Daily Crypto Market Highlights – June 4 – Weekend Support

Key ideas:

  • It was a bullish Saturday for bitcoin (BTC) and the broader market, although the gains were modest.
  • The market started the day bearish before finding support in the afternoon to end the day in positive territory.
  • Worries over the Fed’s monetary policy, following Friday’s US nonfarm payrolls, pushed the majors back from a full recovery of Friday’s losses.

It was a relatively bullish Saturday session for the crypto market, with the top ten partially recovering from Friday’s heavy losses.

Newswires tested support early in the session, with anti-crypto chatter testing investor sentiment.

Over the weekend, the FTC reported crypto cybercrime figures that may further prompt regulators to clamp down on the crypto market to protect investors.

Crypto winter chatter and exchanges laying off employees or freezing headcount added to the negative mood.

For bitcoin (BTC), it was the sixth gain in eight sessions, although resistance at $30,000 left bitcoin below $30,000.

Crypto Market Cap Visits Less Than $1.2 Trillion Again

On Saturday, the total crypto market cap slipped to a daily low of $1.190 billion ahead of the afternoon rally.

The return to below $1.2 trillion for a second day in a row suggests continued volatility.

For crypto bulls, avoiding the current year’s May 12 low of $1.082 billion will be key.

Total Market Cap 050622 Daily Chart

Looking at the top ten cryptos, Dogecoin (DOGE) and Solana (SOL) led the way with gains of 2.06% and 1.99%, respectively.

ADA (+1.07%), BNB (+0.97%), BTC (+0.56%), ETH (+1.70%) and XRP (+0.66%) also found support.

In the top 100, The Graph (GRT) and Helium (HNT) lead the pack, up 11.6% and 12.6% respectively.

Both have benefited from a change in sentiment on the day and are poised for a week of solid gains. GRT is currently up 16.2% for the week, with HNT up an impressive 28.7%.

Full Crypto Liquidations Indicate Calmer Market Conditions

After hitting highs of $500 million during the week, total 24-hour liquidations stood at just $55.82 million, according to Coinglass.

Year-over-year, total liquidations reflect further easing of selling pressure, with liquidations amounting to $0.961 million.

A resumption of full selloffs early in the day, however, could test investor sentiment.

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