Key Insights:
- It was a bullish Tuesday session for the top 10 cryptocurrencies. BNB, DOGE, and ETH led the top 10 rebounds.
- Binance news, FTX updates, and the Nasdaq Index rallied and offered support as concerns about a liquidity crisis eased.
- Cryptocurrency market capitalization increased by $21.41 billion to end the day at $773.98 billion.
It was a bullish Tuesday session for the top 10 cryptocurrencies. BNB, DOGE and XRP led the way. Notably, BTC revisited $17,000 for the first time in his four sessions.
Recession fears on Tuesday were put on the back burner, with crypto newswires offering a bullish session. FTX, Binance, and Ethereum are among the news stories that influence investor sentiment.
Investors watched the latest updates from the FTX demise. FTX cash holdings update provides support for the crypto market, with more than $1 billion identified across various US institutions. efforts are also being made.
Reports of political donations to FTX were also positive for FTX creditors and the cryptocurrency market.
However, the news that Binance.US acquired Voyager Digital may have been the catalyst for the breakout. Binance.US has agreed to buy Voyager Digital for $1.022 billion after his FUD campaign worried investors about a potential liquidity crisis in Binance.
According to the press release,
“Binance.US’ bid is aimed at returning cryptocurrencies to customers in kind, subject to court-approved payments and platform functionality.”
Binance Coin (BNB) reacted positively to the news.
Binance news comes at the same time as Visa (V) announced plans to support Ethereum automatic payments.
From the United States, there were no US economic data to surprise investors on Tuesday. Earlier in the session, Asian stock markets and his NASDAQ mini fell as the Bank of Japan announced it would change its 10-year yield target range to 50 basis points. Previously, the 10-year yield range ranged from a 0% target to 25 basis points.
However, the NASDAQ index was up 0.01% and the S&P 500 was up 0.10%. The rebound provided crypto market support throughout the afternoon session.
Today, the US Consumer Confidence Index will be the center of attention. The higher-than-expected numbers should support the NASDAQ index and the broader crypto market. However, investors should also monitor her FOMC member chatter. The hawkish commentary will weigh heavily on riskier assets.
Crypto Markets Bounce With FTX Update And Risk-On Sentiment
The cryptocurrency market capitalization plummeted to an early low of $750.29 billion. But the downside was short-lived, with the cryptocurrency market capitalization surging to a high of $781.02 billion in the mid-afternoon before calming down.
Despite recovering from mid-afternoon highs, the cryptocurrency market cap ended the day at $773.98 billion, up $21.41 billion in the session. Importantly, Tuesday’s session reversed his $16.06 billion loss on Monday.
Top 10+ Crypto Market Movers and Shakers
It was a bullish Tuesday session for the top 10 cryptocurrencies.
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 have strong support.
From the CoinMarketCap Top 100, it was a bullish session.
Trust Wallet Token (TWT) rose 10.81% while Flow (FLOW) and Axie Infinity (AXS) rose 6.53% and 6.18% respectively.
UNUS SED LEO (LEO) and casper (CSPR) bucked the trend in the top 100, down 1.64% and 2.95% respectively.
24-Hour Liquidations Rise in Bearish Session
Over a 24-hour period, cryptocurrency liquidations fell in Tuesday’s bullish session as trading volumes increased due to improved investor sentiment.
As of this writing, 24-hour liquidations were at $40.76 million versus $68.92 million on Tuesday morning.
Traders liquidated in the last 24 hours also decreased. At the time of writing, liquidated traders were 10,661 to 33,322 on Tuesday morning. Cryptocurrency liquidations were down at 4 and 12 hours and 1 hour.
According to Coinglass, 12-hour liquidations fell from $60.23 million to $16.77 million, while four-hour liquidations fell from $35.82 million to $1.09 million. One-hour liquidations dropped from $635,000 to $399,000.
The chart below shows the market situation for the entire session.
