Key ideas:
- It was a bullish Tuesday session for the top ten crypto, with BNB leading the way.
- Fed Chairman Powell failed to spook markets, hoping inflation will weaken further to support riskier assets.
- The crypto market capitalization increased by $9.65 billion to end the day at $816.15 billion.
It was a bullish session for the crypto top ten on Tuesday. DOGE led the way, with bnb recovering from a counter-trend loss on Monday. BTC it also found support, closing the day at $17,000 for the third time since December 15.
Risk sentiment spawned another bullish crypto session, with no US economic indicators fueling fears of a US recession. Fed Chairman Powell refrained from discussing monetary policy, stating that independence of the Fed is vital in its battle against inflation.
The lack of comment has investors looking towards tomorrow's US CPI Report. Investors expect inflation to weaken further to cement a 25 basis point Fed rate hike next month. Sentiment toward inflation and the Federal Reserve supported the NASDAQ Composite Index, which rose 1.01%. This morning, the NASDAQ mini is up 12 points.
On the crypto news front, Binance aimed to address historical discrepancies related to the BUSD peg. In an overnight blog, Binance fixed,
โFor operational reasons, at times in the past, there was a timing mismatch when backing Binance-Peg BUSD with BUSD, which is what has been identified in recent articles. From the data, it is clear that the rebalancing did not always keep pace with the demand for Binance-Peg BUSD. Having identified this ourselves last year, we now rebalance more frequently to ensure Binance-Peg BUS is fully supported in a transparent manner.โ
Binance added,
โIt is important to highlight that, despite the variations in the data, at no time were the exchanges for users affected. There is also no BUSD impact on the ERC-20 issuances of Paxos, which is regulated by the NYDFS, audited monthly, and backed by cash reserves and dollar cash equivalents."
The explanation was good for the markets and supported a bullish BNB session.
Adding more support on Tuesday was News of Voyager Digital getting the green light to proceed with the sale to Binance US.
Today, the US economic calendar is on the lighter side, with no economic indicators for investors to consider. The lack of statistics will leave the crypto market in the hands of the members of the FOMC and the NASDAQ index. However, investors should monitor crypto newswires for events that might move the dial.
Crypto Market extends its winning streak to three sessions
It was a bullish session on Tuesday. The crypto market capitalization fell to an early low of $801.72 billion before rising to a late high of $821.92 billion. However, breaking below Monday's session high of $822.82 billion, the crypto market capitalization declined to end the day at $816.15 billion, marking a gain of $9.65 billion. For the day.
Notably, the crypto market cap ended the session at $800 billion for the second time since December 15 and extended its winning streak to three sessions.
The top ten crypto market movers and shakers and beyond
It was a bullish Tuesday session for the top ten crypto.
DOGE led the way, increasing by 2.64%, with ADA (+1.58%), bnb (+1.72%), BTC (+1.51%), ETH (+1.18%), and MATIC (+1.84%) also posted solid gains while XRP (+0.46%) lagged behind the top runners.
From the CoinMarketCap top 100, it was a mixed session.
WOO Network (COURT) in the lead, rising 14.57%, with fit (SUITABLE) and shiba inu coin (shib) with gains of 5.35% and 6.56%, respectively.
However, the ton (TON) led the decline, falling 3.98%, with the XDC network (xdc) and bitDAO (A LITTLE) with losses of 3.00% and 3.05%, respectively.
24-hour sell-offs slide into third straight bullish session
For 24 hours, crypto liquidations fell as the crypto market extended its winning streak to three sessions. At the time of writing, 24-hour settlements stood at $59.37 million, up from $218.06 million on Tuesday morning.
Traders liquidated in the last 24 hours were also lower. At time of writing, traders liquidated stood at 20,293 compared to Tuesday morning. Crypto liquidations were lowest for 12 and four hours and over an hour.
According to purse, 12-hour settlements were at $34.37 million, down from $85.00 million on Tuesday, with four-hour settlements down from $21.42 million to $9.09 million. One-hour settlements stood at $0.290 million versus $2.00 million on Tuesday morning.
The following chart shows the market conditions throughout the session.
