Key Insights:
- It was a mixed Sunday session for the crypto top ten. ADA, BNB, and DOGE bucked a bearish trend.
- Investor sentiment toward the Genesis bankruptcy and Signature Bank changes to Swift limits for Binance users capped the upside.
- The crypto market cap rose by $2.20 billion to end the day at $991.34 billion.
It was a mixed session for the crypto top ten on Sunday. ADA, BNB, and DOGE bucked a bearish top-ten trend while SOL led the way down for a second session. Notably, BTC revisited $23,000 for the second time since August while failing to strike a new 2023 high.
Mixed investor sentiment delivered a choppy Sunday session. The Genesis bankruptcy and rumors of SWIFT cutting ties with Binance tested buyer appetite. However, market jitters eased on clarifications that Signature Bank would only support SWIFT transfers of $100,000 or more.
Uncertainty over Fed monetary policy and the US economic outlook also influenced sentiment.
Hopes of an FTX revival continued to deliver broader-based crypto market support along with network updates. An increase in developer activity across leading crypto networks has contributed to the shift in sentiment.
Today, there are no US economic indicators for investors to monitor in the afternoon session. The lack of stats will leave the crypto market in the hands of the crypto news wires and the NASDAQ Composite Index.
Updates on the Genesis bankruptcy, further chatter on Signature Bank and Binance, and FTX will likely be the key drivers, however. Genesis will have its first bankruptcy court hearing today, with net liability figures likely to draw plenty of interest.
Crypto Market Takes Another Late Tumble to Reverse Session Gains
It was a bullish Sunday session. After a range-bound morning, the crypto market cap rose to a late afternoon high of $1,012 billion before hitting reverse. The reversal saw the crypto market cap fall to a late low of $974.01 billion. However, a late recovery left the market cap at $991.34 billion for the day, marking a gain of $2.20 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed session for the crypto top ten.
DOGE rallied by 4.62% to lead the way, with ADA (+2.17%) and BNB (+1.37%) also avoiding the red.
However, SOL fell by 1.38%, with BTC (-0.27%), ETH (-0.07%), and XRP (-0.59%) ending the day in negative territory.
From the CoinMarketCap top 100, it was a mixed session.
Axie infinity (AXS) surged by 40.12%, with aptos (APT) and fantom (FTM) seeing gains of 13.37% and 11.43%, respectively.
However, lido DAO (LDO) slid by 7.83%, with hedera (HBAR) and kava (KAVA) falling by 3.78% and 4.26%, respectively.
24-Hour Liquidations Decline on Modest Crypto Market Gain
Over 24 hours, crypto liquidations returned to normal levels, despite a choppy end to the day. Long positions saw a larger share of liquidations, accounting for 61.15% of total liquidations. At the time of writing, 24-hour liquidations stood at $118.57 million versus $199.15 million on Sunday morning.
Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 39,186 versus 49,966 on Sunday morning. Crypto liquidations were higher over 12 hours while lower over four hours and one hour.
According to Coinglass, 12-hour liquidations stood at $79.72 million, up from $59.01 million on Sunday. However, four-hour liquidations fell from $25.31 million to $16.66 million, with one-hour liquidations down from $20.30 million to $1.50 million.
The chart below shows market conditions throughout the session.
