Key Insights:
- It is a bearish Sunday session for the crypto top ten, with Binance Coin (BNB) finding modest support to buck the top ten trend.
- A lack of cues from the news wires left the crypto market in limbo following Fed Chair Powell’s Jackson Hole speech.
- The total crypto market cap is down $7.6 billion to $937 billion, with an hour of the session remaining.
It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) is heading to a sub-$20,000 finish for the first time since July 12. However, ADA leads the top ten into the red, while BNB finds modest support.
There was no crypto news to support a shift in investor sentiment. Market angst from Friday’s Fed Chair Powell speech continued to test investor appetite on Sunday, with the crypto market heading for a third consecutive day in the red.
For investors hoping for a shift in mood, the NASDAQ 100 Mini is down 132 points, suggesting more doom and gloom going into the US session later today. The 132-point fall increased selling pressure across the crypto market in the final hour.
The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session
On Sunday, the total crypto market cap fell to an early afternoon low of $932.5 billion before rising to a high of $955.3 billion. However, a late pullback left the crypto market down $7.6 billion to $937.1 billion, with one hour of the session remaining (UTC).
Down by $67 billion for the week, the total crypto market cap is down $122 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Sunday session for the crypto top ten.
BNB is up 0.50% to buck the top ten trend.
However, it is a bearish session for the rest of the top ten.
Synthetix (SNX) leads the way, rising by 5.8%, with Internet Computer (ICP) and Ankr (ANKR) seeing gains of 1.60% and 0.67%, respectively.
At the other end of the table, Flow (FLOW) leads the way down, sliding by 6.2%. Huobi Token (HT) and Arweave (AR) are down by 3.3% and 3.5%, respectively.
Crypto Liquidations Fall Again in a Range-bound but Bearish Session
Over 24 hours, total liquidations fell further back as investors looked to get passed Powell’s Jackson Hole speech resonating.
At the time of writing, 24-hour liquidations stood at $56.57 million, down from $113.06 million on Sunday morning.
Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 28,463 versus 38,383 on Sunday morning. While liquidations over 12 hours and 4 hours have declined, one-hour liquidations are up, influenced by the early NASDAQ 100 Mini decline.
According to Coinglass, 12-hour liquidations stood at $37.37 million, down from $62.45 million on Sunday morning. 4-hour liquidations are down from $14.45 million to $11.21 million, while one-hour liquidations are up from $2.71 million to $6.50 million. The chart below shows market conditions throughout the session.
