Cryptos find support

Crypto Market Daily Highlights – BTC Extends Winning Streak

Key Insights:

  • On Friday, the crypto top ten extended the winning streak to three sessions, with Ethereum (ETH) leading the way for a second session.
  • Better than expected US retail sales figures and talk of a 75-basis point rate hike supported riskier assets, with the NASDAQ 100 delivering the broader crypto market direction.
  • The total crypto market cap rose by $11.5 billion.

It was a bullish Friday session for the crypto top ten. Bitcoin (BTC) rose for a third consecutive day, with ETH continuing its move toward $1,500.

The markets moved away from the recent US inflation figures and focused on the US economy on Friday.

Retail sales figures for June beat expectations but were not hot enough to fuel fear of a 100-basis point hike later this month.

Month-on-month, retail sales increased by 1.0% versus a forecasted 0.8%. Core retail sales also increased by 1.0% versus a forecasted 0.6%.

FOMC member chatter also drew attention, with members Bostic and Bullard easing fears of a 100-basis point move.

According to Reuters, James Bullard spoke of indifference on “whether the Fed approves a 0.75 percentage-point rate increase this month, as policymakers have flagged, or boosts that to a full percentage point.”

Atlanta Fed President Raphael Bostic reportedly delivered a more tempered view, cautioning against any dramatic moves that may impact hiring and other positive trends still evident in the economy.

The crypto news wires had a muted impact on the broader market, with the NASDAQ 100 guiding the crypto market. On Friday, the NASDAQ 100 rose by 1.79%.

The Total Crypto Market Cap Rises for a Third Consecutive Session

A bearish start to the Friday session saw the crypto market cap fall to a day low of $896 billion before finding support. Investor reaction to the US retail sales figures and Fed chatter led to a high of $932 billion before easing back.

Despite a late pullback, investors poured $11.5 billion back into the market to take the crypto market cap up $47 billion for July.

Crypto market cap
Total Market Cap 160722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ETH rallied by 3.22% to lead the way, with BTC rising by 1.21%.

ADA (+0.23%), BNB (+0.04%), DOGE (+0.79%), SOL (+0.65%), and XRP (+0.12%) trailed the front runners.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) and Lido DAO (LDO) led the way, surging by 37% and 23%, respectively.

Progress towards the ETH Merge remained the key driver for LDO. According to Dune Analytics, staking Ether was on the rise.

ETH Staked on LIDO
ETH Staked with Lido

Several coins bucked the broader market trend, however. Synthetix (SNX), Nexo (NEXO), and Curve DAO Token (CRV) led the way down. NEXO slid by 6.6%, with SNX and CRV falling by 5.8% and 5.1%, respectively.

Total Crypto Liquidations Continued Downward Trend

On Friday, 24-hour liquidations eased further back as the crypto market responded to US economic indicators and Fed chatter.

This morning, 24-hour liquidations stood at $144 million, down from $180 million on Friday.

Liquidated traders over the last 24 hours declined to reflect improving market conditions. At the time of writing, liquidated traders stood at 47,290 versus 51,568 on Friday morning.

Significantly, one-hour liquidations fell to sub-$1 million going into the weekend session.

According to Coinglass, one-hour liquidations stood at $0.924 million, down from $2.41 million on Friday and $7.12 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 160722

Daily News Highlights

  • SEC mulled waiving some crypto regulations.
  • Fed Survey showed crypto products and services and blockchain tech low priority for bank growth and development strategies for two-thirds of respondents.