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Crypto Market Daily Highlights: DOGE and XRP Led the Top Ten South
The crypto market had a bullish week that ended on a sour note. Investors were forced to lock in gains on lingering Fed Fear and regulatory risk due to the absence of cryptocurrency events.
The top ten cryptocurrency index had a gloomy session on Sunday. XRP and DOGE were the first to fall. Bitcoin returned to the $25,000 level for the third time in four sessions despite a negative day.
As investors get ready for a new week, increased scrutiny of the digital asset market most certainly had a role in the gloomy session. This week, Binance became the latest platform to come under regulatory scrutiny.
After an investigation of the platform's practices by the Department of Justice and CFTC, The Wall Street Journal stated that Binance must pay fines. The heightened regulatory scrutiny might come from all three, adding pressure to the crypto sector after the SEC pursued Paxos and Kraken.
While regulatory risk has decreased over the course of the week in reaction to remarks made on Capitol Hill by US lawmakers and inquiries about the SEC's regulatory actions, there is still ambiguity over the regulatory environment. Investors anticipate a change in the regulatory environment after the collapse of FTX, which might have a negative effect on the US crypto industry.
Fed Fear continues to be a barrier for the crypto market. The markets are relying on a more aggressive interest rate trajectory to drive inflation to goal in response to the most recent set of US statistics and Fed rhetoric. Investors are also placing bets on a potential 5.5% interest rate peak.
The Coming Day
Investors should keep an eye on the cryptocurrency news wires for anything that might shift the market. News about Binance will keep people interested, and updates on FTX, Genesis, and Silvergate Bank will all have an impact.
With the US celebrating George Washington's birthday, there aren't any American economic statistics to help investors today.
Despite a late reversal, the cryptocurrency market ends the week in the black.
That was a diverse Sunday class. The overall crypto market cap increased to a late afternoon high of $1,099 billion following a range-bound morning before going into reverse. The reversal caused the market valuation of cryptocurrencies to fall to a late low of $1,054 billion. The cryptocurrency market, however, found late support and ended the day at $1,064 billion, recording a $6.40 billion loss on Sunday.
Despite the week's dismal finale, the market capitalization of cryptocurrencies increased by $95.96 billion overall.
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