Crypto Market Daily Highlights: BNB Bucked a Bearish Top Ten Trend

Key Insights:

• It was a mixed Sunday session for the crypto top ten, with BNB bucking a bearish trend.
• There were no crypto events to distract investors, with Fed Fear and regulatory risk the key drivers.
• The crypto market cap fell by $6.19 billion to end the day at $968.03 billion.

It was a mixed session for the crypto top ten on Sunday. BNB bucked a bearish top-ten trend. BTC ended the day at sub-$22,000 levels for the fourth consecutive session.

Following the brief relief on Saturday, investor focus likely returned to the latest SEC moves against the digital asset space. Following the news of Kraken settling with the SEC and ceasing US staking services, investors will monitor the news wires for who’s next on the SEC hit list.

There is plenty of uncertainty, with the SEC yet to articulate whether the focus is on centralized exchanges or plans to ban US staking outright, which would also impact decentralized platforms. Such an outcome could materially affect Proof-of-Stake protocols that now include Ethereum.

Interestingly, the US government has been anti-Proof-of-Work and Bitcoin for some time, yet the SEC move against staking targets the more environmentally friendly Proof-of-Stake protocol. A blanket ban on staking could reignite BTC interest at the expense of PoS protocols and cryptos.

As investors consider the likely ramifications of a possible crypto staking ban, Fed Fear remains a headwind.

On Tuesday, the US CPI Report will likely decide the Fed interest rate trajectory to bring inflation to target. There is an increased risk of interest rates peaking above 5% following the hotter-than-expected US Jobs Report and hawkish Fed chatter. We expect investor jitters ahead of the CPI Report.

The Day Ahead

Investors should continue monitoring the crypto news wires for FTX, Genesis, and Silvergate Bank updates. However, the news of more crypto exchanges coming under SEC scrutiny would test buyer appetite.

In the afternoon session, the NASDAQ Composite Index will also influence as investors consider tomorrow’s CPI Report. A pickup in US inflationary pressure would be crypto price negative. This morning, the NASDAQ mini was down 25.25 points.

Crypto Market Ends the Week on a Low Note

It was a bearish Saturday session. After a range-bound morning session, the crypto market cap rose to a late afternoon high of $986.83 billion before hitting the reverse. The reversal saw the crypto market cap fall to a late low of $958.50 billion before ending the day at $968.03 billion.

The $6.19 billion loss on Sunday left the crypto market cap down by $47.75 billion for the week.

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

It was a mixed session for the crypto top ten.

BNB bucked the bearish top ten trend, rising by 0.71%.

However, XRP led the way down, falling by 2.29%, with ADA (-1.09%), ETH (-1.53%), and MATIC (-0.84%) also struggling.

BTC fell by 0.32%, with DOGE ending the day flat.

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

BinaryX (BNX) rallied by 17.05% to lead the way, with render token (RNDR) and oasis network (ROSE) seeing gains of 6.59% and 9.40%, respectively.

However, Mina (MINA) slid by 11.22%, with loopring (LRC) and singularityNET (AGIX) seeing losses of 5.34% and 6.07%, respectively.

24-Hour Liquidations Increase on Fed Fear and SEC Jitters

Over 24 hours, crypto liquidations increased but remained below normal levels. Long positions had a higher share of liquidations, accounting for 70.73% of total liquidations. At the time of writing, 24-hour liquidations stood at $56.17 million versus $29.80 million on Sunday morning.

Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 27,327 versus 16,123 on Sunday morning. Crypto liquidations were higher over 12 and four hours while lower over one hour.

According to Coinglass, 12-hour liquidations stood at $46.91 million versus $18.40 million on Sunday, with four-hour liquidations up from $7.22 million to $33.42 million. However, one-hour liquidations decreased from $2.47 million to $0.490 million.

A late crypto market reversal led to the spike in four-hour liquidations, which pushed the 12-hour and 24-hour liquidations higher.

The chart below shows market conditions throughout the session.