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Crypto Market Daily Highlights – BNB Leads the Sunday Rebound
By:
It is a bullish end to a bearish week for the crypto market. The week ahead will be another test, however, with stats and the Fed in focus.
In this article:
Key Insights:
- It is a bullish end to a bearish week for the crypto top ten, with Binance Coin (BNB) leading the recovery.
- There were no cues from the crypto news wires to shift investor sentiment, leaving dip buyers to provide further support.
- The bullish Sunday session saw the crypto market cap up $23.5 billion to $1,006 billion with one hour of the session remaining.
It is a bullish Sunday session for the crypto top ten. Bitcoin (BTC) avoided sub-$21,000 while also falling short of $22,000. However, Binance Coin (BNB) and Solano (SOL) lead the way with an hour remaining (UTC).
After a choppy Saturday session, dip buyers jumped back in to support a bullish afternoon session. There were no crypto news stories to provide direction or deliver a shift in investor sentiment toward Fed monetary policy.
This week, crypto investors need to navigate a busy US economic calendar. US economic indicators include service PMI (Tue), core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri). At the end of the week, the Jackson Hole Symposium will also be a test for the crypto market.
Going into the Monday session, the NASDAQ 100 Mini is down 60.75 points, with crypto correlation with the NASDAQ unlikely to weaken.
The Total Crypto Market Cap Falls for the First Time in Seven Weeks.
On Sunday, the total crypto market cap fell to a low of $977.58 billion before rising to a high of $1,018 billion. However, a late pullback saw the crypto market cap fall to $992.4 billion before bouncing back.
The Sunday rise leaves the crypto market cap down $69 billion for the week.
ADA (+2.88%), BTC (+1.95%), ETH (+2.68%), and XRP (+2.54%) are also on the rise while DOGE (+0.28%) trailed.
From the CoinMarketCap top 100, it is a bearish session.
Lido DAO (LDO), EOS (EOS), and Nexo (NEXO) lead the way. LDO is up 18.16%, with EOS and NEXO up 11.37% and 7.03%, respectively.
However, Celsius (CEL) and XDC Network (XDC) lead the way down, with losses of 10.61% and 3.96%, respectively.
Total Crypto Liquidations Slide on Bullish End to the Crypto Week
Over the last 24 hours, total liquidations fell below normal levels, with dip buyers delivering a bullish crypto session.
At the time of writing, 24-hour liquidations stood at $97 million, down from $147 million on Sunday morning.
Liquidated traders also fell back over the last 24 hours. At the time of writing, liquidated traders stood at 31,317 versus 54,629 on Sunday morning. While liquidations over 12 hours declined, 4-hour and one-hour liquidations reflected a choppy end to the week.
According to Coinglass, 12-hour liquidations stood at $54.16 million, down from $122.80 million on Sunday morning. 4-hour liquidations rose from $8.36 million $31.60 million, with one-hour liquidations up from $1.08 million to $14.08 million. The chart below shows market conditions over the last 4 hours.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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