- It was a bearish weekend for the crypto top ten, with XRP leading the way.
- After a relatively limited Saturday, market uncertainty weighed ahead of several key economic indicators expected this week.
- The total crypto market capitalization fell by $29 billion to register the third drop in nine sessions.
It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third straight day, led by XRP.
Following the Fed meeting minutes and US non-farm payrolls, the market is focused this week on US inflation numbers.
With the numbers due on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.
Last week’s FOMC meeting minutes highlighted members’ concerns about the possible impact of rate hikes on the US economy. Uncertainty surrounding the Fed’s monetary policy and the economic outlook likely contributed to some profit taking.
At the start of this week, we expect the crypto market to take inspiration from the NASDAQ 100, with no likely near-term decoupling.
At the time of this writing, the NASDAQ 100 Mini was down 38 points.
Total Crypto Market Cap Returns Below $900 Billion
Sunday’s bearish session saw the crypto market capitalization fall from a high of $935.7 billion to a low of $895.8 billion.
While late support limited the damage, total market capitalization shrank by $28.9 billion to $905.2 billion.
Sunday’s pullback left the market cap rising $54 billion for the week ending July 10.
Crypto Market Drivers and Shakers from the Top Ten and Beyond
XRP slid 5.66%, with ETH registering a loss of 4.04%.
ADA (-3.35%), BNB (-3.62%), BTC (-3.41%), DOGE (-3.18%), and SOL (-3.53%) also registered heavy losses.
From CoinMarketCap top 100, TerraClassicUSD (USTC) led the way, up 4.04%.
IOTA (MIOTA), Monero (XMR), Amp (AMP), Chiliz (CHZ) and Tezos (XTZ) also bucked the overall market trend.
Leading the way are Internet Computer (ICP) and THORChain (RUNE), which fell 8.7% and 8.9% respectively.
Full Crypto Liquidations Reflect Improving Market Conditions
The 24-hour liquidations rose through Sunday, mirroring the bearish crypto session.
This morning, 24-hour liquidations were $111 billion, up from $59.5 million on Sunday morning.
Traders liquidated in the last 24 hours have increased. At the time of writing, liquidated traders stood at 39,241 compared to 23,346 on Sunday.
However, the four-hour and one-hour sell-offs reflected improving market conditions.
According coin glassone-hour closeouts were $0.586 million, down from $1.60 million on Sunday.