the main ideas:
- Saturday’s session was mixed for the cryptocurrency top ten, with solana (SOL) bucking the top ten trend.
- The quiet session left the broader market ranged, with speeches from the less hawkish FOMC members from Friday continuing to provide support.
- The cryptocurrency market cap rose by $3.7 billion to $880.3 billion, cutting the October deficit to $26 billion.
Saturday’s session was mixed for encryption Top ten. Solana (SOL) bucked the trend of the top ten, while ETH And the XRP led the way. Despite the bullish session, BTC Below $20,000 for the 15th consecutive day with less than $19,000 averted.
The lack of external market forces left investors to digest the FOMC members’ speech from Friday.
Reports Members of the Federal Open Market Committee (FOMC) who plan to discuss a lower rate hike in December raised hopes of ending aggressive policy moves to bring inflation to target.
On Friday, FOMC member Mary Daly said it was time to consider easing again, which should avoid pushing the economy into a Fed-fuelled recession. US Treasury Secretary and former Federal Reserve Chair Janet Yellen also offered crypto-friendly comments. Yellen saw no evidence that inflation had become an integral part of the US economy.
Friday’s chatter eased bets for a 75 basis point rate hike in December. According to FedWatch, the probability of a 75 basis point rate hike in December is 45.6%, down from 75.4% on Thursday.
Hardcore Bearish Bets for December are Crypto Positive. However, with the Federal Open Market Committee (FOMC) in a blackout, economic data may release uncertainty on Monday. US private sector PMIs for October will attract a lot of attention. The headline numbers and optimistic sub-components could re-feed expectations for a 75 basis point rise in December.
Earlier in Monday’s session, China’s third-quarter GDP figures would also attract attention. However, we expect the NASDAQ 100 Mini to set the tone in the last hour of today’s session (UTC). The drop in expectations for an upbeat move in December indicates a bullish start to this week.
Cryptocurrency market targets third consecutive gain after bullish Saturday
A mixed start to the day saw the cryptocurrency market drop to an early morning low of $872.4 billion. However, it found support during the morning, and the cryptocurrency market surged to an early afternoon high of $884.9 billion before pulling back.
Despite the pullback, the cryptocurrency market rose by $3.7 billion to end the day at $880.3 billion. The second straight gain pulled the cryptocurrency market down by $26 billion for the month of October.
While it is a bearish start to Sunday’s session, the third consecutive bullish session will be the first since September 12, the day before the US CPI report for August.
Crypto market movers and shakers from the top ten and beyond
Saturday’s session was mixed for the top ten cryptocurrency space.
From CoinMarketCap Top 100, it was a mixed session.
24-hour cryptocurrency liquidation slippage in second bullish session.
Over the course of 24 hours, the overall liquidation retreated after another bullish crypto session. At the time of writing, 24 hour liquidations are $22.82 million, down from $85.58 million Saturday morning.
Traders who were liquidated in the last 24 hours also declined. At the time of writing, the number of liquidated traders is 15,691 versus 40,849 on Saturday morning. Liquidations decreased over an hour, four hours and more than 12 hours.
according to Coinglass, 12-hour liquidations decreased from $58.98 million to $14.29 million, with four-hour liquidations decreased from $4.26 million to $1.76 million. One-hour liquidations fell from $0.658 million to $0.620 million.
The chart below shows market conditions throughout the session.