Crypto Market Daily Highlights – XRP Led the Top Ten into the Red

Key Insights:

  • It was a bearish Tuesday for the crypto top ten, with XRP leading the way down for a second consecutive session.
  • Risk aversion hit the crypto market, which had enjoyed a bullish morning session before succumbing to external market forces.
  • The total crypto market cap fell by $7.1 billion to $895.9 billion.

It was a bearish Tuesday session for the crypto top ten. XRP led the way down for a second session. Waning investor optimism towards a favorable outcome to the SEC v Ripple case weighed. BTC visited $20,000 for the first time in nine sessions before ending the day in the red.

US economic indicators likely contributed to the afternoon sell-off. In September, the CB Consumer Confidence Index increased from 103.6 to 108.0. Economists forecast a rise to 104.5. The increase came despite the current inflation environment, the Fed’s policy moves, and the economic outlook.

The consumer confidence figures support the Fed’s policy goals, which likely contributed to the risk-off session. Jobs and wages were the driving force behind the pickup in consumer confidence. The survey cut-off date was before last week’s interest rate hike.

On Tuesday, the NASDAQ 100 rose by 0.25%, while the S&P500 and the Dow fell by 0.21% and 0.43%, respectively. This morning, the NASDAQ 100 Mini was up 23.75 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 280922 5 Minute Chart

Crypto Market Fell Back to sub-$900bn in Risk-Off Session

On Tuesday, the crypto market cap surged to a mid-day high of $944.9 billion before sliding to a late low of $882.4 billion. The afternoon sell-off left the market cap at $895.9 billion, down $7.1 billion for the session.

Crypto market cap falls back to sub-$900 billion.
Total Market Cap 280922 Daily Chart

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

It was a bearish Tuesday session for the crypto top ten.

XRP and SOL led the way down, sliding by 4.68% and 3.54%, respectively.

ADA (-1.34%), BNB (-1.38%), and DOGE (-1.02%) also struggled, while BTC (-0.72%) and ETH (-0.65%) saw modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Quant (QNT), Reserve Rights (RSR), and Uniswap (UNI) led the way. RSR surged by 12.41%, with QNT and UNI seeing gains of 10.55% and 7.47%, respectively.

However, Terra Classic (LUNC), Terra (LUNA), and Chiliz (CHZ) were among the worst performers. LUNC and LUNA slid by 9.05% and 9.93%, respectively, with CHZ falling by 3.37%.

24-HourCrypto Liquidations Spike as Market Conditions Turn Bearish

Over 24 hours, total liquidations saw a sharp increase on Tuesday, returning to a more normal level.

At the time of writing, 24-hour liquidations stood at $154.14 million, up from $79.89 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 49,758 versus 42,166 on Tuesday morning. Liquidations were up over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations rise.
Total Crypto Liquidations 280922

According to Coinglass, 12-hour liquidations stood at $86.08 million, up from $25.84 million on Tuesday morning, with four-hour liquidations up from $3.31 million to $4.38 million. One-hour liquidations rose from $0.612 million to $1.92 million.

The chart below shows market conditions throughout the session.

US Consumer confidence hits the crypto market.
Total Market Cap 280922 Hourly Chart

Crypto Market Daily Highlights – XRP Leads a Bullish Thursday Session

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with XRP leading the way.
  • Following Wednesday’s Fed rate hike and projections, the crypto market decoupled from the NASDAQ 100, which ended the day in negative territory.
  • The total crypto market cap is up by $42.0 billion to $904.3 billion, with 40-minutes of the session remaining.

It is a bullish Thursday session for the crypto top ten. XRP is the trailblazer, supported by investor optimism toward a favorable outcome to the SEC v Ripple case. The successful hard fork of the Cardano (ADA) mainnet was another crypto market positive event.

However, despite the bullish session, BTC fell short of $20,000 for a fourth consecutive session. The US economic calendar was on the lighter side, with better-than-expected US jobless claims having a muted impact on crypto investor sentiment.

The lack of stats supported a crypto decoupling from the NASDAQ 100, which fell by 1.37% on Thursday. Market reaction to the Fed policy decision and FOMC projections continued to pressure tech stocks, with the markets having few distractions to shift sentiment.

Later today, we could see US economic indicators influence the crypto market. Prelim private sector PMI numbers for September are due. However, another divergence from the NASDAQ 100 could raise hopes of an end to the crypto winter. An SEC loss in the case against Ripple, or a settlement, could ease fears of the SEC gaining the authority to oversee the entire digital asset space.

Crypto market decoupling.
Total Market Cap – NASDAQ – 230922 5 Minute Chart

Crypto Market Cap Rises on a Decoupling from the NASDAQ

On Thursday, the crypto market cap fell to an early low of $856.7 billion before rising to a final hour high of $913.6 billion. With 40 minutes of the Thursday session remaining, the crypto market cap is up $42.0 billion to $904.3 billion.

