Weekend Support Kicked In

The crypto market had a somewhat optimistic Saturday session, with the top 10 regaining some of Friday's huge losses.

Early in the day, the news wires challenged support, with anti-crypto talk putting market mood to the test.

The Federal Trade Commission (FTC) released statistics on crypto crimes over the weekend, which may give authorities more reason to crack down on the crypto sector in order to safeguard investors.

The bad atmosphere was exacerbated by crypto winter buzz about exchanges cutting off personnel or freezing headcounts.

Bitcoin (BTC) gained for the sixth time in eight sessions, while resistance above $30,000 kept the price below $30,000.

Crypto Market Capitalization Drops Below $1200 Billion Once More

The whole crypto market worth fell to a day low of $1,190 billion on Saturday before recovering in the afternoon.

For the second day in a row, the market has dropped below $1200 billion, indicating that volatility will persist.

The objective for crypto bulls will be to stay clear of the current year low of $1,082 billion set on May 12th.

Dogecoin (DOGE) and Solana (SOL) dominated the cryptocurrency top ten with increases of 2.06 percent and 1.99 percent, respectively.

ADA (+1.07 percent), BNB (+0.97%), BTC (+0.56%), ETH (+1.70%), and XRP (+0.66%) all received support.

The Graph (GRT) and Helium (HNT), both in the top 100, lead the field with 11.6 percent and 12.6 percent gains, respectively.

Both benefited from a change in attitude earlier in the day and are poised for a strong week. GRT is presently up 16.2 percent this week, while HNT is up a whopping 28.7%.

Total crypto liquidations point to a more stable market

According to Coinglass, 24-hour total liquidations were just $55.82 million, down from $500 million earlier in the week.

With total liquidations of $0.961 million over the last year, there has been a further lessening in selling pressure.

However, a surge in overall liquidations in the early hours of the day might put investor confidence to the test.

Highlights of the Day's News

Since 2021, the US Federal Trade Commission (FTC) has estimated that customers have lost more than $1 billion to crypto scams.

Assembly Law A7389C, a New York Proof-of-Work mining bill, is on its way to Governor Kathy Hochul for consideration.

At the SNB-CIF Conference on Crypto Assets and Financial Innovation, Fed Governor Christopher J. Waller discussed crypto risk.

Following the collapse of TerraUSD (UST) and Terra LUNA, South Korean officials have continued to attack the crypto business.

After a drop to $4.14 on launch day, LUNA 2.0 failed to re-ignite. LUNA 2.0 was trading for $6.37 at the time of writing.