It was a bullish start to the week for the crypto market, with bitcoin revisiting $32,000 levels and ETH testing resistance at $2,000 before easing back.
On Monday, it was another bullish session for the crypto market, with the broader market making gains for a third consecutive day.
Once more, there were no cues from the crypto news wires to shift investor sentiment, with sidelined investors re-entering off the back of the bullish weekend.
A record ninth consecutive weekly loss for bitcoin (BTC) and avoiding a return to the May 12 current year low of $25,836 was the key.
After returning to $1,200 billion Sunday, $100 billion of inflows took the total market cap to a day high of $1,315 billion before easing back.
24-hour crypto liquidation numbers through the weekend and Monday morning reflected a shift in investor sentiment.
According to Coinglass, total liquidations fell back to sub-$100 million levels after hitting $500 million last week.
At the time of writing, however, total liquidations stood at $349.68 million.
From the crypto top ten, ADA surged by 18.26% on Monday to lead the way
BNB (+5.24% ), DOGE (+6.41%), ETH (+10.34%), SOL (+4.99%), and XRP (+7.62%) also saw solid gains.
A BTC return to $32,000 levels for the first time since May 11 delivered much-needed support. Bitcoin’s Monday rally also reversed the last two weeks of losses.
Bitcoin recoupled with the NASDAQ 100 on Monday. While the US markets were closed for Memorial Day, the NASDAQ 100 mini reflected a continued pickup in risk appetite.
Investors were able to brush aside regulatory uncertainty stemming from the collapse of TerraUSD (UST) and Terra LUNA Classic. This was despite news hitting the wires of the summons for all Terra Labs staff as investigations continue.
At the time of writing, the NASDAQ 100 mini was up 83.5 points, while bitcoin was down 0.57% to $31,535.
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.