It was a mixed Saturday session for the top ten crypto, with BNB and DOGE challenging a downtrend. The G20 updates weighed heavily, with the core PCE price index figures, as well as Friday’s hawkish talk from the Fed, resonating. The crypto market capitalization fell $4.16 billion, ending the day at $1.016 billion.
It was a mixed session for the top ten crypto on Saturday. MATIC led the way lower for the second session in a row, while BNB and DOGE bucked the downtrend. The downtrend saw BTC revisit below $23,000 for the second time in ten sessions.
Fed Fear continued to dominate the crypto market on Saturday. US economic indicators on Friday and hawkish Fed views prompted bets for a more aggressive Fed rate path to tame inflation.
The core PCE price index rose 4.7% in January from an upwardly revised 4.6% in December. In early February, Fed Chairman Powell spoke about the first signs of disinflation. Friday’s figures suggest otherwise and put rate hikes of 50 basis points back on the table.
Crypto Market Extends Loss Streak to Five Sessions
It was a bearish Saturday session. A mixed start to the day saw the crypto market capitalization rise to an early morning high of $1.025 billion before pulling back. The reversal caused the crypto market capitalization to slide to a late low of $996.09 billion.
However, finding late support, the crypto market capitalization ended the day at $1.016 billion, marking a modest loss of $4.16 billion (-0.41%) on Saturday.
MATIC led the way down, falling 1.30%, with ADA (-1.09%) also struggling.
ETH (-0.81%), BTC (-0.09%), and XRP (-0.13%) posted relatively modest losses.
However, BNB avoided the red, rising 0.07%, with DOGE ending the day unchanged.
dYdX (DYDX) gained 6.68% to lead the way, with stacks (STX) and ssv.network (SSV) rising 4.54% and 5.74%, respectively.
However, Optimism (OP) fell 10.05%, with singularityNET (AGIX) and synthetix (SNX) posting losses of 9.21% and 6.51%, respectively.
24-Hour Sale Slips for a Fifth Day in the Red
Within 24 hours, cryptocurrency selloffs returned to below normal levels. Long positions had a higher proportion of liquidations, accounting for 83.49% of total crypto liquidations. This morning, 24-hour liquidations stood at $71.45 million, down from $164.11 million on Saturday morning (UTC).
Traders liquidated in the last 24 hours were also lower. This morning, traders settled stood at 38,441, as compared to 59,928 on Saturday morning. Crypto settlements were the lowest for 12 hours, while the highest were for four hours and one hour, respectively.
According to Coinglass, 12-hour liquidations stood at $59.58 million, up from $146.90 million on Saturday morning. However, four-hour sales increased from $20.42 million to $33.45 million, and one-hour sales increased from $1.36 million to $2.98 million.
With no US economic indicators to consider, investors should monitor crypto newswires for regulatory activity and chatter from US lawmakers. Binance and FTX updates should be noted alongside case news on SEC vs. Ripple course.
Additionally, other G20 updates would generate interest, and the anti-crypto theme is likely to weigh on investor sentiment, as regulators ramp up activity within the digital asset space.
By Audy Castaneda
