- It was a mixed Monday session for the crypto top ten, with ADA leading the way for a second session while BNB bucked the trend.
- China’s reopening and hopes of an economic rebound, coupled with rising bets of a 25-basis point Fed interest rate hike, delivered support.
- The crypto market cap rose by $8.71 billion to end the day at $806.51 billion.
It was a mixed session for the crypto top ten on Monday. ADA led the way, with DOGE and ETH finding strong support while BNB struggled. BTC also found support, wrapping up the day at $17,000 for the second time since December 15.
A late Sunday breakout continued into Monday, with the NASDAQ mini and updates from China delivering support.
Market bets of a 25-basis point Fed interest rate hike in February supported the bullish start to the week. The removal of COVID-19 restrictions in China brought hope of an economic rebound, adding to the bullish mood.
On Monday, Reuters reported that the PBoC announced plans to increase efforts to support private companies to revive the economy. The PBoC will also reportedly ease its crackdown on tech companies.
In response to market sentiment toward the Fed and the latest from China, the NASDAQ Index rose by 0.63%. The NASDAQ mini was down 32.25 points this morning as investors turned their attention to the Fed Chair Powell speech.
Today, the US economic calendar is on the lighter side. However, Fed Chair Powell will move the dial later today. With the markets betting on a 25-basis point interest rate hike, hawkish chatter would test the appetite for riskier assets.
From the crypto market, network updates, increased network activity, crypto adoption, and sentiment toward staking supported a breakout session. Solana (SOL), lido DAO (LDO), cardano (ADA), and ethereum (ETH) are front runners at the start of the year.
Crypto Market Returns to $800 billion on Second Breakout Session
It was a bullish Monday session, with the crypto market cap surging from an early low of $795.45 billion to a late afternoon high of $822.82 billion. However, a bearish end to the session saw the crypto market cap fall back to end the day at $806.51 billion, marking a gain of $8.71 billion for the day.
Notably, the crypto market cap ended the session at $800 billion for the first time since December 15.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Monday session for the crypto top ten.
ADA led the way for a second consecutive session, gaining 6.73%.
However, BNB bucked the trend, falling by 0.80%.
From the CoinMarketCap top 100, it was a mixed session.
24-Hour Liquidations Spike as Crypto Bulls Take Control
Over 24 hours, crypto liquidations spiked, with another breakout session driving liquidations higher. At the time of writing, 24-hour liquidations stood at $218.06 million versus $104.88 million on Monday morning.
Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 62,976 versus 39,050 Monday morning. Crypto liquidations were lower over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations stood at $85.00 million, down from $96.52 million on Monday, with four-hour liquidations down from $60.15 million to $21.42 million. One-hour liquidations stood at $2.00 million versus $23.95 million on Monday morning.
The chart below shows market conditions throughout the session.