Crypto Market Daily Highlights – BTC Extends Losing Streak to Seven

Bob Mason
Published: Jul 3, 2022, 00:37 GMT+00:00

Several cryptos saw their six-day losing streaks come to an end. Broader-based gains were modest, however, with headwinds pegging back the majors.

cryptos have a bullish session

In this article:

Key Insights:

  • It was a mixed Saturday session for the crypto to ten, with bitcoin (BTC) bucking the top ten trend.
  • News of 3AC filing for bankruptcy, Voyager Digital suspending withdrawals, and rumors pegged back the majors, however.
  • However, the total crypto market cap rose for the first time in seven sessions. A $2.28 billion increase took the market cap to $848.5 billion.

It was a mixed Saturday for the crypto market. Bitcoin (BTC) extended its losing streak to seven sessions with a modest 0.12% loss. Cardano (ADA), Ethereum (ETH), and Solana (SOL) rose for the first time in seven sessions.

The broader-based gains came despite the crypto market getting hit with news of Three Arrows Capital (3AC) filing for bankruptcy and Voyager digital suspending withdrawals.

Relative to the losses at the turn of the quarter, however, the gains were modest, with downside risks firmly in place.

Market headwinds include fears of a recession, sentiment towards monetary policy, and the evolving regulatory landscape, though the regulatory environment could improve for some jurisdictions.

In the US, the successful passage of the Lummis and Gillibrand bill could prove crypto-friendly, should lawmakers task the CFTC with regulating the digital asset space.

The Total Crypto Market Cap Sees End of Six Day Losing Streak

A bearish start to the day raised the prospect of a seventh consecutive session in the red before an afternoon recovery.

The total crypto market cap fell to a low of $832.5 billion before rising to a high of $858.1 billion.

Total crypto market cap.
Total Market Cap 030722 Daily Chart

Following a modest $2.28 billion rise, the total crypto market cap was down $17 billion for July.

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

BTC slipped by 0.12% to buck the top ten trend.

However, it was a relatively bullish day for the rest. ADA rose by 1.56% to lead the way, with SOL ending the day up 1.55%.

BNB (+0.65%) DOGE (+0.23%), ETH (+0.76%), and XRP (+0.60%) also avoided the red.

From the CoinMarketCap top 100, NEM (XEM) led the way, surging by 25.7%. Other notables included Synthetix (SNX), Tezos (XTZ), and Flow (FLOW).

SNX rallied by 16.8%, with XTZ and FLOW seeing gains of 5.4% and 5.6%, respectively.

However, AMP (AMP) and STEPN (GMT) were at the other end of the table, falling by 3.39% and 2.31%, respectively.

Total Crypto Liquidations Slide as Cryptos Find Support

24-hour liquidations continued to reflect improving market conditions going into Sunday.

This morning, 24-hour liquidations stood at $58.2 million, down from $107 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 22,104 versus 36,758 on Saturday morning.

However, one-hour liquidation figures reflected a late crypto pullback.

According to Coinglass, one-hour liquidations had fallen to sub-$0.300 million before moving back through the $1 million mark. However, standing at $1.07 million, conditions improved from one-hour liquidations of $2.44 million on Saturday.

Crypto liquidations ease.
Total Crypto Liquidations 030722

Daily News Highlights

  • Voyager Capital (VOYG) suspended deposits and withdrawals, citing the 3AC default.
  • The Columbian government launched the National Land Registry on the XRP Ledger (XRPL).
  • KuCoin (KCS) CEO Johnny Lyu denied rumors of KuCoin planning to freeze withdrawals.

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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