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Crypto Market Daily Highlights – BTC Ends Seven Day Losing Streak
By:
It was a bullish end to a bearish week for the crypto market. Gains were broadly modest, however, with headwinds likely to remain a challenge.
In this article:
Key Insights:
- It was a bullish end to the week for the crypto to ten, with XRP finding much-needed support to lead the way.
- Following the 3AC bankruptcy filing, news of more platforms laying off staff failed to spook investors.
- The total crypto market cap rose for the second time in eight sessions. A $2.58 billion increase left the market cap down by $70 billion for the week.
It was a bullish Sunday for the crypto market. Bitcoin (BTC) ended its seven-day losing streak. While XRP found strong support, gains across the rest of the top ten were modest.
The fallout from the crypto winter continued to hit the market, with news of exchanges reducing headcounts a reminder of market conditions.
However, crypto market headwinds remained the primary drag, with inflation, Fed monetary policy, and the threat of a US recession testing investor appetite.
With the US markets closed today, the NASDAQ 100 Mini will need considering, with the crypto market continuing to track the US market.
At the time of writing, the NASDAQ 100 Mini was down 53.5 points.
The Total Crypto Market Cap Rises for a Second Session
A bearish morning saw the total crypto market cap fall to a low of $832.5 billion before rising to a high of $859.0 billion.
Following a modest $2.28 billion rise, the total crypto market cap increased by a further $2.58 billion to $851.1 billion on Sunday. The modest uptrend over the weekend left the market cap down $15 billion for July.
Gains elsewhere were modest, however. BTC joined the broader market in positive territory, rising by 0.35%, with BNB (+0.46%), ETH (+0.68%), and, SOL (+0.12%) also avoiding the red.
ADA ended the day flat
From the CoinMarketCap top 100, NEM (XEM) bucked the broader market trend, sliding by 10.12%, with Polygon (MATIC) falling by 6.35%.
However, ThetaFuel (TFUEL) led the broader crypto market, rallying by 14.81%, with Arweave (AR) up 12.16%.
Total Crypto Liquidations Remain Crypto Market Positive
24-hour liquidations continued to reflect improving market conditions going into Monday.
This morning, 24-hour liquidations stood at $80.74 billion, up from $58.2 million on Sunday morning. While higher, staying below the $100 million mark was positive.
Liquidated traders over the last 24 hours also increased, albeit modestly. At the time of writing, liquidated traders stood at 25,320 versus 22,104 on Sunday morning.
However, one-hour liquidation figures reflected steady market conditions at the turn of the day.
According to Coinglass, one-hour liquidations stood at $0.920 million versus $1.07 million on Sunday and $2.44 million on Saturday.
About the Author
Bob Masonauthor
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.
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