It was another bearish session for the crypto market, with rising bets of 75-basis point Fed rate hikes in November and December weighing.
It was a bearish Saturday session for the crypto top ten. ETH and XRP led the way down after having bucked a bearish trend on Friday. BTC fell short of $20,000 for an eighth consecutive session while revisiting sub-$19,000.
There were no events to change the bearish sentiment from Friday’s session. Rising bets of 75-basis point Fed rate hikes in November and December left the crypto market in the red.
This morning, the probability of a 75-basis point hike in November stood at 97.2% and 69.8% for December. Last week, the chance of a 75-basis point hike in December stood at 23.4%.
With the crypto market continuing to track the NASDAQ 100, we expect the NASDAQ Mini to influence during the final hour (UTC).
The crypto market rose to an early morning high of $888.1 billion before falling to a final hour (UTC) low of $870.9 billion. While recovering from the session low, the crypto market ended the day down $6.4 billion to $876.3 billion.
The Saturday pullback left the market cap down by $29 billion (-3.1%) for the week.
ADA (-0.82%), BNB (-0.48%), BTC (-0.60%), DOGE (-0.12%), and SOL (-1.34%) also saw red.
From the CoinMarketCap top 100, it was a mixed session.
Quant (QNT) and casper (CSPR) led the way, rallying by 11.34% and 8.90%, respectively, with maker (MKR) rising by 5.85%.
However, TerraclassicUSD (USTC) fell by 2.96%. Huobi Token (HT) and bittorrentnew (BTT) saw losses of 4.71% and 4.94%, respectively.
Over 24 hours, total liquidations fell back for a second consecutive session, with the crypto market range-bound throughout the day. At the time of writing, 24-hour liquidations stood at $32.79 million, down from $137.94 billion on Sunday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 17,869 versus 46,549 on Saturday morning. Liquidations were down over 12 and four hours while up over one hour.
According to Coinglass, 12-hour liquidations fell from $52.58 million to $21.08 million, with four-hour liquidations down from $17.29 million to $13.83 million. However, one-hour liquidations rose from $8.37 million to $11.20 million.
The chart below shows market conditions throughout the session.
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.