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Crypto Market Daily Highlights – June 19 – DOGE and ETH Led the Charge
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It was a bullish end to a bearish week for the crypto market. Ethereum recovered to $1,100, with bitcoin bouncing back to $20,000 to ease selling pressure.
Key Insights:
- Bitcoin (BTC) and the broader crypto market found much-needed support on Sunday, with Ethereum (ETH) and Dogecoin (DOGE) leading the charge.
- A lack of news left weekend traders to buy on the dip, with the market bouncing back from current-year lows.
- The total market cap rose by $63 billion to log a third daily rise.
It was a bullish session for the crypto market on Sunday. Bitcoin (BTC) bounced back from Saturday’s low of $17,601 to wrap up the day at $20,553.
A lack of external market forces, including Fed chatter and the NASDAQ 100, delivered investors a buying opportunity.
Despite Sunday’s breakout, headwinds remain, with the threat of a recession and the Fed’s rate path trajectory two factors for investors to consider.
Going into the Monday session, investors will be eyeing the NASDAQ 100 Mini (futures) to get a sense of market risk sentiment following last week’s sell-off. While bitcoin decoupled from the NASDAQ 100, trends were aligned, with both seeing heavy losses.
This morning, the NASDAQ 100 Mini was up 115 points, while the US markets are closed today.
Crypto Market Cap Jumps $63bn to End the Week at $881bn.
Recovering from Saturday’s current-year low of $762.8 billion, the total crypto market cap jumped by $62.6bn to end the week at $881.4 billion. Despite the upside, $173 billion came off the table last week.
With the persistent headwinds for investors to consider, the fallout from the crypto winter continued to grab the crypto news headlines.
Following the collapse of TerraUSD (UST) and Terra LUNA, job cuts, the suspension of withdrawals, and the talk of bailouts plague the crypto market. Adding to the negative news has been regulatory chatter, with the threat of a marked shift in the regulatory landscape delivering market uncertainty.
Looking at the top ten, DOGE and ETH led the rebound, with gains of 14.39% and 13.38%, respectively.
BNB (+9.20%), BTC (+8.44%), ADA (+6.61%), SOL (+6.86%), and XRP (+5.96%) also found strong support.
From the CoinMarketCap top 100, STEPN (GMT) led the broader market rebound, surging by 24.75%.
On the stablecoin front, USDD movements were market negative, with a pullback to a new low of $0.9256 before a partial recovery to $0.95.
The USDD pullback pegged TRON (TRX) back from a breakout session, with TRX ending the day with a modest 0.67% gain.
TRON DAO Reserve figures eased concerns of a USDD collapse to support Sunday’s broad-based crypto rally.
At the time of writing, the collateral ratio stood at 324.52%.
Total Crypto Liquidations Eased Back Following Fed Policy Decision
Total crypto liquidations fell back on Sunday, reflecting Sunday’s bullish session.
Down from a Sunday morning $567 million, total liquidations over 24 hours eased back to $315 million this morning. Earlier in the week, liquidations had peaked at $1 billion.
Four-hour and one-hour liquidations reflected a further pickup in investor appetite for cryptos.
According to Coinglass, one-hour liquidations stood at $3.05 million, with four-hour liquidations at $46.24 million.
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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