It was a mixed session on Thursday, with bitcoin on the back foot with the broader market. SOL and GMT were among the front runners, however.
It was yet another mixed Thursday session for the crypto market. Market reaction to network news updates provided modest support.
Bitcoin (BTC) saw red for a third consecutive day and revisited sub-$30,000 for the ninth day in a row.
A 2.75% slide in the NASDAQ contributed to the bearish sentiment, though the correlation weakened through the US session. Bitcoin managed to avert a late dive in the US session.
Late in the Thursday session, the inverse correlation between bitcoin and WTI crude oil remained evident, however.
Modest losses across the crypto majors ensured that the total crypto market cap avoided sub-$2,000 billion for a second consecutive day.
After falling to a day low of $1,202 billion on Wednesday, the total market cap declined to a day low of $1,205 billion before returning to $1,210 billion levels.
For the broader market, avoiding another heavy sell-off is essential. Steering clear of sub-$2,000 billion levels will be the key. However, headwinds remain that could force another sell-off and revisit the May 12 low of $1,082 billion.
These include US inflation and Fed monetary policy, market sentiment towards the economy, and crypto regulatory news updates. Later today, US inflation figures for May will draw plenty of attention ahead of the Fed monetary policy decision and forward guidance on Wednesday.
Progress of the Lummis and Gillibrand bill on Capitol Hill would ease some of the regulatory uncertainty that plagues the market.
On Thursday, Chainlink (LINK) rallied by 6.40%, with STEPN (GMT) and Solana (SOL) rising by 2.47% and by 2.93%, respectively.
Chainlink network news and the announcement of LINK staking continued to provide LINK support.
From the top 100, Polkadot (DOT), Polygon (MATIC), UNUS SED LEO (LEO), FTX Token (FTT), Uniswap (UNI), VeChain (VET), Tezos (XTZ), Theta Network (THETA), Helium (HNT) and OMG Network (OMG) also found support.
However, for most of the crypto top ten, Thursday was a bearish session.
ADA saw a five-day winning streak come to an end, with a 1.40% decline.
BTC (-0.38%), with ETH (-0.18%), and XRP (-0.10%) also seeing red.
BNB (+0.45%) and DOGE (+0.07%) ended the day relatively flat.
Over 24 hours, total liquidations continued to fall back from levels seen earlier in the week.
According to Coinglass, 24-hour liquidations stood at $103.5 million, down from $158.58 million on Wednesday. Earlier in the week, 24-hour liquidations had stood at $300 million levels.
1-hour liquidations suggested stable market conditions
At the time of writing, total liquidations over one hour stood at $2.93 million.
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.