January 28, 2023

Bears confirm their presence for the week, with leading crypto assets surrendering gains seen the previous day. Late pullbacks in Nasdaq weighed the marketplace.

  • The top ten cryptocurrencies stared at a bearish session, with Solana leading the losers.
  • Equity volatility tested broader crypto strength, with NASDAQ’s late pullback leaving BTC down for a 2nd session.
  • The global crypto market capitalization lost $9.2B to $912B, and the $1T mark remains elusive.

The crypto market started the week with a bearish outlook. Bitcoin slid for the 2nd successive day, with Binance Coin and Ethereum surrendering their gains during yesterday’s final hour.

Meanwhile, crypto news could not unsettle investor feathers regardless of Coinbase’s downgrade and Gary Gensler’s chatter. However, the market failed to resist crude oil prices and U.S equity markets.

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NASDAQ 100 surrendered its earlier gains, with surged crude oil price accounting for the retracement. BTC and the crypto space followed NASDAQ inside the negative region, whereas WTI closed the day 1.81% up at $109.57.

Global Crypto Market Capitalization Declined Again

The overall cryptocurrency market cap extended Sunday’s $24 billion loss, dropping $9.17 billion yesterday. Meanwhile, a mixed session had the index hitting a $942.7 billion high before retreating. The modest fall saw the market cap losing $381B during the current month.

Monday’s fall reflects investor feelings on the impact of crude oil prices as far as inflation is concerned. Plans to introduce new G7 sanctions against Russia saw crude oil prices skyrocketing amid fears of further supply chain disruption. Moreover, supply disruption might propel inflation and cancel hopes of the Fed shifting its stance on interest rates.

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Today’s Market Shakers and Movers

Solana led losers in the top ten with a 2.29% slide. Bitcoin (-1.495), Dogecoin (-1.25%), and Ripple (-1.62%) are also struggling. Modest losses emerged from Ethereum (-1.25%), Binance Coin (-0.17%), and Cardano (-1.02%).

Meanwhile, Tezos led the gainers in the top 100 crypto list, gaining more than 11% within the past day. Other gains emerged from Stacks, Chiliz and ApeCoin.

We have more market news on your way. Stay tuned.


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