Key Insights: – It was a mixed start to the week, with bitcoin (BTC) and Ethereum (ETH) seeing modest losses, while Cardano (ADA) and Solana (SOL) continued the move northwards.- With the US markets closed, the NASDAQ 100 Mini provided direction, though headwinds left investors cautious ahead of central bank chatter in the week.- The total market cap ended the day with a modest $4.37 billion gain as the broader crypto market consolidated Sunday’s breakout session.It was a choppy session for the crypto market on Monday.
Bitcoin ( BTC ) followed Sunday’s rally with a visit to $21,000 before a late pullback.With the US markets closed, the NASDAQ 100 Mini provided support on the day, though the upside was modest following last week’s sell-off.
On Monday, the NASDAQ 100 Mini ended the day up 110 points.Headwinds continued to pressure the broader market, reflected in a modest gain in the total crypto market cap.With the US markets reopening later today, investors will be eyeing the NASDAQ, with market risk sentiment likely to influence in the afternoon session.Central bank chatter will also provide direction ahead of Fed Chair Powell testimony scheduled for Wednesday and Thursday.Inflation will likely remain a hot topic, with Powell likely to come under fire in the wake of last week’s FOMC projections.A late rise in crude oil prices on Monday tested support for bitcoin and the broader crypto market.
WTI Crude increased by 0.65%, the inverse correlation with bitcoin reflected in the chart below.Rising crude oil prices deliver upward pressure on inflation, which has knock-on effects on central bank monetary policy and economic growth prospects.Crypto Market Cap Falls by a Modest $4bn after a Late Pullback The crypto market looked to consolidate Sunday’s breakout session.Recovering from a low of $847.6 billion, the total market cap rose to a day high of $900.99 billion before falling to $885 billion.
The key was avoiding a reversal of Sunday’s $62.6 billion rise and a fall to a new current-year low.Following last week’s $173 billion loss, however, the risk of a return to sub-$800 billion remains.
Looking at the top ten, SOL rallied by 3.13%, with ADA (+1.45%) and BNB (+0.70%) also finding support.DOGE (-0.77%) and XRP (-0.63%) and saw red, however, with BTC (-0.01%) and ETH (-0.01%) ending the day flat.From the CoinMarketCap top 100, Synthetix ( SNX ) led the way, surging by 60%.The upside came from investor reaction to Atomic Swap volumes on 1inch and Curver Finance protocols.Following their inclusion, a surge in Atomic Swap trading volumes has drawn investor interest.The fees stemming from trading volumes have also given SNX stakers solid yields.
On the stablecoin front, USDD movements were market negative, with TRON DAO Reserve failing to restore the peg.The USDD found support to hit $0.96 before easing back.Failure to return to $1.00 pegged TRON ( TRX ) back again, with TRX ending the day with a 0.34% loss.TRON DAO Reserve figures continued to ease concerns of a USDD collapse.
At the time of writing, the collateral ratio stood at 324.05%.Total Crypto Liquidations Eased Back Following Fed Policy Decision The downward trend in total crypto liquidations continued on Monday.
After hitting $1 billion last Tuesday, 24-hour liquidations fell from $567 million on Sunday to $315 million on Monday.This morning, 24-hour liquidations stood at $199.82 million.Four-hour and one-hour liquidations reflected improving market conditions.According to Coinglass , one-hour liquidations stood at $4.94 million, with four-hour liquidations at $18.72 million.A further decline in 24-hour total liquidations would deliver crypto market support.
Crypto Daily News Highlights – South Korea [bans] Terra employees from leaving the country as lawmakers investigate Terraform labs for tax evasion.
– Bitcoin miner sell-off [accelerated] , pressured by bitcoin price declines.- Shiba Inu Coin ( [SHIB] ) [continued] to draw interest, surpassing [USDT] to become the largest hold for Ethereum whales.- STEPN ( [GMT] ) [continued] to find support on network news updates..