Crypto Market Daily Highlights – BTC Hits $21,000
- It was a bullish Saturday session for the crypto top ten, with the broader crypto market extending its winning streak to seven sessions.
- Easing FTX contagion continued to drive demand, with market sentiment towards Fed policy and the US economic outlook also positive.
- The crypto market cap rose by $42.79 billion to end the day at $939.63 billion.
On Saturday, the momentum from Friday spilled over to the morning session. Investors responded further to US corporate earnings and economic indicators.
Easing FTX contagion risk also continued to drive demand for cryptos, with the latest news suggesting that creditor losses would be negligible. $5 billion in cash & cash equivalents and $4.6 billion in nonstrategic assets could cover the estimated $8 billion funding gap.
However, the crypto market hit reverse this morning. Profit-taking off the back of a seven-day winning streak likely contributed to the pullback. Despite the pullback, the momentum favors the bulls and a possible afternoon rebound. With the US markets closed on Monday, investors will need to wait until Tuesday for economic indicators and corporate earnings to provide direction.
Crypto Market Extends Winning Streak to Seven Sessions
It was a bullish Saturday session. A bullish start to the day saw the crypto market cap surge from a low of $892.54 billion to a first-hour high of $965.17 billion before easing back.
The crypto market cap fell back to a late morning low of $913.63 billion before recovering to end the day at $939.63 billion, marking a $42.79 billion gain for the day. The crypto market cap is up $142 billion for the week.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Saturday session for the crypto top ten.
From the CoinMarketCap top 100, it was a mixed session.
24-Hour Liquidations Spike in Bearish Turn of the Day
Over 24 hours, crypto liquidations spiked overnight as investors locked in profits from a seven-session winning streak. At the time of writing, 24-hour liquidations stood at $223.20 million versus $190.59 million on Saturday morning.
Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 69,043 versus 47,209 on Saturday morning. Crypto liquidations were lower over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations stood at $48.30 million, down from $161.06 million on Saturday, with four-hour liquidations falling from $118.09 million to $24.96 million. One-hour liquidations stood at $4.51 million versus $7.77 million on Saturday morning.
The chart below shows market conditions throughout the session.