Crypto Market Daily Highlights: BNB and DOGE Led a Mixed Top Ten

Key Insights:

• It was a mixed Saturday session for the crypto top ten. BNB and DOGE led the way.
• A quiet Saturday session left the broader crypto market range-bound as investors considered the events from the week.
• The crypto market cap rose by $2.60 billion to end the day at $1,070 billion.

It was a mixed session for the crypto top ten on Friday. BNB and DOGE led the way. Despite a bullish session, BTC fell short of the $25,000 handle for the first time in three sessions.

There were no crypto events to guide investors on Saturday. The quiet session left the crypto market relatively range bound. Easing regulatory risk jitters continued to drive demand, with increased US lawmaker scrutiny of SEC regulatory activity also providing support.

While regulatory risk jitters eased, regulatory uncertainty continued to test buyer appetite. A shift in the regulatory environment is more likely than not, leaving US investors and crypto market platforms in limbo.

This week, Coinbase CEO Brian Armstrong called for greater clarity on crypto regulations, saying,

“America is losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation. Crypto is open to everyone in the world, and others are leading. The EU, the UK, and now HK.”

The Coinbase CEO shared the news of HK legalizing crypto trading from June 1 for all its citizens.

However, Fed Fear lingered, with the latest round of US economic indicators supporting a more aggressive Fed interest rate trajectory to bring inflation to target. While Fed Fear remained a headwind, the US stats eased fears of a US economic recession, limiting the impact on investor sentiment.

The Day Ahead

Investors should continue monitoring the crypto news wires for events that could move the dial. Binance news will continue to draw interest, while there are unlikely to be FTX, Genesis, and Silvergate Bank updates to influence investor sentiment.

However, investors should consider SEC and US lawmaker chatter. The NASDAQ mini could also influence the final hour (UTC). It is a quieter week ahead on the US economic calendar, leaving sentiment toward Fed monetary policy and the US economic outlook to provide direction.

Crypto Market Consolidates the Friday Breakout Session

It was a mixed Saturday session. Through a range-bound morning, the total crypto market cap fell to a late morning low of $1,060 billion. However, finding support in the late morning, the crypto market cap rose to a late-afternoon high of $1,085 billion before easing back.

A late pullback left the crypto market cap at $1,070 billion, marking a $2.60 billion gain for the day.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed session for the crypto top ten.

BNB and DOGE rose by 1.09% and 1.14%, respectively, with ADA (+0.24%) and BTC (+0.21%) also finding support.

However, MATIC fell by 2.67%, with ETH (-0.15%) and XRP (-0.22%) also seeing red.

From the CoinMarketCap top 100, it was a mixed session.

Blur (BLUR) rallied by 20.86% to lead the way, with stacks (STX) and woo network (WOO) seeing gains of 16.13% and 8.90%, respectively.

However, OKB (OKB) slid by 8.64%, with dydX (DYDX) and singularityNet (AGIX) seeing losses of 4.60% and 4.07%, respectively.

24-Hour Liquidations Slide on Range-Bound Saturday Session

Over 24 hours, crypto liquidations fell to below-normal levels on Saturday. Long positions had a higher share of liquidations, accounting for 56.2% of total liquidations. At the time of writing, 24-hour liquidations stood at $36.25 million, down from $127.39 million on Saturday morning (UTC).

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 16,699 versus 35,566 on Saturday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $19.05 million, down from $94.63 million on Saturday morning, with four-hour liquidations falling from $38.96 million to $3.80 million. One-hour liquidations declined from $2.65 million to $0.344 million.

The chart below shows market conditions throughout the session.