Crypto Market Daily Highlights – BNB and DOGE Lead Top Ten Recovery
- It was a bullish Saturday session for the crypto top ten. BNB and DOGE led the recovery.
- Following two consecutive days of heavy losses, dip buyers returned as investor jitters of another liquidity crunch eased.
- Partially reversing a $45.49 billion loss from Friday, the crypto market cap rose by $9.60 billion to end the day at $769.62 billion.
Investor jitters over a Binance liquidity crunch eased on Saturday. The crypto community was more active on Twitter at the start of the weekend, highlighting elements of the Binance FUD.
Binance CEO CZ turned to Twitter, saying,
“FUD is temporary. Truth last.”
CZ also shared several tweets, including a CryptoQuant.com view on Binance, which stated,
“Our analysis should not be interpreted as a favorable opinion of Binance as a company or the BSC/BNB networks. Our data merely shows that the amount of BTC Binance says it holds as liabilities at the moment the PoR Report was conducted matches our reserve data.”
However, the Saturday recovery was modest, with investors wary of another liquidity crunch despite the circulating comments. Recession fear, a hawkish Fed, and regulatory risk are other crypto headwinds for investor consideration.
Today, we expect investors to continue to monitor the crypto news wires. Validation of Proof-of-Reserves and countering FUD campaigns will likely remain areas of interest. In the final hour, the NASDAQ mini will also influence.
Crypto Market Steadies as Immediate Fears of a Liquidity Crunch Abate
A bearish start to the day saw the crypto market cap fall to an early low of $753.25 billion. However, a late morning recovery and a bullish end reversed the morning loss. The crypto market cap rose to a late high of $772.21 billion before easing back.
Rising by $9.60 billion to $769.62 billion on Saturday, the crypto market cap is down by $35.4 billion for the week.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Saturday session for the crypto top ten.
From the CoinMarketCap top 100, it was a mixed session.
24-Hour Liquidations Slide as Binance Liquidity Fears Ease
Over 24 hours, crypto liquidations tumbled as the crypto market steadied following two days of heavy losses.
At the time of writing, 24-hour liquidations stood at $32.57 million versus $226.03 million on Saturday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 16,669 versus 87,242 Saturday morning. Crypto liquidations increased over one hour while falling over four and 12 hours.
According to Coinglass, 12-hour liquidations slid from $137.56 million to $7.48 million, with four-hour liquidations down from $98.30 million to $3.86 million. However, one-hour liquidations rose from $2.77 million to $3.60 million.
The chart below shows market conditions throughout the session.