 trillion in the afternoon before a late slide back into the red.
The late reversal left the crypto market capitalization at $989.06 billion, marking a loss of $6.05 billion for the day.
The top ten crypto market movers and shakers and beyond
It was a mixed session for the top ten crypto.
ADA Y BTC bucked the general market trend, with gains of 0.82% and 0.46%, respectively.
Nevertheless, SUN led the way to the downside, falling 3.76%, with bnb (-2.03%), DOGE (-1.97%), ETH (-1.90%), and XRP (-2.46%) also seeing red.
From the CoinMarketCap top 100, it was a mixed session.
suitable (SUITABLE) and apecoin (BUN) rose 7.31% and 7.50%, respectively, on optimism (OP) ending the day with a gain of 2.80%.
However, Rocket Pool (RPL) led the way lower, falling 8.50%. Casper (CSPR) and frax actions (fxs) also struggled, falling 5.63% and 5.52%, respectively.
24-hour liquidations remain high in a mixed session on Saturday
For 24 hours, crypto liquidations remained above normal levels. BTC and ETH selloffs held higher in a choppy session on Saturday, with selloffs evenly split between long and short positions. At the time of writing, 24-hour settlements stood at $199.15 million, up from $256.32 million on Saturday morning.
Traders liquidated in the last 24 hours were also lower. At the time of writing, traders liquidated stood at 49,966, up from 55,336 on Saturday morning. Crypto liquidations were lowest for 12 and four hours, while highest for one hour.
According to purse, 12-hour settlements stood at $59.01 million, down from $239.90 million on Saturday, and four-hour settlements fell from $176.37 million to $25.31 million. However, one-hour liquidations increased from $7.09 million to $20.30 million due to a late reversal.
The following chart shows the market conditions throughout the session.
