- Bitcoin (BTC) and the broader crypto market steadied after Thursday’s sell-off in just the second bullish session of the week.
- From the top ten, Dogecoin (DOGE) gained 3.02% to lead the way, while bitcoin rose by just 0.29%.
- The total market cap increased for the fifth time this month, though the increase was modest.
It was a bullish session for the crypto market on Friday. The gains were modest, however, relative to Thursday’s losses.
Bitcoin (BTC) managed to avoid sub-$20,000, with the NASDAQ 100 delivering support in a bearish week that left the NASDAQ 100 down 4.78%.
After decoupling from the NASDAQ on Thursday, the correlation weakened further on Friday, as shown below. It remains to be seen whether the US equity markets have bottomed out and $20,000 becomes the bottom for BTC.
Crypto Market Cap Rises Modestly to Avoid a New Current Year
From June 12 to June 15, the total market cap fell to new current-year lows daily. The total market cap slid by $185 billion this week, visiting a Wednesday current year low of $833.3 billion on the way.
After another heavy loss on Thursday, market conditions improved ahead of the weekend, with the market cap rising for the second time this week. A $9 billion rise was unconvincing, however.
Apprehension followed by reaction to the Fed monetary policy decision on Wednesday continued to test investor appetite.
Despite Friday’s modest gains, headwinds remain that will leave uncertainty for investors to grapple with. These include economic and regulatory uncertainty.
In a mixed session for the broader market. Nexo (NEXO) saw among the largest losses, falling by 3.26%.
On the stablecoin front, USDD movements remained an area of market interest, with TRON DAO Reserve yet to restore the dollar peg.
Steering clear of a current week low of $0.9582 provided some comfort and TRON (TRX) support.
Total Crypto Liquidations Eased Back Following Fed Policy Decision
Market conditions improved significantly from Tuesday, with total liquidations falling back to reasonable levels.
After hitting $1 billion on Tuesday, total liquidations stood at $133 million at the turn of the day. At the turn of the Thursday session, 24-hour liquidations had stood at $210 million.
1-hour liquidations also reflected improving market conditions.
According to Coinglass, 1-hour liquidations stood at $1.34 million.
Crypto Daily News Highlights
- Bitcoin (BTC) at $20,000 leaves GBTC premiums at an all-time low.
- The crypto winter claimed more victims, with HK-based Babel Finance forced to suspend crypto redemptions and withdrawals.
- TRON (TRX) found support as stablecoin USDD recovers from $0.9 levels.
- Hinman speech-related documents remained the focal point of the ongoing SEC v Ripple case.