Key ideas:
- It was a bullish Friday session for the top ten crypto, with MATIC leading a breakout session.
- A quiet day on the US economic calendar left investor sentiment to support a crypto market move towards a market capitalization of $1.1 trillion.
- The crypto market capitalization increased by $41.59 billion to end the day at $1.068 billion.
It was a bullish session for the crypto top ten on Friday. MATIC led a working session, with BTC checking $25,000 for the second day in a row and the second time since August.
Fed Fear faded to the background on Friday, with no US economic indicators for investors to consider. The lack of statistics allowed the crypto market to decouple from the NASDAQ Composite Index, which fell 0.58%.
There were no crypto events to support the breakout on Friday. However, alleviating regulatory risk and the US legislator scrutiny from the SEC likely contributed to the rise.
A return of BTC to $25,000 on Thursday and a revisit on Friday supported the broader crypto market. Investor hopes for the crypto winter to end despite increased SEC activity fueled momentum, leading to bullish sessions for 97 of the top 100 coins.
Despite the second breakout session in three days, Fed fear and regulatory risk remain headwinds. Another move by the SEC against the crypto space or the threat of US interest rates to peak at 5.5% could test buyers' interest.
This week, US economic indicators removed fears of a US economic recession led by the Federal Reserve. However, a more aggressive Fed rate path to bring inflation to target could reignite recession jitters.
the day ahead
Investors should continue to monitor crypto newswires for events that might move the dial. Binance news will need to follow up after reports of Binance reviewing its US-based relationships.
Updates to FTX, Genesis, and Silvergate Bank will likely continue to be focal points, with continued SEC vs. Ripple case that now has a greater importance after the recent SEC does it move against staking services and stablecoins.
Investors should also take into account the talks between the SEC and US lawmakers. More support from lawmakers for the digital asset space and talk of shifting regulatory powers to the CFTC would support BTC and the crypto market in general.
Crypto Market Finds Momentum Hoping For A Crypto Winter Thaw
It was a bullish Friday session. A mixed start to the day saw the crypto market capitalization drop to a low of $1.021 billion in the first hour. However, finding support early in the morning, the crypto market capitalization surged to a late high of $1.085 billion before pulling back.
Despite the late pullback, the crypto market capitalization ended Friday at $1.068 billion, marking a gain of $41.59 billion for the day.
The top ten crypto market movers and shakers and beyond
It is a bullish session for the top ten crypto.
MATIC rallied 11.36% to lead the way, with BTC and ADA seeing gains of 4.48% and 4.13%, respectively.
However, bnb (2.89%), DOGE (+3.30%), ETH (+3.45%), and XRP (+2.85%) also made solid gains.
From the CoinMarketCap top 100, it was a bullish session.
file currency (FIL) increased 40.54% to lead the way, with a computer with Internet (PCI) and klayton (KLAY) with gains of 23.03% and 34.13%, respectively.
However, immutableX(SMEs) bucked the trend of the top 100 crypto markets, falling 0.22%.
24-hour sell-offs pull back on bullish Friday
For 24 hours, crypto liquidations returned to normal levels on Friday. Short positions had a higher proportion of settlements, representing 59.26% of total settlements. At the time of writing, 24-hour settlements stood at $127.39 million, up from $197.91 million on Friday morning (UTC).
Traders liquidated in the last 24 hours were also lower. At the time of writing, traders liquidated stood at 35,566, up from 61,698 on Friday morning. Crypto liquidations were lowest for 12 and four hours and over one hour.
According purse, 12-hour sales settled at $94.63 million, down from $144.62 million on Friday morning, and four-hour sales fell from $75.05 million to $38.96 million. One-hour settlements decreased from $18.50 million to $2.65 million.
The following chart shows the market conditions throughout the session.
