Crypto Market Daily Highlights – June 7 – BTC, BNB, SOL, ADA, and XRP

Key Insights:

• A bitcoin (BTC) bounce back from a day low of $29,210 suggests a possible bottoming out, while the altcoins had a mixed session.
• Risk on sentiment delivered much-needed support, with hopes of a peak in US inflation providing the appetite for riskier assets.
• XRP and Cardano (ADA) found support, while Solana (SOL) and Binance Coin (BNB) struggled.

It was a mixed Tuesday session for the crypto market, with the news wires and network updates delivering mixed results.

After ending a nine-week losing streak, bitcoin (BTC) bounced back from a day low of $29,210 to end the day at $31,112.

Support came from the NASDAQ 100, which rose by 0.94%. Hopes of a peak in US inflation supported a recovery from early losses.

Bitcoin struck a late intraday high of $31,551 before easing back, correlation with the NASDAQ 100 evident in the US session.

Bitcoin movement through the early part of the week mirrored the direction from Monday and Tuesday of last week.

The crypto market bulls will be looking for bitcoin to stand its ground on Wednesday, however, and consolidate its return to $31,000.

Headwinds linger, which could limit any near-term crypto market breakout.

News of the SEC investigating Binance, increased lawmaker and regulatory scrutiny, and next week’s Fed monetary policy decision will likely continue to test investor appetite.

Crypto Market Cap Slides to sub-$1,800bn Before the Bounce Back

On Tuesday, the total crypto market cap slumped to a day low of $1,179 billion before an afternoon rebound.

The fall to sub-$1,200 billion was the fourth in five sessions. Despite the afternoon rebound, the total market cap slipped by $14 billion.

For those eyeing trends, a bottoming out is also evident, though a hold above the May 12 current-year low of $1,082 billion will remain the key.

On Tuesday, BTC fell by 0.77%, with a late pullback leaving bitcoin in the red.

SOL slid by 7.20%, with network vulnerabilities continuing to test support. On June 4, SOL slid to a current-year low of $35.72 in response to another network shutdown lasting more than four hours.

BNB saw red for a third consecutive day, falling by 1.66%. News of an SEC investigation into whether Binance Coin was sold as a security in 2017 continued to test support.

Across the rest of the top ten, DOGE (-2.57%) and ETH (-2.49%) also joined bitcoin in the red.

ADA and XRP bucked the trend, however, rising by 0.82% and 1.08%, respectively.

Total Crypto Liquidations Indicate Subdued Selling Pressure

Over 24 hours, total liquidations spiked, reflecting the Tuesday morning sell-off. According to Coinglass, 24-hour liquidations stood at $301.83 million, up from sub-$100 million levels seen over the weekend. While up from weekend levels, liquidations remained below the $500 million levels from last week.

1-hour liquidations suggested an easing in selling pressure.

At the time of writing, total liquidations over one hour stood at $5.21 million.

Crypto News Highlights from the Day,

• SEC investigates whether BNB was a security when sold in 2017.
• A court-scheduled SEC-Ripple conference is taking place to address the SEC’s claim that all of William Hinman’s speech-related documents fall under the attorney-client privilege.
• PayPal announced the option to send and receive crypto to other wallets.
• Cardano (ADA) continued to find support as the Vasil hard fork date nears.
• US Senators looked to hand crypto oversight to the CFTC.