Key Insights:
It was a mixed Saturday session for the top 10 cryptocurrencies. BNB and MATIC have bucked the bearish trend.
Over the weekend, Huobi Global became the latest exchange to face the rumor mill to test its investors’ resilience.
Cryptocurrency market capitalization fell $1.09 billion to end the day at $783.96 billion.
It was Saturday’s mixed session of the top 10 cryptocurrencies, with BNB and MATIC bucking the top 10 trend. BTC entered the broader market at a loss. Notably, BTC failed to revisit $17,000 while he evaded below $16,500 seven times in a row.
Following Friday’s breakout session, Saturday’s trading volume retreated, with investors on the sidelines following figures from the US Jobs Report and the ISM Non-Manufacturing PMI.
Relaxing bets on a 50 basis point rate hike by the Federal Reserve would be good for the cryptocurrency market, but there are concerns about a contraction in the services sector. There is uncertainty as to whether the Fed can avoid a bearish hard landing for riskier assets.
Regulatory risk and concerns about the crypto winter epidemic are lingering headwinds that continue to pull the broader market back from a $1 trillion return.
Huobi Global Announces Layoffs
Huobi Global has become the latest exchange to test investors’ appetites and face the cryptocurrency market’s rumor mill on Saturday.
Huobi Global Sales Head James Hume tried to dispel rumors that the exchange was in trouble, stating:
“Most, if not all, of the rumors currently circulating are either completely false or inaccurate. is doing business.”
News that the platform laid off 20% of its workforce has sparked speculation about a more serious problem.
Friday, Justin Sun reportedly Withdraw $100M stablecoin from Binance and deposit with Huobi. The move will address immediate liquidity concerns and restore confidence.
With the platform restructuring scheduled to be completed in Q1 2023, the market will be closely monitoring spill numbers. The decision to freeze withdrawals will surprise investors and hurt the broader crypto market.
According to Coingecko, Huobi ranks second in trust score after Coinbase Exchange (COIN). CryptoMarketCap ranks Huobi his 16th in trading volume.
Crypto News Wires and NASDAQ Mini Guide Investors
Today, cryptocurrency newswires will continue to garner interest, with Huobi at the forefront. However, his final hour will be dominated by the NASDAQ mini as investors focus on the next round of US economic data that could impact his Fed’s interest rate path.
Market Cap – NASDAQ – 080123 Daily Chart
Crypto Market Sees Moderate Pullback In Low Post Jobs Report Trading
It was a bearish Saturday session. The cryptocurrency market capitalization hit an intraday low of $780.51 billion after he hit a high of $788.61 billion. In the afternoon, the cryptocurrency market cap calmed down after reaching $784 billion again.
The late drop took the crypto market to $783.96 billion with a loss of $1.09 billion for the day.
Total Market Cap 080123 Daily Chart
Top 10+ Crypto Market Movers and Shakers
It was a mixed Saturday session for the top 10 cryptocurrencies.
BNB and MATIC bucked the trend with gains of 0.58% and 0.91% respectively.
However, the rest of the session was bearish. ADA (-0.36%), BTC (-0.06%), ETH (-0.39%), DOGE (-0.55%), XRP (-0.21%) are in deficit.
From the CoinMarketCap Top 100, it was a mixed session.
Chronos (CRO), Algorand (ALGO) and Destraland (MANA) were Saturday’s frontrunners.
MANA increased by 6.83%, while ALGO and CRO increased by 2.35% and 2.30% respectively.
However, Ethereum Classic (ETC), Near Protocol (NEAR), and Solana (SOL) showed the worst performance.
SOL fell 2.96% while NEAR and ETC fell 1.94% and 2.02% respectively.
24 hour liquidation is at a lower than normal level
For over 24 hours, cryptocurrency liquidations were well below normal levels as trading volumes plummeted over the weekend. At the time of writing, the 24-hour liquidation put him at $10.92 million.
Traders liquidated over the last 24 hours were also at low levels. At the time of writing, there were 6,193 liquidated traders. Cryptocurrency liquidations fell at 12 hours and he at 4 hours, and were at higher levels at 1 hour.
Total Crypto Clearance 080123
According to Coinglass, the 12-hour liquidation was $6.09 million and the four-hour liquidation was $3.91 million. However, the one-hour liquidation was $2.23 million.
The chart below shows the market situation for the entire session.
Market cap 080123 hourly chart
