Daily Crypto Market Highlights BNB, DOGE, and ETH Top Ten

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Key Insights: This was a bullish Tuesday session for the crypto top ten. BNB, DOGE and ETH led the top ten bounces. News from Binance, FTX updates and a rebound in the NASDAQ index amid easing liquidity shortage fears provided support. The crypto market capitalization increased by $21.41 billion to end the day at $773.98 billion.

It was a bullish Tuesday session for the crypto top ten. BNB, DOGE and XRP led the way. Notably, BTC revisited $17,000 for the first time in four sessions.

Recession fears took hold on Tuesday, with crypto news feeds delivering a bullish session. FTX, Binance, and Ethereum were among the news stories that influenced investor sentiment.

Investors have been following the latest updates from FTX’s collapse. Updates on FTX’s cash holdings provided support for the crypto market, with over $1 billion identified in various US institutions. There are also reportedly ongoing efforts to identify crypto holdings.

Reports of political donations going to FTX were also positive for FTX creditors and the crypto market.

However, news of Binance.US acquiring Voyager Digital was likely the catalyst for the breakout day. After a FUD campaign that saw investors worry about a possible Binance liquidity crisis, Binance.US agreed to acquire Voyager Digital for $1.022 billion.

According to the press release,

Binance.US’ offer aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.

Binance coin (BNB) responded favorably to the news.

The news from Binance coincided with Visa (V) announcing its intention to support Ethereum automatic payments.

In the United States, no American economic indicator spooked investors on Tuesday. Early in the session, the Bank of Japan’s announcement to change its target range for 10-year yields to 50 basis points sent Asian equity markets and the NASDAQ mini sinking. Previously, the 10-year yield range was within 25 basis points of its target of 0%.

However, the NASDAQ index ended the day with a gain of 0.01%, with the S&P 500 advancing 0.10%. The rebound provided support for the crypto market throughout the afternoon session.

Today, US Consumer Confidence numbers will be of interest. Better than expected numbers should support the NASDAQ index and the broader crypto market. However, investors will also have to watch the chatter of FOMC members. A hawkish commentary would weigh on riskier assets.

Total Market Cap NASDAQ 211222 5-Minute Chart Crypto Market Rebounds on FTX Updates and Risk Sentiment

A mixed start to the day saw the crypto market capitalization fall to an early low of $750.29 billion. However, the dip was short-lived, with the crypto market capitalization hitting a high of $781.02 billion by mid-afternoon before heading back down.

Despite pulling back from the afternoon high, the crypto market cap ended the day at $773.98 billion, marking a gain of $21.41 billion for the session. Significantly, Tuesday’s session reversed Monday’s $16.06 billion loss.

Total Market Cap 211222 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

It was a bullish Tuesday session for the crypto top ten.

BNB (+4.57%), DOGE (+4.90%) and ETH (+4.20%) led the way.

However, ADA (+2.37%), BTC (+2.90%), MATIC (+3.67%) and XRP (+2.84%) also found strong support.

In the CoinMarketCap top 100, it was a bullish session.

The trust wallet token (TWT) led the way, rising 10.81%, with flow (FLOW) and axie infinity (AXS) recording gains of 6.53% and 6.18%, respectively.

UNUS SED LEO (LEO) and casper (CSPR) bucked the trend in the top 100, falling 1.64% and 2.95% respectively.

24-hour liquidations climb on a bearish session

Over 24 hours, the crypto selloffs fell back to a bullish Tuesday session that saw volume surge higher on improving investor sentiment.

As of this writing, 24-hour liquidations stood at $40.76 million versus $68.92 million as of Tuesday morning.

Traders liquidated in the last 24 hours have also decreased. At the time of writing, liquidated traders stood at 10,661 from 33,322 on Tuesday morning. Crypto liquidations fell over four and 12 hours and over one hour.

Total Crypto Clearance 211222

According to Coinglass, 12-hour liquidations fell from $60.23 million to $16.77 million, with four-hour liquidations dropping from $35.82 million to $1.09 million. One-hour closeouts increased from $0.635 million to $0.399 million.

The chart below shows market conditions throughout the session.

Total Market Cap 211222 Hourly Chart

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