Key Insights:
- Saturday was a mix of top 10 cryptocurrencies with ADA, BNB and ETH bucking the bearish top 10 trend.
- With no news to distract investors ahead of Tuesday’s US CPI report and Wednesday’s Fed policy decision, investors have been put in a cautious position.
- Cryptocurrency market capitalization increased by $1.1 billion to $810.7 billion.
Friday’s session was a mixed bag of top 10 cryptocurrencies. ADA, BNB, and ETH have joined the broader crypto market in the positive realm. Despite the bearish session, BTC has evaded his $17,000 level for the second time since November 7th.
There were no economic indicators for investors to consider on Saturday. With the US markets closed, investors had a chance to get the latest stats and turn to Tuesday’s US CPI report and all-important his FOMC interest rate decision and Wednesday’s economic forecast.
Following Friday’s negative wholesale inflation in cryptocurrency prices, there may be some concern ahead of Tuesday’s CPI report. An unexpected spike in US inflation could close the door on his Fed pivot in December.
Going into Monday’s session, the bet is Wednesday’s rate hike of 50 basis points. According to the FedWatch tool, the odds of a rate hike of 75 basis points are 21.8% and 78.2% for a hike of 50 basis points.
With no cryptocurrency news today, investors should track the NASDAQ mini in the last hour (UTC).
Crypto Market Sees Modest Rise Ahead Of Tuesday’s CPI Report
On Saturday, cryptocurrency market capitalization fell to a morning low of $807.1 billion before finding support. On a bullish afternoon, cryptocurrency market capitalization climbed to a late afternoon high of $819.4 billion.
However, a late pullback saw the market cap increase by $1.1 billion in the session to $810.7 billion.
Top 10+ Crypto Market Movers and Shakers
It was a mixed Saturday session for the top 10 cryptocurrencies.
DOGE (-0.52%) and XRP (-0.61%) led the decline, while BTC (-0.02%) and MATIC (-0.10%) struggled.
However, ADA (+0.32%), BNB (+0.77%), and ETH (+0.28%) have found support to end the day in positive territory.
From the CoinMarketCap Top 100, it’s a mixed session.
Osmosis (OSMO), Graph (GRT) and Axie Infinity (AXS) were the frontrunners. OSMO rose by 16.09% while GRT and AXS rose by 10.49% and 3.43% respectively.
However, chain (XCN) fell 9.36% while lido DAO (LDO) and quant (QNT) posted losses of 1.72% and 1.40% respectively.
Decrease in 24-hour clearing due to lower trading volume
Over a 24-hour period, cryptocurrency liquidations plummeted on Saturday as trading volumes slid ahead of next week’s US CPI report and the Fed’s interest rate decision.
As of this writing, 24-hour liquidations were at $7.5 million versus $20.67 million on Saturday morning.
Traders liquidated in the last 24 hours also decreased. As of this writing, liquidated traders were at 4,475 against 7,841 on Saturday morning. Cryptocurrency liquidations he decreased by more than 12 hours, increased by 4 hours and he increased by more than 1 hour.
According to Coinglass, 12-hour liquidations fell from $12.87 million to $5.43 million. However, the four-hour liquidation increased him from $1.49 million to $1.56 million, and the one-hour liquidation increased him from $1.99 million to $8.7 million.
The chart below shows the market situation for the entire session.
