It was a mixed Sunday session for the top ten cryptos, with MATIC leading a choppy session. A quiet Sunday left buyers dipping to tentatively return from the sidelines, while persistent headwinds left the market at a loss for the week. Crypto market capitalization increased by $4.00 billion, ending the day at $989.08 billion.
It was a mixed session for the top ten cryptos on Sunday. MATIC led the top ten while XRP, BNB, and ETH struggled. Despite the bullish session, BTC failed to reach $23,000 for the second day in a row.
There were no crypto events to distract investors on Sunday. The lack of events caused the dip buyers to come back from the sidelines. However, investor jitters about Silvergate Bank and sentiment towards intensifying scrutiny from lawmakers and regulators left the market range bound and modest gains.
While easing fear of the Fed removed a hurdle investors needed to address, investors face regulatory uncertainty and increased scrutiny from lawmakers. The FTX collapse has given the anti-crypto side of the aisle better footing, with the G20 looking to implement regulatory reforms to combat crypto malpractice and mitigate the risks cryptocurrencies pose to financial stability.
Amid increased scrutiny, investors will quietly wait for Ripple to make good progress in the ongoing SEC v Ripple case. A Ripple victory could ease the pressure on the crypto market, particularly if the Hinman Documents become a matter of public record.
Crypto Market Finds Modest Support for Dip Buyers
It was a bullish but range-bound Sunday session. In a choppy start to the day, the total crypto market capitalization fell to an early low of $978.69 billion before rising to a late high of $1.004 billion. However, a bearish end to the session saw the crypto market capitalization fall $4.00 billion, ending the week at $989.08 billion.
Despite the bullish end to the week, the crypto market cap ended the week down $45.68 billion. Friday’s $41.41 billion withdrawal did the damage.
24-Hour Sells Lower on Range-Bound but Bullish Sunday
Over 24 hours, cryptocurrency selloffs fell further below normal levels. Short positions had a higher proportion of liquidations, representing 54.75% of total cryptocurrency liquidations. This morning, 24-hour liquidations stood at $29.74 million, down from $48.97 million on Sunday morning (UTC).
Traders liquidated in the last 24 hours were also lower. This morning, traders settled stood at 13,019 compared to 32,246 on Sunday morning. Crypto liquidations were lowest for 12 and four hours, while highest for one hour.
According to Coinglass, 12-hour liquidations stood at $9.31 million, up from $40.79 million on Sunday morning, and four-hour liquidations fell from $28.07 million to $5.51 million. However, one-hour settlements increased from $0.482 million to $2.29 million.
In short, it was a mixed session for the top ten cryptos. BTC (+0.38), DOGE (+0.13%), and MATIC (+0.61%) avoided the red with modest gains, with ADA ending the day unchanged. However, a bearish finish to the session on Sunday left XRP down 1.79%, with BNB (-0.28%) and ETH (-0.12%) also in the red.
By Audy Castaneda
