Crypto Market Daily Highlights: XRP Led a Mixed Top Ten Session

The top ten cryptocurrency index had a mixed day on Monday. As MATIC defied the positive trend, XRP was in the lead. BTC failed to maintain control of the $25,000 handle after returning to it for the fourth time in five sessions.

There were no crypto-related events that may have given the overall crypto market direction. BTC reversed early losses with a rebound to $25,000, providing support for the cryptocurrency market.

The SEC and US politicians remained mute on Monday because American markets were closed in observance of George Washington's birthday. Fed, though, Due to persistent fear and regulatory uncertainty, the cryptocurrency market fell short of $1,100 billion for the day.

Investors have no American economic indications to take into account either. Recent US economic data and Fed talk point in favor of a more aggressive interest rate trajectory to achieve goal inflation. The economic statistics have, however, also allayed the immediate concern of a recession, which is optimistic for the cryptocurrency market.

The Coming Day

Investors should keep an eye on the cryptocurrency news wires for anything that might shift the market. With updates from FTX, Genesis, and Silvergate Bank, Binance news will continue to be of interest.

The NASDAQ Composite Index and US economic data will have an impact on the afternoon session.

Focus will be on the preliminary February PMIs for the private sector. We anticipate that the PMI and its sub-components will have a greater impact. The hawkish stance on Fed monetary policy would be supported by an increase in production and input prices as well as a quicker rate of hiring.

This morning's decline of 23.25 points on the NASDAQ mini indicated a gloomy start to the American session. Regulatory action and congressional chitchat, however, will continue to be the major drivers.

The cryptocurrency market recovers after a quiet Monday session.

The Monday session was rocky. The crypto market cap saw a negative start to the day, falling to an early low of $1,045 billion before regaining support in the late morning. The market capitalization of cryptocurrencies surged to a late afternoon high of $1,098 billion before declining.

Despite a late decline, the cryptocurrency market cap closed at $1,083 billion, up $19.29 billion from the previous day.

The cryptocurrency market is on track to post a second straight monthly increase after last week's advances. The market capitalization of cryptocurrencies is presently at $79 billion despite the heightened regulatory scrutiny. The cryptocurrency market value increased by $248.52 billion in January.