Key ideas:
- It was a bullish Saturday session for the top ten crypto, with ADA leading the rally.
- There were no crypto events to deliver the bullish session, leaving buyers dipping to support a partial recovery of the week's losses.
- The crypto market capitalization rose by $11.95 billion to end the day at $974.27 billion.
It was a bullish session for the crypto top ten on Saturday. ADA paved the way, while BTC and XRP followed the first. Despite the bullish session, BTC ended the day at levels below $22,000 for the third session in a row.
Regulatory risk pegged the crypto market off a recovery from the current week's losses.
The current focus on US crypto gambling and a possible ban have left the crypto market on the back foot and at sub-billion dollar levels. following the news of kraken By settling with the SEC and ceasing US staking services, other US crypto exchanges face similar prospects in the coming weeks and months.
While FTX and Genesis contagion risk reduction had supported a return of BTC to $24,000, the latest SEC crackdown could see crypto exchange access to liquidity and revenue streams materially affected, raising the threat of more bankruptcies.
While investors expect US lawmakers to rein in the SEC to support the sector, sentiment towards the crypto market is mixed. Some US lawmakers have even called for a blanket ban on cryptocurrencies.
the day ahead
Investors should continue to monitor crypto news wires for updates from FTX, Genesis, and Silvergate Bank. News of more cryptocurrency exchanges coming under SEC scrutiny, however, would test buyers' appetites.
In the final hour, the NASDAQ mini will likely influence when investors start considering the US CPI Report on Tuesday, which could spook investors. Following the heated US Jobs Report and hawkish Fed talk, an increase in inflationary pressure would support a more aggressive interest rate path to bring inflation on target.
Crypto Market ends three-day losing streak
It was a bullish Saturday session. A mixed start to the day saw the crypto market capitalization slide to an initial low of $958.13 billion before making a move. Holding above Friday's low of $950.29 billion, the crypto market capitalization rose to a late high of $978.75 billion before pulling back.
The bullish session left the crypto market capitalization at $974.27 billion, marking a gain of $11.95 billion for the day. Notably, the bullish session on Saturday was only the second of the week. The crypto market is down $41.8 billion for the week.
The top ten crypto market movers and shakers and beyond
It was a bullish session for the top ten crypto.
ADA rose 2.79% to lead the way, with bnb (+1.50%), DOGE (+1.61%), ETH (+1.71%), and MATIC (+1.57%) finding strong support.
However, BTC (+1.04%) and XRP (+0.40%) behind the favourites.
From the CoinMarketCap top 100, it was a mixed session.
mine (MINE) rallied by 27.19% to lead the way for a second session, with loopring (LRC) and Hedera (HBAR) with gains of 13.02% and 16.16%, respectively.
However, singularityNET(AGIX) fell by 3.86%, with neo (neo) and the graph (GRT) with losses of 1.43 % and 3.03 %, respectively.
24-hour liquidations slide on short liquidations
Over 24 hours, cryptocurrency liquidations further declined as of Sunday morning. Short positions had a higher proportion of settlements, representing 60.11% of total settlements. At the time of writing, 24-hour settlements stood at $29.80 million, up from $95.07 million on Saturday morning.
Traders liquidated in the last 24 hours were also lower. At the time of writing, traders liquidated stood at 16,123 compared to 35,945 on Saturday morning. Crypto liquidations were lowest for 12 and four hours, while highest for one hour.
According purse, 12-hour settlements stood at $18.40 million from $73.50 million on Saturday, with four-hour settlements down from $15.51 million to $7.22 million. However, one-hour settlements increased from $0.855 million to $2.47 million.
The following chart shows the market conditions throughout the session.
