Crypto Market Daily Highlights – SHIB Continued Its Run Toward $0.000010

Key Insights:

• It was a bullish Tuesday session for the crypto top ten, with BNB leading the way.
• Fed Chair Powell failed to spook the markets, with hopes of inflation softening further supporting riskier assets.
• The crypto market cap rose by $9.65 billion to end the day at $816.15 billion.

It was a bullish session for the crypto top ten on Tuesday. DOGE led the way, with BNB recovering from a trend-bucking loss from Monday. BTC also found support, wrapping up the day at $17,000 for the third time since December 15.

Risk-on sentiment delivered another bullish crypto session, with no US economic indicators to fuel fears of a US recession. Fed Chair Powell refrained from discussing monetary policy while stating that Fed independence is vital in its battle against inflation.

The lack of commentary left investors to look toward tomorrow’s US CPI Report. Investors expect inflation to soften further to cement a 25-basis point Fed interest rate hike next month. Sentiment toward inflation and the Fed supported the NASDAQ Composite Index, which rose by 1.01%. This morning, the NASDAQ mini was up by 12 points.

On the crypto news front, Binance aimed to address historical discrepancies related to the BUSD pegging. In an overnight blog, Binance stated,

“For operational reasons, on occasion in the past, there was a timing mismatch in backing Binance-Peg BUSD with BUSD, which is what has been identified in recent articles. From the data, it is clear that the rebalancing did not always keep pace with the demand for Binance-Peg BUSD. Having identified this ourselves last year we now rebalance more frequently to ensure that Binance-Peg BUS is transparently fully backed.”

Binance added,

“Importantly, despite variances in data, at no point were redemptions impacted for users. There is also no impact on BUSD on ERC-20 issues by Paxos, which is regulated by the NYDFS, audited monthly, and backed by USD cash and cash-equivalent reserves.”

The explanation was good for the markets and supported a bullish BNB session.

Adding further support on Tuesday was news of Voyager Digital getting the green light to proceed with the sale to Binance US.

Today, the US economic calendar is on the lighter side, with no economic indicators for investors to consider. The lack of stats will leave the crypto market in the hands of FOMC member chatter and the NASDAQ Index. However, investors should monitor the crypto news wires for events that could move the dial.

Crypto Market Extends Winning Streak to Three Sessions

It was a bullish Tuesday session. The crypto market cap fell to an early low of $801.72 billion before rising to a late high of $821.92 billion. However, coming up short of Monday’s $822.82 billion session high, the crypto market cap eased back to end the day at $816.15 billion, marking a gain of $9.65 billion for the day.

Notably, the crypto market cap ended the session at $800 billion for the second time since December 15 and extended its winning streak to three sessions.

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

It was a bullish Tuesday session for the crypto top ten.

DOGE led the way, rising by 2.64%, with ADA (+1.58%), BNB (+1.72%), BTC (+1.51%), ETH (+1.18%), and MATIC (+1.84%) also made solid gains while XRP (+0.46%) trailed the front runners.

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

WOO network (WOO) led the way, rising 14.57%, with aptos (APT) and shiba inu coin (SHIB) seeing gains of 5.35% and 6.56%, respectively.

However, toncoin (TON) led the way down, falling by 3.98%, with XDC network (XDC) and bitDAO (BIT) seeing losses of 3.00% and 3.05%, respectively.

24-Hour Liquidations Slide on a Third Consecutive Bullish Session

Over 24 hours, crypto liquidations tumbled as the crypto market extended its winning streak to three sessions. At the time of writing, 24-hour liquidations stood at $59.37 million versus $218.06 million on Tuesday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 20,293 versus on Tuesday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $34.37 million, down from $85.00 million on Tuesday, with four-hour liquidations down from $21.42 million to $9.09 million. One-hour liquidations stood at $0.290 million versus $2.00 million on Tuesday morning.

The chart below shows market conditions throughout the session.