- Crypto market conditions worsened on Sunday, with the broader market seeing red for a sixth consecutive day.
- Apprehension ahead of the Fed monetary policy decision on Wednesday left the bears fully in control.
- The total crypto market cap saw another $64 billion wiped out, with the total market cap falling to a current-year low of $1,048 billion.
It was a bearish end to a bad week for the crypto on Sunday, with the broader market seeing red for a sixth consecutive day.
US inflation figures from Friday delivered the telling blow, with the crypto market at the mercy of sentiment towards the global economic outlook and Fed monetary policy.
The extended sell-off led bitcoin (BTC) to sub-$27,000 for the first time since May 12. Market favorites Chainlink (LINK) and Cardano (ADA) saw particularly heavy losses despite favorable network news updates.
Crypto Market Cap Gives Up $159 Billion in Extended Sell-Off
The bearish Sunday session saw the total crypto market cap slide by $71 billion to a current-year low of $1,048 billion before steadying.
By the day’s end, $64 billion came off the table. The sixth daily loss left the market cap down by $159 billion for the week.
With the market focus now firmly on the Fed, heavier losses could be on the cards should the Fed interest rate projections shift higher.
Another curveball for the crypto market is the likely change in the regulatory landscape. The collapse of TerraUSD Classic (USTC) and Terra LUNA expedited efforts to implement more stringent regulatory measures to protect retail investors.
From the top ten cryptos, ADA led the way down, sliding by 11.39%, with DOGE (-9.11%) and SOL (-9.85%) close behind.
Things were no better for the rest of the largest cryptos by market cap.
BNB (-5.53%), BTC (-6.35%), ETH (-6.39%), and XRP (-4.55%).
The effect of the crypto winter is evident in the crypto rankings. Three stablecoins make up the top six digital currencies by market cap.
Looking beyond the top ten, FTX Token (FTT) (+1.90%), NEO (NEO) (+6.83%), Symbol (XYM) (+2.46%), and Tron (TRX) (+0.41%) avoided losses.
Of the top 100, Fantom (FTM) and STEPN (GMT) were the worst performers, tumbling by 19.41% and 16.81%, respectively.
Total Crypto Liquidations Remain Elevated
Following a spike on Saturday, total crypto liquidation remained elevated going into the Monday session.
According to Coinglass, 24-hour liquidations stood at $359.7 million, up from $352.2 million on Sunday. More significantly, liquidations over 1 hour stood at $17.5 million, suggesting market conditions remain testy.