Crypto Market Daily Highlights – BNB, DOGE, and ETH Lead the Top Ten
- It was a bullish Tuesday session for the crypto top ten. BNB, DOGE, and ETH led the top ten rebound.
- Binance news, FTX updates, and a NASDAQ Index rebound amidst easing liquidity crunch fears delivered support.
- The crypto market cap rose by $21.41 billion to end the day at $773.98 billion.
It was a bullish Tuesday session for the crypto top ten. BNB, DOGE, and XRP led the way. Notably, BTC revisited $17,000 for the first time in four sessions.
Recession fears took a backseat on Tuesday, with the crypto news wires delivering a bullish session. FTX, Binance, and Ethereum were among the news stories to influence investor sentiment.
Investors monitored the latest updates from the collapse of FTX. Updates on FTX cash holdings provided crypto market support, with more than $1 billion identified in various US institutions. There are also reportedly ongoing efforts to identify crypto holdings.
Reports of political donations heading back to FTX were also positive for FTX creditors and the crypto market.
However, news of Binance.US acquiring Voyager Digital was likely the catalyst to the breakout day. After a FUD Campaign that saw investors fret over a possible Binance liquidity crunch, Binance.US agreed to acquire Voyager Digital for $1.022 billion.
According to the press release,
“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”
Binance coin (BNB) responded favorably to the news.
The Binance news coincided with Visa (V) announcing plans to support Ethereum auto-payments.
From the US, there were no US economic indicators to spook investors on Tuesday. Early in the session, the Bank of Japan’s announcement to change its target range for 10-year yields to 50 basis points sank the Asian equity markets and the NASDAQ mini. Previously, the 10-year yield range stood at a 25-basis point band from its 0% target.
However, the NASDAQ Index ended the day with a 0.01% gain, with the S&P 500 rising by 0.10%. The rebound delivered crypto market support through the afternoon session.
Today, US consumer confidence figures will draw interest. Better-than-expected numbers should support the NASDAQ Index and the broader crypto market. However, investors will also need to monitor FOMC member chatter. Hawkish commentary would weigh on riskier assets.
Crypto Market Bounce Back on FTX Updates and Risk-On Sentiment
A mixed start to the day saw the crypto market cap fall to an early low of $750.29 billion. However, the downside was short-lived, with the crypto market cap surging to a mid-afternoon high of $781.02 billion before easing back.
Despite easing back from the mid-afternoon high, the crypto market cap ended the day at $773.98 billion, marking a gain of $21.41 billion for the session. Significantly, Tuesday’s session reversed Monday’s $16.06 billion loss.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Tuesday session for the crypto top ten.
BNB (+4.57%), DOGE (+4.90%), and ETH (+4.20%) led the way.
However, ADA (+2.37%), BTC (+2.90%), MATIC (+3.67%), and XRP (+2.84%) also found strong support.
From the CoinMarketCap top 100, it was a bullish session.
Trust wallet token (TWT) led the way, rallying by 10.81%, with flow (FLOW) and axie infinity (AXS) seeing gains of 6.53% and 6.18%, respectively.
UNUS SED LEO (LEO), and casper (CSPR) bucked the top 100 trend, falling by 1.64% and 2.95%, respectively.
24-Hour Liquidations Climb on Bearish Session
Over 24 hours, crypto liquidations fell back on a bullish Tuesday session that saw volume climb higher on improving investor sentiment.
At the time of writing, 24-hour liquidations stood at $40.76 million versus $68.92 million on Tuesday morning.
Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 10,661 versus 33,322 on Tuesday morning. Crypto liquidations decreased over four and 12 hours and over one hour.
According to Coinglass, 12-hour liquidations fell from $60.23 million to $16.77 million, with four-hour liquidations down from $35.82 million to $1.09 million. One-hour liquidations declined from $0.635 million to $0.399 million.
The chart below shows market conditions throughout the session.