Crypto Market Daily Highlights – June 4 – Weekend Support Kicked In

Key Insights:

• It was a bullish Saturday for bitcoin (BTC) and the broader market though the gains were modest.
• The market had started the day in a bearish fashion before finding afternoon support to wrap up the day in positive territory.
• Concerns over Fed monetary policy, following Friday’s US nonfarm payrolls, pegged the majors back from a full recovery of Friday’s losses.

It was a relatively bullish Saturday session for the crypto market, with the top ten partially recovering Friday’s heavy losses.

The news wires tested support early in the session, with anti-crypto chatter testing investor sentiment.

Over the weekend, the FTC reported on crypto cybercrime numbers that could give regulators greater incentive to clamp down on the crypto market to protect investors.

Crypto winter chatter and talk of exchanges laying off employees or freezing headcounts added to the negative mood.

For bitcoin (BTC), it was the sixth gain from eight sessions, though resistance at $30,000 left bitcoin at sub-$30,000.

Crypto Market Cap Visits Sub-$1,200 Billion Again

On Saturday, the total crypto market cap slipped to a day low of $1,190 billion before the afternoon recovery.

The fall back to sub-$1,200 billion for a second consecutive day suggests continued volatility.

For the crypto bulls, steering well clear of the May 12 current year low of $1,082 billion will be the key.

Looking at the crypto top ten, Dogecoin (DOGE) and Solana (SOL) led the way with gains of 2.06% and 1.99%, respectively.

ADA (+1.07%), BNB (+0.97% ), BTC (+0.56%), ETH (+1.70%), and XRP (+0.66%) also found support.

From the top 100, The Graph (GRT) and Helium (HNT) led the pack, rallying by 11.6% and by 12.6%, respectively.

Both benefitted from a shift in sentiment on the day and are set for a week of solid gains. GRT is currently up 16.2% for the week, with HNT up an impressive 28.7%.

Total Crypto Liquidations Point to Calmer Market Conditions

Having spiked at $500 million levels in the week, 24-hour total liquidations stood at just $55.82 million, according to Coinglass.

Over 1-year, total liquidations reflected a further easing in selling pressure, with liquidations standing at $0.961 million.

A pickup in total liquidations through the early part of the day could test investor sentiment, however.

News Highlights from the Day,

• The US Federal Trade Commission (FTC) reported consumers losing more than $1 billion in crypto scams since 2021.
• New York Proof-of-Work mining bill, Assembly Bill A7389C, is on the way to New York Governor Kathy Hochul for consideration.
• Fed Governor Christopher J. Waller talked crypto risk at the SNB-CIF Conference on Crypto Assets and Financial Innovation.
• South Korean regulators continue to target the crypto industry after the collapse of TerraUSD (UST) and Terra LUNA.
• LUNA 2.0 failed to reignite after the launch day slump to $4.14. At the time of writing, LUNA 2.0 stood at $6.37.