Top Ten South Crypto Market Highlights: DOGE and XRP

Despite a bearish session, BTC revisited $25,000 for the third time in four sessions. XRP and DOGE led the way down.

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It is likely to have been an increase in scrutiny surrounding the digital asset space as investors prepare for a new week, contributing to the bearish session. In the past week, Binance became the latest platform to fall under the watchful eye of regulators as it joined a growing list of platforms.

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The CFTC and the Department of Justice have conducted a joint investigation into the platform's operations and have reportedly recommended that Binance pay penalties. There is a possibility that the increased regulatory scrutiny will come from all three of these companies, placing even more pressure on the crypto market as a result of the SEC's targeting of Kraken and Paxos.

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Despite the fact that regulatory risk subsided during the week as a result of US lawmaker commentary on Capitol Hill and a questioning of the SEC's regulatory actions, uncertainty remains over the regulatory landscape going forward. It is expected that the regulatory landscape will change following the collapse of FTX, which could adversely affect the US crypto market as a result.

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There is also a headwind that remains in the crypto market due to Fed Fear. The markets are now betting on a more aggressive interest rate trajectory to bring inflation to target following the latest round of US stats and Fed chatter. There is also a possibility that the interest rate could peak at around 5.5%, which is what investors are betting on.

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The Day Ahead

Crypto investors should continue to monitor the crypto news wires for events that could have a significant impact on the price of crypto assets. It's safe to assume that Binance news will continue to attract attention, as well as updates from FTX, Genesis, and Silvergate Bank.

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As the US celebrates George Washington's birthday today, investors have no US economic indicators to guide them.

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A late reversal in crypto markets but positive weekends

It was a mixed session on Sunday. As the total crypto market capitalization advanced to a high of $1,099 billion late in the afternoon after a range-bound morning, it then reversed its direction. The crypto market cap dropped to a late low of $1,054 billion due to the reversal of the trend. Nevertheless, the crypto market was able to find support late in the day to close the day at $1,064 billion, posting a loss of $6.40 billion for the day.

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The crypto market cap rose $95.96 billion over the week despite the bearish end to the week.

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Top Ten Crypto Market Movers and Shakers

The crypto top ten is having a bearish session.

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It was DOGE and XRP that led the way down, with the two falling by 1.92% and 2.12%, respectively.

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BNB (-1.61%), ADA (-1.48%), and BTC (-1.42%) also suffered, while MATIC (-0.39%) and ETH (-0.69%) showed modest losses.

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It was a mixed session for the CoinMarketCap top 100.

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As usual, stacks (STX) and conflux (CFX) led the way with gains of 62.63% and 44.85%, respectively, while file coin (FIL) gained 12.57%.

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The lido DAO (LDO) fell 9.49%, while render token (RNDR) and optimism (OP) fell 6.89% and 7.12%, respectively.

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Afternoon pullback pushes 24-hour liquidations higher

Sunday's crypto liquidations remained below-normal levels over the past 24 hours. In total, 53.31% of liquidations were long positions, accounting for 53.31% of all liquidations. On Sunday morning (UTC), 24-hour liquidations stood at $36.25 million, up to $88.95 million today.

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Over the past 24 hours, there was a higher number of liquidated traders. Currently, there are 37,017 liquidated traders compared to 16,699 on Sunday morning. Over the past 12 hours and four hours, as well as over the past hour, crypto liquidations have been higher.

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Coinglass reported $67.17 million in 12-hour liquidations, up from $19.05 million on Sunday morning, and $16.18 million in four-hour liquidations, up from $3.80 million. A $2.42 million increase was seen in one-hour liquidations from $0.344 million.