Crypto Market Daily Highlights: ADA Led a Top Ten Recovery

Key Insights:

• It was a bullish Saturday session for the crypto top ten, with ADA leading the recovery.
• There were no crypto events to deliver the bullish session, leaving dip buyers to support a partial recovery of the week’s losses.
• The crypto market cap 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 led the way, while BTC and XRP trailed the front-runners. Despite the bullish session, BTC ended the day at sub-$22,000 levels for the third consecutive session.

Regulatory risk pegged the crypto market back from a recovery of the current week’s losses.

The current focus on US crypto staking and a possible ban has left the crypto market on the back foot and at sub-$1 billion levels. Following the news of Kraken settling with the SEC and ceasing US staking services, other US crypto exchanges face similar prospects in the coming weeks and months.

While easing FTX and Genesis contagion risk had supported a BTC return to $24,000, the latest SEC crackdown could see crypto exchange access to liquidity and revenue streams materially impacted, raising the threat of more bankruptcies.

While investors will hope for US lawmakers to rein in the SEC to support the sector, sentiment toward the crypto market is mixed. Some US lawmakers have even called for a blanket crypto ban.

The Day Ahead

Investors should continue monitoring the crypto news wires for FTX, Genesis, and Silvergate Bank updates. However, the news of more crypto exchanges coming under SEC scrutiny would test buyer appetite.

In the final hour, the NASDAQ mini will likely influence as investors begin to consider Tuesday’s US CPI Report, which could spook investors. Following the hot US Jobs Report and hawkish Fed chatter, a pickup in inflationary pressure would support a more aggressive interest rate path to bring inflation to target.

Crypto Market Ends Three-Day Losing Streak

It was a bullish Saturday session. A mixed start to the day saw the crypto market cap slip to an early low of $958.13 billion before making a move. Holding above the Friday low of $950.29 billion, the crypto market cap rose to a late high of $978.75 billion before easing back.

The bullish session left the crypto market cap at $974.27 billion, marking an $11.95 billion gain for the day. Notably, the bullish Saturday session was just the second of the week. The crypto market is down by $41.8 billion for the week.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish session for the crypto top ten.

ADA rose by 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%) trailed the front-runners.

From the CoinMarketCap top 100, it was a mixed session.

Mina (MINA) rallied by 27.19% to lead the way for a second session, with loopring (LRC) and hedera (HBAR) seeing gains of 13.02% and 16.16%, respectively.

However, singularityNET (AGIX) fell by 3.86%, with neo (NEO) and the graph (GRT) seeing losses of 1.43% and 3.03%, respectively.

24-Hour Liquidations Slide on Short Position Liquidations

Over 24 hours, crypto liquidations declined further through to Sunday morning. Short positions had a higher share of liquidations, accounting for 60.11% of total liquidations. At the time of writing, 24-hour liquidations stood at $29.80 million versus $95.07 million on Saturday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 16,123 versus 35,945 on Saturday morning. Crypto liquidations were lower over 12 and four hours while higher over one hour.

According to Coinglass, 12-hour liquidations stood at $18.40 million versus $73.50 million on Saturday, with four-hour liquidations down from $15.51 million to $7.22 million. However, one-hour liquidations increased from $0.855 million to $2.47 million.

The chart below shows market conditions throughout the session.