Cryptocurrency Market Daily Highlights: BNB, DOGE, and ETH Lead the Top Ten

Key information:

  • It was a bullish Tuesday session for the top ten cryptocurrencies. BNB, DOGE and ETH led the rebound of the top ten.
  • Binance news, FTX updates, and a rebound in the NASDAQ index amid easing fears about the liquidity crunch provided support.
  • The cryptocurrency market cap increased by $21.41 billion to end the day at $773.98 billion.

It was a bullish Tuesday session for the top ten cryptocurrencies. BNB, DOGE and XRP led the way. Notably, BTC revisited $17,000 for the first time in four sessions.

Recession fears took a back seat on Tuesday, with cryptocurrency news offering a bullish session. FTX, Binance and Ethereum were among the news that impacted investor sentiment.

Investors have been monitoring the latest updates since the FTX crash. Liquidity updates from FTX have provided support to the cryptocurrency market, with over $1 billion identified in various US institutions. There are also reportedly ongoing efforts to identify cryptocurrency holdings.

Reports of political donations to FTX have also been positive for FTX’s lenders and the cryptocurrency market.

However, the news of Binance.US’s acquisition of Voyager Digital was likely the catalyst for the breakout day. After a FUD campaign that saw investors concerned about a possible Binance cash crunch, Binance.US agreed to acquire Voyager Digital for $1.022 billion.

According to the press release,

“Binance.US offering aims to return cryptocurrency to customers in kind, in accordance with court-approved disbursements and platform capabilities.”

Binance Coin (BNB) responded favorably to the news.

The Binance news coincided with Visa (V) announcing plans to support Ethereum automatic payments.

From the US, there were no US economic indicators to scare investors on Tuesday. Earlier in the session, the Bank of Japan’s announcement to change its target range for 10-year yields to 50 basis points sank Asian equity markets and the NASDAQ mini. Previously, the 10-year yield range was within 25 basis points of its 0% target.

However, the NASDAQ ended the day up 0.01%, with the S&P 500 up 0.10%. The bounce provided support to the cryptocurrency market during the afternoon session.

Today, US consumer confidence data will attract interest. The better-than-expected numbers should support the NASDAQ index and the broader cryptocurrency market. However, investors will also need to monitor the chatter of FOMC members. The hawkish comment would weigh on riskier assets.

Total Market Cap – NASDAQ – 211222 5 minute chart

Cryptocurrency Market Rebounds on FTX Updates and Risk Sentiment

A mixed start to the day saw the cryptocurrency market cap drop to an initial low of $750.29 billion. However, the decline was short-lived, with the cryptocurrency market capitalization climbing to a mid-afternoon high of $781.02 billion before easing back.

Despite the decline from its mid-afternoon high, the cryptocurrency market cap finished the day at $773.98 billion, marking a gain of $21.41 billion for the session. Significantly, Tuesday’s session reversed Monday’s $16.06 billion loss.

Total Market Cap 211222 Daily chart

The cryptocurrency market movers and shakers from the Top Ten and beyond

It was a bullish Tuesday session for the top ten 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 found strong support.

From the CoinMarketCap top 100, it was a bullish session.

Trust wallet token (TWT) led the way, rising 10.81%, with flow (FLOW) and axie infinity (AXS) posting gains of 6.53% and 6.18%, respectively.

UNUS SED LEO (LEO) and casper (CSPR) bucked the trend of the top 100, down 1.64% and 2.95% respectively.

24-hour closes go up on the bearish session

In the 24-hour time, cryptocurrency liquidations eased during a bullish session on Tuesday that saw volume surge higher as investor sentiment improved.

At the time of writing, 24-hour settlements totaled $40.76 million versus $68.92 million on Tuesday morning.

Traders liquidated in the last 24 hours have also decreased. At the time of writing, traders liquidated stood at 10,661 versus 33,322 on Tuesday morning. Cryptocurrency liquidations decreased in four and 12 hours and in one hour.

Total crypto liquidations 211222

According to Coinglass, 12-hour settlements dropped from $60.23 million to $16.77 million, with four-hour settlements down from $35.82 million to $1.09 million. Settlements in an hour decreased from $0.635 million to $0.399 million.

The chart below shows market conditions throughout the session.

Total Market Cap 211222 Hourly chart

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