Crypto Market Daily Highlights – BNB and MATIC Buck the Top Ten Trend

Key Insights:

• It was a mixed Saturday session for the crypto top ten. BNB and MATIC bucked a bearish trend.
• Over the weekend, Huobi Global became the latest exchange to face the rumor mill to test investor resilience.
• The crypto market cap slipped by $1.09 billion to end the day at $783.96 billion.

It was a mixed session for the crypto top ten on Saturday, with BNB and MATIC bucking the top ten trend. BTC joined the broader market in the red. Notably, BTC failed to revisit $17,000 while avoiding sub-$16,500 for the seventh consecutive session.

Following the Friday breakout session, trading volumes retreated on Saturday, with investors moving to the sidelines following the US Jobs Report and ISM Non-Manufacturing PMI numbers.

While easing bets of a 50-basis point Fed interest rate hike is crypto market positive, the service sector contraction will be a concern. There will be uncertainty over whether the Fed can avoid a hard landing that would be bearish for riskier assets.

Regulatory risk and crypto winter contagion fears are lingering headwinds that continue pegging the broader market back from a return to $1,000 billion.

Huobi Global Announces Lay-Offs

Huobi Global became the latest exchange to face the crypto market rumor mill, testing investor appetite on Saturday.

James Hume, Global Head of Sales at Huobi, looked to dispel rumors of the exchange being in distress, saying,

“Most if not all the current rumors flying around are either totally false or inaccurate. Our internal communications platform Is not down and it’s business as usual apart from a few layoffs.”

News of the platform laying off 20% of its workforce fueled speculation of deeper problems.

On Friday, Justin Sun reportedly withdrew $100 million in stablecoins from Binance and deposited them in Huobi. The move would address any immediate liquidity concerns and restore confidence.

With the platform undergoing a restructuring, due to be complete in Q1 2023, the market will be monitoring outflow numbers closely. Any decision to freeze withdrawals would spook investors and hit the broader crypto market.

According to Coingecko, Huobi ranks second by trust score behind Coinbase Exchange (COIN). CryptoMarketCap ranks Huobi sixteenth by trading volume.

Crypto News Wires and the NASDAQ Mini to Guide Investors

Today, the crypto news wires will continue to draw interest, with Huobi as the focal point. However, in the final hour, the NASDAQ mini will influence as investors look out for the next set of US economic indicators that can affect the Fed interest rate path.

Crypto Market Sees Modest Pullback in Low Post-Jobs Report Trading

It was a bearish Saturday session. A mixed start to the day saw the crypto market cap rise to an early high of $788.61 billion before falling to a mid-day low of $780.51 billion. In the afternoon, the crypto market cap revisited to $784 billion before easing back.

The late pullback left the crypto market at $783.96 billion, marking a loss of $1.09 billion for the day.

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

It was a mixed Saturday session for the crypto top ten.

BNB and MATIC bucked the trend, with gains of 0.58% and 0.91%, respectively.

However, it was a bearish session for the rest. ADA (-0.36%), BTC (-0.06%), and ETH (-0.39%), DOGE (-0.55%), XRP (-0.21%) saw red.

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

Cronos (CRO), algorand (ALGO), and decentraland (MANA) were among the front-runners on Saturday.

MANA rallied by 6.83%, with ALGO and CRO seeing gains of 2.35% and 2.30%, respectively.

However, ethereum classic (ETC), near protocol (NEAR), and solana (SOL) were among the worst performers.

SOL fell by 2.96%, with NEAR and ETC seeing losses of 1.94% and 2.02%, respectively.

24-Hour Liquidations Sit at Below-Normal Levels

Over 24 hours, crypto liquidations fell well below normal levels as trading volumes tumbled over the weekend. At the time of writing, 24-hour liquidations stood at $10.92 million.

Liquidated traders over the last 24 hours were also at lower levels. At the time of writing, liquidated traders stood at 6,193. Crypto liquidations were lower over 12 and four hours while at higher levels over one hour.

According to Coinglass, 12-hour liquidations stood at $6.09 million, with four-hour liquidations at $3.91 million. However, one-hour liquidations stood at $2.23 million.

The chart below shows market conditions throughout the session.