- The top ten cryptos saw a mixed session on Saturday, with MATIC and BNB bucking bearish trends.
- Huobi Global tested investor resilience over the weekend.
- The cryptocurrency market capitalization dropped $1.09B to close the session at $783.96B.
MATIC and BNB bucked the top 10 crypto assets’ trend as the market witnessed a mixed Saturday. Bitcoin dipped to join the overall marketplace in the red area. Meanwhile, BTC could not revisit $17K while dodging sub-$16.5K for the 7th successive session.
Saturday saw trading volume retreating after Friday’s breakout. Investors moved to the fences after the ISM non-manufacturing figures and the United States jobs data. While reduced forecasts of a 50bp Federal rate hike remain positive for the crypto market, contractions in the service sector will trigger concerns.
There will be worries about whether the Federal can escape a hard landing. That would mean bearishness for risk assets. Crypto winter and regulatory risk fears remain the lingering challenges that prevent the broad market cap from a $1B return.
Huobi Global Confirms Lay-offs
Huobi Global is the latest firm to encounter a market rumor mill, and that tested investor appetite during the Saturday session. Huobi’s Head of Sales, James Hume, rose to dispel rumors that the exchange was troubled, stating that the current rumors are either inaccurate or false.
He added that their internal communication platform was working, and everything was usual besides some layoffs. However, news of the exchange trimming its workforce by 20% triggered speculations of more problems.
Friday’s reports indicated that Justin Sun withdrew stablecoins worth $100M from Binance, depositing them in Huobi Global. Such a move would restore confidence and solve potential immediate liquidity problems.
Markets would closely watch outflow numbers as the platform undergoes a restructuring scheduled to end in the first quarter of 2023. Any move to suspend withdrawals would dent investor mood and hit the overall cryptocurrency market.
CoinGecko data show Huobi ranking 2nd in trust score after exchange Coinbase. Moreover, Coinmarketcap ranks exchange Huobi 16th as far as trading volume is concerned.
NASDAQ Mini and Crypto News Wires to Direct Investors
Cryptocurrency news wires will keep attracting interest today, with attention on Huobi. Nonetheless, the NASDAQ mini will catalyze the last hour as market players watch the upcoming United States economic indicators that might impact Fed’s hike trajectory.
Crypto Market Witnesses Minor Pullback Amid Low After-Jobs Data Trading
Saturday saw a bearish session. The crypto market capitalization reacted to earlier mixed moves by an upsurge to $788.61B before dipping to a $780.51B mid-day low. Meanwhile, the afternoon witnessed the cryptocurrency market cap revisiting the $784B mark before retracing. That left the metric at $783.96B, reflecting a $1.09B loss during the day.
Crypto Shakers & Movers
As mentioned, the crypto top 10 endured a mixed session on Saturday. MATIC and BNB bucked the bias, gaining 0.91% and 0.58%, respectively. Nonetheless, the rest recorded bearish actions. Cardano (-0.36%), Bitcoin (-0.06%), XRP (-0.21%), DOGE (-0.55%), and Ethereum (-0.39%) witnessed red.
Also, the top 100 reflected similar actions. Decentraland (MANA), Algorand (ALGO), and Cronos (CRO) led the pack on Saturday. MANA gained 6.83%, as CRO and ALGO soared 2.30% and 2.35%, respectively. However, the worst performance emerged from Solana (SOL), Near Protocol (NEAR), and Ethereum Classic (ETC). SOL lost 2.96%, whereas ETH and NEAR dropped 2.02% and 1.94%, respectively.