Crypto Market Daily Highlights: DOGE and SOL Lead Top Ten South

Bob Mason
Published: Feb 6, 2023, 00:40 UTC

It was another bearish session for the crypto market on Sunday. Fed fear and increased regulatory scrutiny are near-term headwinds to test buyers.

Crypto news - FX Empire.

In this article:

Key Insights:

  • It was a bearish Sunday session for the crypto top ten, with DOGE and SOL leading the way down.
  • There were no external market forces to influence, leaving Fed Fear to test buyer appetite.
  • The crypto market cap fell by $19.88 billion to end the day at $1,016 billion.

It was a bearish session for the crypto top ten on Sunday. DOGE and SOL led the way down. BTC ended the day at sub-$23,000 for the first time in five sessions.

There were no crypto events to send BTC and the broader crypto market into the red for a second consecutive session. The lack of FTX, Genesis, and Silvergate Bank updates left Friday’s US Jobs Report and ISM Non-Manufacturing PMI survey resonating.

The latest economic indicators from the US suggest that the US will avoid a recession. However, a fall in the unemployment rate to 3.4% gives the Fed room to deliver a hawkish Fed interest rate hike in March. FOMC member chatter and the January CPI Report will now be the focal point for investors.

Today, there are no US economic indicators for investors to consider. The lack of stats will leave FMOC member chatter and the NASDAQ Composite Index to influence. However, investors need to monitor the crypto news wires for FTX, Genesis, and Silvergate Bank updates. Regulatory chatter will also provide direction.

Following the NASDAQ loss on Friday, the NASDAQ mini influenced the final hour (UTC). The NASDAQ mini was down 35.25 points this morning.

NASDAQ correlation.
Total Market Cap – NASDAQ – 060223 Hourly Chart

Crypto Market Avoids Sub-$1 billion Again

It was a mixed Sunday session. A bullish start to the day saw the crypto market cap rise to a late-morning high of $1,044 billion before hitting reverse. The reversal saw the crypto market cap slide to a late low of $1,004 billion before a partial recovery to end the day at $1,016 billion.

The crypto market cap fell by $19.88 billion to end the day at $1,016 billion.

Crypto market cap falls for a second session.
Total Market Cap 060223 Daily Chart

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

It was a bearish session for the crypto top ten.

DOGE slid by 4.07% to lead the way down, with SOL (-3.57%) and XRP (-3.01%) also struggling.

However, ADA (-1.75%), BNB (-0.82%), BTC (-1.64%), and ETH (-2.25%) saw relatively modest losses.

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

SingularityNet (AGIX) led the way, surging by 42.05%, with the graph (GRT) and OKB (OKB) seeing gains of 16.64% and 9.16%, respectively.

However, fantom (FTM) and lido DAO (LDO) fell by 7.61% and 7.34%, respectively, with aptos (APT) ending the day with a 6.37% loss.

24-Hour Liquidations Rise as Sentiment Turns Bearish

Over 24 hours, crypto liquidations increased because of a bearish Sunday session. Long positions had a higher share of liquidations, accounting for 84.1% of total liquidations. At the time of writing, 24-hour liquidations stood at $94.47 million versus $43.93 million on Sunday morning.

Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 43,931 versus 19,621 on Sunday morning. Crypto liquidations were higher over 12 hours while lower over four hours and one hour.

Crypto liquidations rise on long liquidations.
Total Crypto Liquidations 060223

According to Coinglass, 12-hour liquidations stood at $82.76 million, up from $43.93 million on Sunday. However, four-hour liquidations fell from $29.70 million to $8.17 million, with one-hour liquidations down from $7.61 million to $0.616 million.

The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 060223 Hourly Chart

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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