the main ideas:
- It’s a mixed end of the week for 10 crypto positions, with 90 minutes (UTC) left of the session. XRP is violating the top ten bullish trend.
- There were no events to impact, leaving buyers who had pulled back in decline after four sessions in the red from six.
- The cryptocurrency market cap rose by $10.2 billion to $886.5 billion, bringing the market down by $19 billion during the week.
It’s a mixed Sunday session for the top ten cryptocurrency space. XRP bucks the trend of the top ten, while ETH leads the rest of the major coins. BTC is below $20,000 for the ninth session in a row while avoiding a return below $19,000.
There were no crypto events to provide direction, leaving indulgent buyers jumping at lower price levels. Ahead of Sunday’s session, the cryptocurrency market fell in four out of six sessions. Increased bets of a 75 basis point Fed rate hike in November and December have weighed on riskier assets.
This morning, the probability of a rise of 75 basis points for November is 99.4% and 66.7% for December. Last week, the chances of a 75 basis point increase in November and December were 81.1% and 23.4%, respectively. However, the probability of a rise of 75 basis points in December eased from 69.8% on Friday.
With the cryptocurrency market in the hands of the Federal Reserve and US economic indicators, we expect the correlation with the Nasdaq 100 to continue. Later today, the NY Empire State manufacturing numbers for October will attract attention.
The FOMC meeting minutes last week revealed that some members are willing to ease the pace of interest rate hikes if economic indicators reflect cracks in the economy. This was reflected in the increased sensitivity of the ISM manufacturing survey to the PMI.
The cryptocurrency market rose for the third time in seven sessions
In a limited range during the morning, the cryptocurrency market rose from an early low of $876.2 billion to a mid-morning high of $882.4 billion before easing back below $880 billion. However, the end of the Sunday session saw an upside, with the cryptocurrency market jumping to a late high of $891.2 billion before pulling back.
With 90 minutes of the session (UTC) remaining, the crypto market rose by $10.2 billion (1.17%) to $886.5 billion. The market capitalization is down $19 billion (-2.1%) this week.
Crypto market movers and shakers from the top ten and beyond
It’s a mixed Sunday session for the top ten cryptocurrency space.
XRP is bucking the broader market trend, down 1.02%.
However, it was a bullish session for the rest of the top ten.
ETH leads the way, up 2.47%, with ADA (+1.65%), BNB (+1.83%), and SOL (+1.90%) closing in.
Bitcoin (+1.27%) and DOGE (+0.58%) are the top contenders.
From CoinMarketCap Top 100 mixed sessions.
Casper (CSPR) leads the way, up 17.02%, and Synthetix (SNX) and Waves (WAVES) saw gains of 11.92% and 8.25%, respectively.
However, Huobi Token (HT) is leading the way lower, down 5.32%. TerraclassicUSD (USTC) and NEM (XEM) are down 2.35% and 2.39% respectively.
24-hour cryptocurrency liquidations remain stable in a mixed session
Over the 24-hour period, total liquidations rose despite a bullish crypto session, with a volatile afternoon session driving liquidations higher. At the time of writing, 24 hour liquidations are $39.69 million versus $32.79 million Monday morning.
Traders that were liquidated have maintained their stability over the past 24 hours. At the time of writing, the number of liquidated traders is 17,659 versus 17,869 on Sunday morning. The liquidations lasted for more than 12 and 4 hours, while declining for more than an hour.
according to Coinglass, 12-hour liquidations rose from $21.08 million to $22.50 million, with four-hour liquidations rising from $13.83 million to $17.67 million. However, one-hour liquidations decreased from $11.20 million to $6.17 million.
The chart below shows market conditions throughout the session.
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