Crypto Market Daily Highlights – ETH Extends Winning Streak to Eight

Key Insights:

• It was a mixed Sunday session for the crypto top ten, with ETH bucking the trend while the broader market saw a seven-day losing streak end.
• Profit-taking and regulatory risk contributed to a choppy Sunday session.
• The crypto market cap fell by $0.881 billion to end the day at $938.70 billion.

It was a mixed session for the crypto top ten on Sunday. ETH bucked the top ten trend. Notably, BTC revisited $21,000 for the second time since November 7 and the collapse of FTX.

On Sunday, there were no external market forces or crypto market catalysts to extend the winning streak to eight sessions. With the US markets closed today, profit-taking left the broader crypto market with a modest loss.

Regulatory risk likely contributed to the pullback. On Thursday, US lawmakers were back in the spotlight. House Republicans are reportedly planning a Subcommittee to regulate the digital asset space.

The news coincided with the SEC announcing charges against Genesis and Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program.

Today, there are no US economic indicators for investors to consider. The lack of stats will leave the crypto market in the hands of the crypto news wires and FOMC member chatter. Regulatory chatter and hawkish FOMC member chatter could test buyer appetite at current levels.

This week, US corporate earnings, economic indicators, and FOMC member chatter will likely see the NASDAQ Index influence investor sentiment. Bets of a 25-basis point Fed interest rate hike and easing FTX contagion risk remain crypto market tailwinds.

Crypto Market Ends Seven Session Winning Streak

It was a choppy Sunday session. A bearish start to the day saw the crypto market cap fall to a late-morning low of $919.20 billion. However, finding afternoon support, the crypto market cap rose to a late afternoon high of $949.69 billion before falling back into the red.

The pullback left the crypto market cap at $938.70 billion, marking a $0.881 billion loss for the day. Despite the bearish Sunday, the crypto market cap rose by $140.85 billion for the week.

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

It was a mixed Sunday session for the crypto top ten.

ETH bucked the trend, rising by 0.18%.

However, XRP fell by 2.59% to lead the way down, with DOGE (-1.26%) and MATIC (-1.65%) struggling.

ADA (-0.57%), BNB (-0.95%), and BTC (-0.40%) saw modest losses.

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

Frax shares (FXS) surged by 23.81% to lead the way, with decentraland (MANA) and the sandbox (SAND) seeing gains of 17.41% and 8.73%, respectively.

However, fantom (FTM) and solana (SOL) fell by 6.49% and 5.56%, respectively, with huobi token (HT) seeing a 3.57% loss.

24-Hour Liquidations Tumble as Crypto Market Retreats

Over 24 hours, crypto liquidations tumbled to below-normal levels as investors locked in profits, ending a seven-session winning streak. At the time of writing, 24-hour liquidations stood at $81.22 million versus $223.20 million on Sunday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 31,367 versus 69,043 on Sunday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $45.49 million, down from $48.30 million on Sunday, with four-hour liquidations falling from $24.96 million to $5.77 million. One-hour liquidations stood at $2.28 million versus $4.51 million on Sunday morning.

The chart below shows market conditions throughout the session.