Cryptos find support

Crypto Market Daily Highlights – SOL and DOGE Sink in Bearish Session

Key Insights:

  • It was a bearish start to the week for the crypto top ten, with Solana (SOL) and Dogecoin (DOGE) leading the way down.
  • Market angst over inflation, the economic outlook, and Fed monetary policy fired up ahead of US inflation figures on Wednesday.
  • The total crypto market cap slid by $38 billion to record the fourth decline in ten sessions.

It was a bearish Monday session for the crypto top ten. Bitcoin (BTC) fell for a fourth consecutive day, with DOGE and SOL leading the way down.

Positive US nonfarm payroll (NFP) figures from Friday reverberated across the global financial markets. Following less hawkish FOMC meeting minutes last Wednesday, the NFP number reignited fears of a 75-basis point rate hike this month.

The crypto market tracked the NASDAQ 100 into the red, with investors now looking ahead to US inflation figures due on Wednesday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 120722 5 Min Chart

Another spike in inflation could assure a 75-basis point rate hike and a more aggressive rate path for the year.

However, riskier assets could find support should US retail sales figures disappoint on Friday.

The FOMC meeting minutes revealed concern over the impact of rate hikes on the economy. Weak numbers could force the Fed to take its foot off the gas to assess the effect of rate hikes on sentiment and consumption.

The Total Crypto Market Cap Slides to Sub-$900bn

A bearish Monday session led the crypto market cap to a day low of $862 billion before ending the day at $867 billion. The extended sell-off saw another $38 billion come off the table.

For July, the crypto market cap is up by just $1.5 billion, with the crypto market now facing the prospect of a fourth consecutive monthly loss.

Near term, the fate of the crypto market sits in the hands of the Fed and global economic indicators.

Crypto - NASDAQ
Total Market Cap 120722 Daily Chart

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

DOGE and SOL slid by 8.22% and 8.98%, respectively, to lead the way down.

ADA (-6.06%), BTC (-4.33%), and ETH (-6.18%) also struggled.

XRP  and BNB saw relatively modest losses of 3.17% and 3.80%, respectively

From the CoinMarketCap top 100, STEPN (GMT) led the way down, sliding by 12.5%, with THORChain (RUNE), Uniswap (UNI), and IOTA (MIOTA) close behind.

Loopring (LRC), Chiliz (CHZ), and Arweave (AR) bucked the trend. AR rose by 2.16%, with LRC and CHZ ending the day up by 0.25% and by 0.98%, respectively.

Total Crypto Liquidations Spike as Crypto Market Hits Reverse

24-hour liquidations increased through Monday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $177 billion, up from $111 billion on Monday and $60 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 69,448 versus 39,241on Monday.

Four-hour and One-hour liquidations reflected deteriorating market conditions.

According to Coinglass, one-hour liquidations stood at $13.81 million, up from $0.586 million on Monday. Four-hour liquidations stood at $90.91 million.

Crypto liquidations
Total Crypto Liquidations 120722

Daily News Highlights

  • Bitcoin projections got more bearish, with $10,000 called more likely than $30,000.
  • CoinFLEX started the arbitration process to claw back $84 million.
  • XRP showed a muted response to the latest filings and rulings from the SEC v Ripple case.