Key Insights:
- It was a bearish session for the crypto top ten, with Solana (SOL) leading the way down.
- US equity market volatility tested support for the broader crypto market, with a late NASDAQ pullback leaving bitcoin in the red for a second session.
- The total crypto market cap slipped by $9.2 billion to $912 billion, with the $1,000 billion mark still elusive.
It was a bearish start to the week for the crypto market. Bitcoin (BTC) fell for a second consecutive day, with Ethereum (ETH) and Binance Coin (BNB) giving up gains in the final hour of the day.
Crypto news failed to ruffle investor feathers despite SEC Chair Gary Gensler chatter and the Coinbase downgrade.
However, the US equity markets and crude oil prices did influence the crypto market.
The NASDAQ 100 gave up early gains, with a spike in crude oil prices contributing to the pullback. Bitcoin and the broader market tracked the NASDAQ into negative territory, while WTI ended the day up 1.81% to $109.57.
The Total Crypto Market Cap Fell For a Second Day
Following a $24 billion decline on Sunday, the total crypto market cap slipped by $9.17 billion on Monday.
A mixed session saw the market cap hit a high of $942.7 billion before retreating.
The modest decline left the total crypto market cap down $381 billion for the current month.
Monday’s pullback reflected investor sentiment toward the influence of crude oil prices on inflation. Plans to roll out fresh G7 sanctions on Russia drove crude oil prices northwards on fears of more supply disruption.
Further supply chain disruption could push inflation higher and remove hope of a shift in the Fed’s interest rate projections.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
On Monday, SOL fell by 2.29% to lead the way down, with BTC (-1.49%), DOGE (-1.25%), and XRP (-1.62%) also struggling.
ETH (-0.49%), BNB (-0.17%), and ADA (-1.02%) ended the day with relatively modest losses.
From the CoinMarketCap top 100, TEZOS (XTZ) rallied by 10.78%, with Apecoin (APE), Chiliz (CHZ), and Stacks (STX) leading the broader market.
One-Hour Total Crypto Liquidations Slide to Below One Million
This morning, 24-hour total crypto liquidations eased back from Monday levels.
Going into the Tuesday session, total 24-hour liquidations stood at $137 million, down from $145 million on Monday.
Liquidated traders over the last 24 hours also eased back. At the time of writing, liquidated traders stood at 57,317.
With 24-hour liquidations easing back, liquidations over one hour slid below the one million level, also crypto positive.
According to Coinglass, one-hour liquidations stood at $0.86 million. On Monday morning, one-hour liquidations had stood at $12.71 million.
Read More:Crypto Market Daily Highlights – BTC and the Broader Market See Red
