Crypto

Crypto Market Daily Highlights – ETH Leads the Crypto Top Ten

Key Insights:

  • It was another bullish session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The upside came despite a spike in US wholesale inflation, with FOMC member chatter of a 75-basis point rate hike easing fears of a 100-basis point hike later this month.
  • The total crypto market cap rose by $23 billion to log the second increase of the week.

It was a bullish Thursday session for the crypto top ten. Bitcoin (BTC) consolidated the Wednesday rebound, while ETH bounced back to revisit $1,200.

A spike in US wholesale inflation and weak jobless claims figures tested support for riskier assets.

The US wholesale annual rate of inflation accelerated from 10.9% to 11.3% in June, beating a forecasted 10.7%. In the week ending July 8, jobless claims rose from 235k to 244k, adding to the bearish sentiment.

Later in the US session, however, riskier assets found support from Fed Governor Christopher Waller, who supported a 75-basis point rate hike in July. The latest consumer price and nonfarm payroll figures have brought a 100-basis point rate hike onto the table.

Market reaction to Waller’s comments was evident, with the crypto market rising in response.

The NASDAQ 100 avoided a fourth consecutive day in the red, eking out a 0.03% gain ahead of US retail sales figures due later today.

crypto - NASDAQ
Total Market Cap – NASDAQ – 150722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 61 points, with the retail sales figures likely the final piece of the jigsaw for the Fed. Solid numbers would support the more hawkish rate hike bets. Amidst increased sensitivity to FOMC member chatter, Fed commentary will also draw plenty of interest.

The Total Crypto Market Cap Returns to $900bn

A mixed Thursday session saw the crypto market cap fall to a day low of $855 billion before finding support. Investor reaction to the US wholesale inflation and jobless claims figures weighed before a jump to a high of $914 billion.

While a late pullback limited the upside, investors poured a further $23 billion back into the market to take the crypto market cap up $37 billion for July.

Crypto market cap
Total Market Cap 150722 Daily Chart

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

ETH rallied by 7.04% to lead the way, with BNB (+3.47%) and SOL (+6.31%) finding strong support.

ADA (+0.68%), BTC (+1.71%), DOGE (+0.87%), and XRP (+2.93%) trailed the front runners.

From the CoinMarketCap top 100, Uniswap (UNI) and Polygon (MATIC) were among the front runners, with gains of 14.70% and 10.94%, respectively.

At the other end of the table, TerraClassicUSD (USTC) and Decred (DCR) fell by 11.25% and 1.22%, respectively, to buck the broader market trend.

Total Crypto Liquidations Slip Back in Bullish Session

On Thursday, 24-hour liquidations eased back as the crypto market brushed aside wholesale inflation numbers from the US.

This morning, 24-hour liquidations stood at $180 million, down from $230 million on Thursday.

Liquidated traders over the last 24 hours declined to also reflect improving market conditions. At the time of writing, liquidated traders stood at 51,568 versus 72,955 on Thursday.

One-hour and four-hour liquidations showed improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $2.41 million, down from $7.12 million on Thursday. Four-hour liquidations stood at $9.20 million, down from $13.28 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 150722

Daily News Highlights

  • CEL Token price plunged 50% in response to Celsius filing for bankruptcy.
  • Walt Disney (DIS) selected Polygon (MATIC) to join the 2022 Disney Accelerator.
  • The crypto winter hit Open Sea, which announced a 20% reduction in headcount
  • Uniswap surged in response to Robinhood (HOOD) listing.
  • The UK’s Financial Conduct Authority (FCA) called for global crypto rules to keep the markets clean.