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Key Insights: It was a mixed Saturday session for the crypto top ten, with DOGE opposing a downtrend. Increased scrutiny of the crypto market has left the broader crypto market in the red, with the White House administration and the SEC front and center. The crypto market cap fell $6.76 billion to end the day at $999.42 billion.
It was a mixed session for the top 10 cryptos on Saturday. ADA led the way lower, while DOGE resisted the downtrend. BTC ended the day at $23,000 for the fourth session in a row.
There were no outside market forces to guide investors on Saturday. Weaker US inflation numbers and lower personal spending were not enough to deliver a second bullish session.
Increased scrutiny of cryptocurrency has weighed on investor sentiment
In the crypto market, increased scrutiny of the crypto market by the US administration and the SEC has tested the appetite of buyers. The release of the administrations roadmap to mitigate cryptocurrency risk continued to resonate on Saturday.
The roadmap called for increased efforts to regulate cryptocurrencies, stating,
Congress, too, must step up its efforts. For example, Congress should expand the powers of regulators to prevent abuses of client assets that harm investors and distort prices and to mitigate conflicts of interest.
The statement added,
Over the past year, the limited exposure of traditional financial institutions to cryptocurrencies has prevented the cryptocurrency turmoil from infecting the broader financial system. It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the wider financial system.
The roadmap followed the release of the 116-page FTX Creditors List which included listed US companies and financial institutions, including Goldman Sachs (GS).
Notably, the roadmap also indicated,
We encourage regulators to continue these efforts, including those designed to address and limit the exposure of financial institutions to the risks of digital assets.
Gary Gensler also caught the attention of investors on Friday, sharing a discussion with Commissioner Carline Crenshaw about the risks associated with investing in cryptos.
The SEC Chairman did not hold back, saying:
There is an increased risk when investing in these speculative and volatile new investments which really lack basic protections and regulations.
Gensler’s comments and roadmap signaled a likely increase in activity to bring the crypto market under tighter regulation. Significantly, the roadmap may also give the SEC more freedom to regulate by enforcement and a green light to target financial institutions exposed to cryptocurrencies.
The day to come
Today, investors should continue to watch crypto news feeds. FTX and Genesis bankruptcy proceedings and crypto regulatory discussions will need to be considered. In the last hour, the NASDAQ mini could also provide direction.
Investors’ attention will turn to the Fed this week, with markets betting on a 25 basis point interest rate hike and a less aggressive interest rate path to bring inflation back on target.
Total Market Cap NASDAQ 290123 Daily Chart Crypto Market Sees Red Amid Heightened Regulatory Scrutiny
It was a mixed session on Saturday. A bullish start to the day saw the crypto market cap hit a high of $1.016 billion before reversing. The reversal saw the crypto market capitalization fall to a low of $989.69 billion in the early afternoon. However, an afternoon rally left the market capitalization at $999.42 billion, marking a loss of $6.76 billion on the day.
Total Market Cap 290,123 Daily ChartCrypto Market Movers and Shakers in the Top Ten and Beyond
It was a mixed session for the top ten cryptos.
ADA fell 2.05% to lead the way. BNB (-0.58%), BTC (-0.16%), ETH (-1.62%), SOL (-1.68%) and XRP (-1.11%) also saw red.
However, DOGE (+0.92%) bucked the trend of the top ten.
From the CoinMarketCap top 100, it was a mixed session.
OKB (OKB) and convex finance (CVX) led the way, rising 8.53% and 8.85% respectively, with gala (GALA) ending the day up 7.60%.
However, the Lido DAO (LDO) fell 6.29%, with the DAO token curve (CRV) and optimism (OP) registering losses of 5.27% and 4.21%, respectively.
24 Hour Closeouts Slide on Remote Saturday Session
On a 24-hour basis, crypto liquidations fell further below normal levels in a relatively limited Saturday session. Long positions had the highest share of liquidations, accounting for 74.71% of total liquidations. As of this writing, 24-hour liquidations were $59.34 million versus $110.08 million Saturday morning.
Traders liquidated in the past 24 hours were also down. At the time of writing, liquidated traders stood at 24,888 compared to 30,628 on Saturday morning. Crypto liquidations were lower over 12 and four hours and over one hour.
Total Crypto Clearances 290123
According to Coinglass, 12-hour liquidations were $30.11 million, down from $58.03 million on Saturday, with four-hour liquidations dropping from $32.95 million to $8.52 million. One-hour clearouts went from $2.33 million to $1.48 million.
The chart below shows market conditions throughout the session.
Total Market Cap 290123 Hourly Chart
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