Crypto Market Daily Highlights – BNB Bucked the Top Ten Trend

Key Insights:

• It was a mixed Saturday session for the crypto top ten, with binance coin (BNB) bucking the top ten trend.
• It was another eventless session, with the market in a holding pattern amidst lingering contagion risk and likely shift in the regulatory landscape.
• The crypto market cap rose by $1.11 billion to end the day at $791.3 billion.

It was a mixed session for the crypto top ten. Binance coin (BNB) saw red to buck the top trend, while dogecoin (DOGE) ended the day flat. Notably, BTC fell short of $17,000 for the third consecutive day.

Contagion risk stemming from the collapse of FTX continued to leave the crypto market in a tight range on Saturday.

Expectations are for other crypto names to join the list of platforms to freeze withdrawals and face the risk of bankruptcy. Despite the negative sentiment, the hope of the recently launched Binance recovery fund cushioning the blow has provided support.

Regulatory activity will likely pick up at the turn of the year. Uncertainty over the likely regulatory environment will remain a bugbear over the near term. While market leaders acknowledge the need for greater regulatory oversight, draconian-style measures could adversely impact investor sentiment and growth.

With investors having little to go by, the NASDAQ mini could provide direction in the final hour of today’s session (UTC). After briefly decoupling because of the FTX collapse, there were signs of normalization late last week.

Crypto Market Rises for a Second Consecutive Session albeit Modestly

It was a bullish Saturday session. The crypto market fell to an early morning low of $780.9 billion before rising to a late high of $799.2 billion.

However, a late pullback left the crypto market relatively flat for the session.

The crypto market cap rose by a modest $1.11 billion to end the day at $791.3 billion.

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

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

MATIC and ADA led the way, rising by 0.64% and 0.61%, respectively.

BTC (+0.06%), ETH (+0.43%), and XRP (+0.38%) also saw modest gains.

However, BNB bucked the top ten trend, falling by 0.55%, with DOGE ending the day flat.

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

Apecoin (APE) and GMX (GMX) were among the front runners, rising by 5.36% and 5.93%, respectively. Tron (TRX) rose by 2.63%.

However, Chiliz (CHZ) led the way down, sliding by 9.25%, with trust wallet token (TWT) and chain (XCN) seeing losses of 6.00% and 8.11%, respectively.

24-Hour Liquidations Inch Lower on Further Decline in Trading Volumes

Over 24 hours, total liquidations fell further below-usual levels as trading volumes continued to trend lower.

At the time of writing, 24-hour liquidations stood at $28.75 million, down from $33.67 million on Saturday morning.

However, liquidated traders over the last 24 hours inched higher. At the time of writing, liquidated traders stood at 16,225 versus 14,614 on Saturday morning. Liquidations were up over four and twelve hours and over one hour.

According to Coinglass, 12-hour liquidations rose from $16.84 million to $19.00 million, with four-hour liquidations up $2.69 million to $7.98 million. One-hour liquidations rose from $0.370 million to $1.11 million.

The chart below shows market conditions throughout the session.