Key Insights:
- Bitcoin (BTC) reversed last week’s loss with a 7.69% rally on Monday to end the day at $31,716.
- There were no major news stories to deliver a broad-based crypto rally, with dip buyers jumping back in following the pickup in risk appetite across the US markets.
- Monday’s rebound raised hopes of a bottoming out and the beginnings of a bullish trend formation.
On Monday, it was another bullish session for the crypto market, with the broader market making gains for a third consecutive day.
Once more, there were no cues from the crypto news wires to shift investor sentiment, with sidelined investors re-entering off the back of the bullish weekend.
A record ninth consecutive weekly loss for bitcoin (BTC) and avoiding a return to the May 12 current year low of $25,836 was the key.
Crypto Market Cap Adds $100bn to Strike a Day High of $1,315bn
After returning to $1,200 billion Sunday, $100 billion of inflows took the total market cap to a day high of $1,315 billion before easing back.
24-hour crypto liquidation numbers through the weekend and Monday morning reflected a shift in investor sentiment.
According to Coinglass, total liquidations fell back to sub-$100 million levels after hitting $500 million last week.
At the time of writing, however, total liquidations stood at $349.68 million.
Total liquidations 310522
From the crypto top ten, ADA surged by 18.26% on Monday to lead the way
BNB (+5.24%), DOGE (+6.41%), ETH (+10.34%), SOL (+4.99%), and XRP (+7.62%) also saw solid gains.
A BTC return to $32,000 levels for the first time since May 11 delivered much-needed support. Bitcoin’s Monday rally also reversed the last two weeks of losses.
Bitcoin Recouples with the NASDAQ 100 in a Breakout Session
Bitcoin recoupled with the NASDAQ 100 on Monday. While the US markets were closed for Memorial Day, the NASDAQ 100 mini reflected a continued pickup in risk appetite.
Investors were able to brush aside regulatory uncertainty stemming from the collapse of TerraUSD (UST) and Terra LUNA Classic. This was despite news hitting the wires of the summons for all Terra Labs staff as investigations continue.
At the time of writing, the NASDAQ 100 mini was up 83.5 points, while bitcoin was down 0.57% to $31,535.
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