Crypto Market Daily Highlights – June 5 – BTC Ends 9-Week Losing Streak
Key Insights:
It was a mixed end to the week for the crypto majors. Bitcoin (BTC) managed to avoid red, however, to end a nine-week losing streak.
Another bearish start to the day saw bitcoin and the broader market face another day in the red before afternoon support kicked in.
Concerns over Fed monetary policy, following Friday’s US nonfarm payrolls, continued to weigh on investor appetite.
It was a mixed Sunday session for the crypto market, with lawmaker chatter from the US testing investor resilience over the weekend.
In recent days, a number of lawmakers targeted cryptos, highlighting the risks and calling for increased oversight.
The collapse of TerraUSD (UST) and Terra LUNA has given lawmakers cause to put the spotlight on the crypto market.
Crypto winter chatter and talk of exchanges laying off employees or freezing headcounts continued to add to the negative mood.
For bitcoin (BTC), five sessions in the green from seven, which included a 7.69% rally on Monday, ended a nine-week losing streak.
Crypto Market Cap Visits Sub-$1,200bn for a Third Consecutive Day
On Sunday, the total crypto market cap fell to a day low of $1,196 billion before ending the day at $1,214 billion.
A fall to sub-$2,000 billion for a third consecutive session continued to reflect the bearish sentiment across the market.
For the crypto bulls, steering well clear of the May 12 current year low of $1,082 billion will remain the key.
BTC rose by 0.18% on Sunday. Following a 0.56% gain on Saturday, BTC ended the week up by 1.51% to $29,898.
Across the rest of the top ten, ADA (+0.18%), ETH (+0.07%), and XRP (+0.77%) joined BTC in positive territory.
BNB (-0.76%), Dogecoin (DOGE) (-1.03%), and SOL (-1.28%) ended the day in the red, however.
For the week, divergence across the top ten was evident. ADA was the success story, rallying by 22.0%, while SOL slid by 11.9%.
Total Crypto Liquidations Point to Calmer Market Conditions
Market conditions were benign relative to mid-week. According to Coinglass, 24-hour liquidations stood at $81.52 million. While up from levels seen on Saturday, liquidations remained well below $500 million levels seen mid-week.
1-hour and 4-hour liquidations suggest an easing in selling pressure, which supported the bitcoin recovery from early losses.
At the time of writing, total liquidations over one hour stood at $2.62 million.
The markets will likely continue to keep an eye on liquidations, with any spike a test of support.
Crypto News Highlights from the Day,
Luna 2 ended the week up by 23.4% but remained down 40.3% from an opening price of $10.69.
STEPN (GMT) announced that it was under multiple DDOS attacks on Sunday, leaving GMT down 6.2% on the day.
The Tron Foundation delivered stablecoin transparency via the ‘Tron DAO Reserve’ page to allay fears following the collapse of TerraUSD.
Over the weekend, Bored Ape Yacht Club announced a discord server exploit, impacting 200 ETH worth of NFTs.
This article was originally posted on FX Empire
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