Crypto Market Daily Highlights – DOGE Stands Out in a Bearish Session
- It was another mixed session for the crypto to ten, with Dogecoin (DOGE) in breakout mode while the Solana (SOL) fell for the second time in the week.
- With no crypto news to influence, caution hit the market ahead of the Monday open.
- The total crypto market cap slid by $24 billion to $921 billion, ending a three-day winning streak.
For a second consecutive day, no crypto news stories influenced crypto investor sentiment. The lack of news left investors cautious ahead of the equity market openings on Monday.
The Total Crypto Market Cap Slips Back Amidst Investor Caution
Following a modest $11.5 billion increase on Saturday, the total crypto market cap slid by $24 billion on Sunday.
A mixed market session saw the market cap hit a high of $961.6 billion before retreating through the afternoon.
While continuing to fall short of the $1,000 billion mark, the total crypto market cap increased by $40 billion in the week. The weekly increase reduced the June deficit to $373 billion.
Sunday’s caution could test investor appetite this week. Several key economic indicators from the US, together with central bank chatter, will draw attention.
Early in the week, updates from the G7 Summit will need monitoring, along with speeches from BoE Governor Bailey, ECB President Lagarde, and Fed Chair Powell.
US economic indicators, including consumer confidence (Tue), personal spending (Wed), and inflation (Wed), will also influence investor sentiment.
The economic indicators and central bank speeches could add to the market angst over the economic outlook and monetary policy.
Headwinds include a Fed committed to bringing inflation to target at any cost that has led to the threat of a recession. A slump in consumer confidence, a fall in personal spending, and a pickup in inflationary pressure would be a bad combination for riskier assets.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
On Sunday, DOGE led the way for a second session, rallying by 6.55% to buck the broader market trend.
It was a bearish end to the week for the rest of the crypto top ten.
BTC (-2.06%) and ADA (-1.61%) ended the day with relatively modest losses.
Total Crypto Liquidations Rise in a Late Sunday Crypto Pullback
On Sunday, total crypto liquidations inched up, with a bearish end to the Sunday session reflected in the one-hour number.
Going into the Monday session, total 24-hour liquidations stood at $144.5 million, with 61,184 traders liquidated. While up modestly from $130 million on Sunday morning, liquidations late on Sunday accelerated.
According to Coinglass, one-hour liquidations stood at $12.71 million. The total crypto market cap reflected the increase in selling pressure, falling by $17 billion over the same period.
Daily News Highlights
- US sporting franchise The National Hockey League (NHL) and NFT marketplace Sweet a announced partnership to drive NHL fan engagement.
- The total number of cryptos on CoinMarketCap broke through the 20,000 mark for the first time. At the time of writing, the total number of cryptos stood at 20,004.