Crypto Market Daily Highlights: DOGE and XRP Led the Top Ten South

Key Insights:

• It was a bearish Sunday session for the crypto top ten, with XRP and DOGE struggling.
• Fed Fear and US regulatory uncertainty likely led to a late afternoon pullback to leave the crypto market in the red for the session.
• The crypto market cap fell by $6.40 billion to end the day at $1,064 billion.

It was a bearish session for the crypto top ten on Sunday. XRP and DOGE led the way down. Despite a bearish session, BTC revisited the $25,000 handle for the third time in four sessions.

Increased scrutiny of the digital asset space likely contributed to the bearish session as investors prepare for a new week. Last week, Binance joined a growing list of platforms to fall under the watchful eye of regulators.

The Wall Street Journal reported that Binance needs to pay penalties following a Department of Justice and CFTC probe into the platform’s operations. After the SEC had targeted Kraken and Paxos, the increased regulatory scrutiny could come from all three, placing more pressure on the crypto market.

While regulatory risk had subsided during the week in response to US lawmaker commentary on Capitol Hill and questioning of the SEC’s regulatory moves, uncertainty remains over the regulatory landscape. Following the collapse of FTX, investors expect a shift in the regulatory landscape, which could adversely impact the US crypto market.

Fed Fear also remains a crypto market headwind. Following the latest round of US stats and Fed chatter, the markets are betting on a more aggressive interest rate trajectory to bring inflation to target. Investors are also betting on a possible interest rate peak of 5.5%.

The Day Ahead

Investors should continue monitoring the crypto news wires for events that could move the dial. Binance news will continue to draw interest, with FTX, Genesis, and Silvergate Bank updates to also influence.

However, there are no US economic indicators to guide investors today, with the US commemorating George Washington’s birthday.

Crypto Market Sees Late Reversal but Ends the Week in the Green

It was a mixed Sunday session. After a range-bound morning, the total crypto market cap surged to a late afternoon high of $1,099 billion before hitting reverse. The reversal saw the crypto market cap slide to a late low of $1,054 billion. However, finding late support, the crypto market wrapped up the day at $1,064 billion, marking a $6.40 billion loss on Sunday.

Despite the bearish end to the week, the crypto market cap rose by $95.96 billion over the week.

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

It is a bearish session for the crypto top ten.

DOGE and XRP led the way down, falling by 1.92% and 2.12%, respectively.

ADA (-1.48%), BNB (-1.61%), and BTC (-1.42%) also struggled, while MATIC (-0.39%) and ETH (-0.69%) saw modest losses.

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

Stacks (STX) and conflux (CFX) surged by 62.63% and 44.85%, respectively, to lead the way, with filecoin (FIL) rising by 12.57%.

However, lido DAO (LDO) slid by 9.49%, with render token (RNDR) and optimism (OP) seeing losses of 6.89% and 7.12%, respectively.

24-Hour Liquidations Inch Higher on an Afternoon Pullback

Over 24 hours, crypto liquidations remained below-normal levels on Sunday. Long positions had a higher share of liquidations, accounting for 53.31% of total liquidations. At the time of writing, 24-hour liquidations stood at $88.95 million, up from $36.25 million on Sunday morning (UTC).

Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 37,017 versus 16,699 on Sunday morning. Crypto liquidations were higher over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $67.17 million, up from $19.05 million on Sunday morning, with four-hour liquidations rising from $3.80 million to $16.18 million. One-hour liquidations increased from $0.344 million to $2.42 million.

The chart below shows market conditions throughout the session.