It was a bullish start to 2023 for the crypto market. A lack of news may limit movement today. However, the NASDAQ mini will influence the final hour.
It was a mixed Sunday session for the crypto top ten. XRP and BNB bucked the trend while ADA led the way. BTC was back in the green, while the $17,000 handle remained elusive for the twelfth consecutive session.
No crypto events or external market forces guided investors with direction at the start of 2023. The lack of news allowed dip buyers to provide support following the Saturday pullback.
With the global financial market close today, there are unlikely to be any external market forces or crypto events to provide direction. Manufacturing PMI numbers from euro area member states and for the Eurozone should have a muted impact on investor sentiment later today.
However, in the final hour (UTC), the NASDAQ mini will likely influence.
It was a bullish Sunday session. A bearish start to the year saw the crypto market cap fall to a mid-morning low of $752.47 billion before finding support. Bullish through the afternoon session, the crypto market cap rose to a late high of $761.70 billion before easing back.
Despite the late pullback, the crypto market cap rose by $3.03 billion (0.40%) to $759.18 billion for the day.
However, BNB and XRP bucked the trend, falling by 0.73% and 0.01%, respectively.
From the CoinMarketCap top 100, it was a mixed session.
Lido DAO (LDO) led the way, rallying by 13.21%, with frax shares (FXS) and toncoin (TON) seeing gains of 6.53% and 4.91%, respectively.
However, UNUS SED LEO (LEO) fell by 2.62%, with klaytn (KLAY) and huobi token (HT) seeing losses of 1.32% and 1.22%, respectively.
Over 24 hours, crypto liquidations remained below-normal levels as trading volumes fell over the holidays.
At the time of writing, 24-hour liquidations stood at $10.88 million.
Liquidated traders over the last 24 hours were also sitting at below-normal levels. At the time of writing, liquidated traders stood at 5,811. Crypto liquidations were higher over 12 and four hours while continuing to hover at below $1 million over one hour.
According to Coinglass, 12-hour liquidations stood at $7.56 million, with four-hour liquidations at $3.13 million. One-hour liquidations stood at $0.568 million.
The chart below shows market conditions throughout the session.
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.