Key ideas:
- It was a mixed Saturday session for the crypto top ten, with DOGE and ETH challenging a downtrend in the top ten.
- There were no external market forces to play a role, leaving investors to consider the possible effects of the US jobs report on the Fed's monetary policy.
- The crypto market capitalization fell $0.642 billion to end the day at $1.036 billion.
It was a mixed session for the crypto top ten on Saturday. DOGE and ETH bucked a downtrend in the top ten while SUN and ADA fought BTC avoided a return below $23,000 for the third straight session.
There were no external market forces to guide investors on Saturday, leaving Friday's US Jobs Report and ISM Non-Manufacturing PMI figures to test the theory of a Fed pivot.
A $517,000 rise in nonfarm payrolls left the US unemployment rate at 3.4%, well below the Federal Reserve's 5% mandate. Wage growth softened but remained elevated, giving the Fed a reason to push a 50 basis point interest rate hike in March. Service sector activity picked up, removing fears of a recession.
It will likely come down to the January CPI report, which is due to be released on February 14. However, corporate profits could play a role. Grim Outlook for Amazon.com (AMZN), Apple (AAPL) and Alphabet (Google) will add to the uncertainty, leading to increased sensitivity to FOMC members' talks in the coming weeks.
After the loss of the NASDAQ on Friday, we expect the NASDAQ mini to influence the last hour (UTC) of today's session.
Crypto Market Avoids Less Than $1 Billion For Third Day
It was a mixed session on Saturday. A bearish start to the day saw the crypto market capitalization drop to a mid-morning low of $1.025 billion. Following a late-morning rally, the cryptocurrency market capitalization rallied as high as $1.052 billion in the early afternoon before pulling back.
The late pullback left the crypto market capitalization at $1.036 billion, marking a modest loss of $0.672 billion on the day.
The top ten crypto market movers and shakers and beyond
It was a mixed session for the top ten crypto.
DOGE and ETH bucked the general market trend, with gains of 3.34% and 0.19%, respectively.
However, SUN and ADA led the way down, with losses of 1.42% and 1.24%, respectively.
bnb (-0.54%), BTC (-0.50%), and XRP (-0.28%) experienced relatively modest losses.
From the CoinMarketCap top 100, it was a mixed session.
The graph (GRT) and shiba inu (shib) rallied 14.58% and 15.81% to lead the way, with casper (CSPR) increasing by 8.78%.
However, lido DAO (I DO) fell 6.13%, with shares of frax (fxs) and mine (MINE) with losses of 5.39 % and 5.53 %, respectively.
24-hour sell-offs are below normal levels in the range-bound session
For 24 hours, cryptocurrency selloffs were below normal levels after a range-bound session. Long positions had a marginally higher proportion of liquidations, representing 50.84% โโof total liquidations. At the time of writing, 24-hour settlements were $43.93 million.
Traders liquidated in the last 24 hours were also below normal levels. At the time of writing this report, liquidated merchants amounted to 19,621. Crypto liquidations were lower for 12 and four hours, while at higher levels for one hour.
According purse, 12-hour settlements totaled $43.93 million, with four-hour settlements at $29.70 million. However, one-hour sell-offs were at a lofty $7.61 million due to a bearish turn for the day.
The following chart shows the market conditions throughout the session.
