Daily Crypto Market Highlights ETH Extends Winning Streak to Eight

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Key Insights: It was a mixed Sunday session for the crypto top ten, with ETH bucking the trend while the broader market saw a seven-day losing streak come to an end. Profit taking and regulatory risk contributed to a choppy Sunday session. The crypto market capitalization fell by $0.881 billion to end the day at $938.70 billion.

It was a mixed session for the top ten cryptos on Sunday. ETH bucked the top ten trend. Notably, BTC revisited $21,000 for the second time since Nov. 7 and the collapse of FTX.

On Sunday, there were no external market forces or crypto market catalysts to extend the winning streak to eight sessions. With US markets closed today, profit taking left the broader crypto market with a modest loss.

Regulatory risk likely contributed to the decline. On Thursday, US lawmakers were back in the spotlight. House Republicans are reportedly planning a subcommittee to regulate the digital asset space.

The news coincided with the SEC announcing charges against Genesis and Gemini for the unregistered offering and selling of securities of crypto assets through the Gemini Earn Lending Program.

Today, there are no US economic indicators for investors to consider. The lack of statistics will leave the crypto market in the hands of crypto newswires and FOMC member chatter. Regulatory chatter and hawkish chatter from FOMC members could test buyers’ appetites at current levels.

This week, US corporate earnings, economic indicators and FOMC member discussions will likely see the NASDAQ index influence investor sentiment. Bets on a 25 basis point Fed interest rate hike and FTX contagion risk mitigation remain the tailwinds in the crypto market.

Total Market Cap NASDAQ 160123 Daily Chart Crypto Market Ends Seven-Fight Winning Streak

It was a hectic Sunday session. A bearish start to the day saw the crypto market capitalization fall to a late morning low of $919.20 billion. However, finding support in the afternoon, the crypto market cap hit a late afternoon high of $949.69 billion before falling back into the red.

The pullback left the crypto market cap at $938.70 billion, marking a loss of $0.881 billion for the day. Despite the bearish Sunday, the crypto market capitalization increased by $140.85 billion for the week.

Total Market Cap 160123 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

It was a Sunday mixed session for the crypto top ten.

ETH bucked the trend, rising 0.18%.

However, XRP fell 2.59% to pave the way lower, with DOGE (-1.26%) and MATIC (-1.65%) struggling.

ADA (-0.57%), BNB (-0.95%) and BTC (-0.40%) posted modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Frax (FXS) shares jumped 23.81% to lead the way, with decentraland (MANA) and sandbox (SAND) posting gains of 17.41% and 8.73%, respectively.

However, fantom (FTM) and solana (SOL) fell 6.49% and 5.56%, respectively, with the huobi token (HT) registering a loss of 3.57%.

24-Hour Liquidations Crash as Crypto Market Pulls Back

Within 24 hours, crypto liquidations fell to below normal levels as investors locked in profits, ending a seven-game winning streak. As of this writing, 24-hour liquidations were $81.22 million versus $223.20 million as of Sunday morning.

Traders liquidated in the past 24 hours were also down. At the time of writing, liquidated traders stood at 31,367 from 69,043 on Sunday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

Total Crypto Liquidations 160123

According to Coinglass, 12-hour liquidations were $45.49 million, down from $48.30 million on Sunday, with four-hour liquidations dropping from $24.96 million to $5.77 million. One-hour closeouts were $2.28 million versus $4.51 million as of Sunday morning.

The chart below shows market conditions throughout the session.

Total Market Cap 160123 Hourly Chart

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