Crypto Market Daily Highlights: Silvergate Bank Fall Out Weighed

Key Insights:

• It was a bearish Saturday session for the crypto top ten, with MATIC and DOGE leading the losses for a second session.
• Silvergate Bank jitters and intensifying regulatory and US lawmaker scrutiny continued weighing on investor sentiment.
• The crypto market cap fell by $5.21 billion, ending the day at $985.05 billion.

It was a bearish session for the crypto top ten on Saturday. DOGE and MATIC led the top ten into the red for a second consecutive day. BTC avoided sub-$22,000 despite the bearish Saturday while falling short of $23,000.

There were no external market forces to guide investors on Saturday. The lack of distraction from the global financial markets left investor sentiment toward the latest Silvergate Bank saga and increased lawmaker and regulatory scrutiny to leave dip buyers on the sidelines.

It was a busy Saturday session on the crypto news wires. Silvergate Bank shut down its crypto payment network after leading crypto exchanges severed ties with the once crypto-friendly bank.

Overnight on Friday, Silvergate Capital Corp (SI) reportedly stated it made a “risk-based decision to discontinue the Silvergate Exchange Network.

News of UK banks restricting crypto purchases by credit card added to the investor jitters as lawmakers pressure financial institutions to limit retail consumer access to the crypto market.

Easing Fed Fear failed to deliver support after a bullish Nasdaq Composite session on Friday. The NASDAQ Composite Index rallied by 1.97% on hopes of a slow and steady rise in US interest rates that would ease fears of a hard landing.

Following the crypto market decoupling from the NASDAQ this week, Fed commentary will likely dictate the influence of the NASDAQ on the crypto market in the week ahead. Hawkish Fed chatter would add to the market angst.

The Day Ahead

Binance, FTX, and Silvergate Bank updates will be investor focal points, with regulatory activity and US lawmaker chatter also needing consideration.

Amidst the heightened market scrutiny, crypto-friendly news from the ongoing SEC v Ripple case could shift the mood.

Crypto Market Falls Further on Silvergate Bank Jitters

It was a bearish but range-bound Saturday session. The total crypto market cap rose to an early high of $1,001 billion before falling to a low of $974.23 billion. However, finding late support, the crypto market cap ended the day at $985.05 billion, marking a $5.21 billion loss.

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

It was a bearish session for the crypto top ten.

DOGE and MATIC fell by 2.74% and 3.51%, respectively, to lead the way down, with ADA (-1.75%) and XRP (-1.01%) struggling.

However, BNB (-0.31%), BTC (-0.08%), and ETH (-0.18%) saw relatively modest losses.

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

Trust wallet token (TWT) and singularityNET (AGIX) led the way, with gains of 4.83% and 3.69%, respectively. NEO (NEO) also found support, rising by 3.00%.

However, stacks (STX) slid by 14.17%, with lido DAO (LDO) and dYdX (DYDX) seeing losses of 9.41% and 8.60%, respectively.

24-Hour Liquidations Tumble on Range-Bound but Bearish Saturday

Over 24 hours, crypto liquidations tumbled to below-normal levels. Long positions had a higher share of liquidations, accounting for 87.55% of total crypto liquidations. This morning, 24-hour liquidations stood at $48.97 million, down from $235.41 million on Saturday morning (UTC).

Liquidated traders over the last 24 hours were also lower. This morning, liquidated traders stood at 32,246 versus 76,153 on Saturday morning. Crypto liquidations were higher over 12 and four hours while lower over one hour.

According to Coinglass, 12-hour liquidations stood at $40.79 million, up from $19.83 million on Saturday morning, with four-hour liquidations rising from $7.29 million to $28.07 million. However, one-hour liquidations fell from $1.65 million to $0.482 million.

The chart below shows market conditions throughout the session.