Crypto Market Daily Highlights – June 2 – NASDAQ Delivers Support

Key Insights:

• It was a bullish Thursday for bitcoin (BTC) and the broader market, with bitcoin returning to $30,000.
• The upside came despite hawkish FOMC member chatter, with a NASDAQ 2.69% rally delivering support.
• On Friday, we can expect market sensitivity to US nonfarm payrolls, with solid numbers likely to test support levels.

It was a bullish Thursday session for the crypto market, with the crypto top ten seeing volatility from May continuing into June.

There were no major news updates from regulators to spook investors, leaving the crypto market to take its cues from the US equity markets.

For bitcoin (BTC), it was a fifth day in the green from six sessions, with a return to $30,000 the key for the broader market.

Crypto Market Cap Avoids Sub-$1,200 Billion but Remains Down

Following a $100 billion slump in the total crypto market cap on Wednesday, the total market cap increased by $22 billion on Thursday.

24-hour crypto liquidations fell back from Wednesday highs, reflecting improving market conditions.

According to Coinglass, 24-hour total liquidations stood at $196.57 million, down from $500 million levels. Liquidations over the last hour were also market-friendly at $2.31 million.

ADA partially recovered Wednesday’s 11.98% tumble, rising by 6.53% to lead the way.

BNB (+2.63% ), BTC (+2.18%), ETH (+0.90%), DOGE (+2.18%), SOL (+1.86%), and XRP (+1.83%) also found support.

Looking at the top 100, Internet Computer (ICP) led the way, surging by 23.7% supported by investors buying on the dip. ICP slumped by 33.4% in May and is down 66% year-to-date.

Bitcoin Tracked the NASDAQ 100 in a Relief Rally

Economic data from the US was more market-friendly on Thursday. Nonfarm payroll figures from the ADP disappointed, with similar numbers today likely to deliver crypto market support.

According to the ADP, nonfarm payrolls increased by 128k, down from a 211k increase in April. Economists forecast a 300k rise.

After a bitcoin recoupling with the NASDAQ this week, a 2.69% rally delivered bitcoin and the broader crypto market support.

At the time of writing, the NASDAQ 100 mini was up 25.75 points, with bitcoin down 0.09% to $30,451.

Away from the Crypto Moves,

• NY Fed President John Williams called it critical for central banks to understand the crypto impact on monetary policy.
• The US DoJ charged an ex-OpenSea employee with insider trading of NFTs.
• Goldman Sachs ‘revealed that major insurance companies are slowly warming to crypto investments.’
• Coinbase announced an extension to its hiring freeze and plans to rescind accepted job offers to navigate the current macroeconomic environment.
• US CFTC sued crypto exchange Gemini for making false and misleading statements in 2017.