- The top ten cryptos started the week with mixed biases, with DOGE and BNB recording heavy cuts.
- The NASDAQ supported the cryptocurrency market as hopes of softer U.S. inflation increased risky asset demand.
- The uptrend was modest regardless of the bullish sessions, with the cryptocurrency market capitalization gaining $1.55B to $807.23B.
The cryptocurrency market presented a choppy session, with Binance’s latest news weighing before NASDAQ ensured support on Monday afternoon. Let us check what the marketplace exhibited overnight into Tuesday morning.
Moreover, what can you expect as U.S CPI data remain in focus? The top ten crypto assets saw mixed actions yesterday. DOGE and BNB flashed notable declines, while Polygon’s MATIC secured a steady foothold.
Despite the optimistic session, Bitcoin plunged to sub-$17K for the initial time in four sessions. However, upticks saw the world’s largest crypto wrapping the day at around $17,229.
BNB struggled during the session as the news about U.S. watchdogs planning to charge exchange Binance with fiscal crimes weighed. Moreover, the market lacked economic indicators from the United States to offer direction. That left the cryptocurrency industry at the mercy of today’s CPI data and NASDAQ Index.
Expectations of softer United States inflation to back Fed pivot in December ensured an optimistic NASDAQ session. The NASDAQ gained 1.26%, while the S&P 500 soared 1.43% to offer crypto support.
Today, the markets will watch the United States CPI data, with easier inflation likely to trigger bullishness in NASDAQ and crypto. Nevertheless, updates about Binance investigations and SEC vs. Ripple news will influence.
Crypto Markets Secure NASDAQ Support Ahead of CPI Report
Bearishness early on Monday dragged the crypto market cap to the $790.23 billion low. Nevertheless, the cryptocurrency market secured NASDAQ Index backing during the afternoon to climb to $812.52B before easing. The pullback left the value at $807.23B, reflecting a $1.55B increase on the day.
Markets Shakers & Movers
As mentioned, the top ten cryptos flashed a mixed Monday bias. Dogecoin and BNB bucked the market trend, dropping by 2.80% and 2.95%, respectively. Nevertheless, MATIC led the upside move with a 1.98% surge, as Bitcoin (+0.70%), Ethereum (+1.01%), and Ripple (+1.44) reversed earlier losses to wrap the day in the positive region.
Meanwhile, Cardano closed the day flat. Also, the top 100 displayed a mixed session. Stacks led the pack with an 8.45% surge, with Bitcoin SV and GMX gaining 7.31% and 6.15%, respectively.
Trust Wallet Token recorded the most dip, plunging by 11.09%. Also, Chain and Chiliz struggled, dipping by 7.64% & 3.77%, respectively.
Daily Liquidations Surge on Choppy, Bullish Session
The previous 24hrs witnessed increased cryptocurrency liquidations. That emerged as the market reacted to the recent Binance updates and bullishness during the afternoon. While publishing this post, 24hr liquidations hovered at $53.52M, a substantial increase from early Monday’s $27.79 million.
Also, the past day saw an uptick in liquidated traders. The metric swayed at 26,298 during this writing versus Monday’s 12,777. Nevertheless, the 12hr, 4hr, and 1hr charts displayed declined cryptocurrency liquidation.
Coinglass data shows 12hr liquidation dipped to $14.15 million from $25.17 million, with 4hr liquidation falling to $9.03M from $17.36M. Meanwhile, 1hr liquidations declined from $1.48M to $0.723M.
What are your views about the current crypto market trajectory? Feel free to leave a reply in the section below.