However, the crypto market is down $49 billion for September.

Crypto market bounces back from Fed woes.
Total Market Cap 230922 Daily Chart

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

It is a bullish Thursday session for the crypto top ten.

With 40 minutes of the session remaining, XRP leads the way, surging by 22.75%. While trailing XRP, BTC (+5.02%), ETH (+6.55%), and SOL (+5.64%) are also on the move.

However, ADA (+4.78%), BNB (+4.01%), and DOGE (+3.92%) trailed the front runners.

From the CoinMarketCap top 100, it is a bullish session.

XRP also leads the crypto top 100, with Chiliz (CHZ) and UNUS SED LEO (LEO) rallying by 17.63% and 13.48%, respectively.

Terra Classic (LUNC) and Lido DAO (LDO) bucked the broader market trend, with losses of 3.15% and 0.82%, respectively.

24-HourCrypto Liquidations Slide Back Bullish Crypto Session

Over 24 hours, total liquidations tumbled as the crypto market decoupled from a bearish NASDAQ 100 session. At the time of writing, 24-hour liquidations stood at $110.35 million, down from $318.09 million on Thursday morning.

Liquidated traders over the last 24 hours also fell. At the time of writing, liquidated traders stood at 38,827 versus 88,169 on Thursday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.

Liquidations slide.
Total Crypto Liquidations 230922

According to Coinglass, 12-hour liquidations stood at $65.30 million, down from $291.50 million on Thursday morning, with four-hour liquidations falling from $148.65 million to $24.70 million.

However, one-hour liquidations increased from $2.78 million to $6.44 million, reflecting the pullback from the high of the session. The chart below shows market conditions throughout the session.

Crypto market cap eases back from session high.
Total Market Cap 230922 Hourly Chart

Crypto Market Daily Highlights – ETH Slides to Sub-$1,400

Key Insights:

  • It was a bearish end to a bearish week for the crypto top ten, with ethereum (ETH) leading the way down.
  • Fed Fear resurfaced on Sunday, with investors looking ahead to Wednesday’s monetary policy decision and economic projections.
  • The total crypto market cap slid by $46.5 billion to $895.3 billion.

It was a bearish Sunday session for the crypto top ten. ETH led the way down, tumbling to sub-$1,400. BTC ended the session at sub-$20,000 for a third session in the week.

News of a replay attack on Ethereum Proof-of-Work may have contributed to the bearish session. However, investor apprehension ahead of the Fed’s monetary policy decision likely led to the market pullback.

Late in the session, the market steadied, with the NASDAQ 100 Mini delivering much-needed support. At the time of writing, the NASDAQ 100 Mini was up 10.0 points, easing immediate fears of another bearish US session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

NASDAQ correlation.
Total Market Cap – NASDAQ – 190922 Daily Chart

Crypto Market Slides to End the Week at Sub-$900bn

On Sunday, the crypto market cap fell from an early high of $944.6 billion to a late low of $888.2 billion. While steadying late in the session, the market cap slid by $46.5 billion to end the session at $895.3 billion. The market cap last ended a session at sub-$900 billion on July 13.

The bearish Sunday left the crypto market cap down by $130.2 billion in the week.

Total market cap tumbles to sub-$900bn.
Total Market Cap 190922 Daily Chart

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

It was a bearish Sunday session for the crypto top ten.

ETH tumbled by 9.14% to lead the way down, with ADA (-7.82%), DOGE (-7.65%), and SOL (-7.69%) close behind.

BNB (-4.59%), BTC (-3.51%), and XRP (-5.34%) saw relatively modest losses.

From the CoinMarketCap top 100, it was a bearish session.

Ravencoin (RVN), ethereum classic (ETC), and Curve DAO Token (CRV) led the way down. RVN slid by 15.84%, with ETC and CRV seeing losses of 14.30% and 13.68%, respectively.

Chiliz (CHZ) bucked the broader market trend, rising by 2.65%.

24-HourCrypto Liquidations Spike on Bearish Sunday Session

Over 24 hours, total liquidations spiked in response to a late Sunday sell-off.

At the time of writing, 24-hour liquidations stood at $264.19 million, up from $58.46 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,009 versus 23,956 on Sunday morning.

Liquidations over twelve and four hours were also up, while one-hour liquidations declined.

Crypto liquidations spike.
Total Crypto Liquidations 190922

According to Coinglass, 12-hour liquidations stood at $226.35 million, up from $39.49 million on Sunday morning. Four-hour liquidations rose from $12.02 million to $140.44 million. However, one-hour liquidations fell from $3.76 million to $2.79 million as market conditions steadied. The chart below shows market conditions throughout the session.

Crypto market cap finds NASDAQ 100 support.
Total Market Cap 190922 Hourly Chart

Crypto Market Daily Highlights – XRP Led the Top Ten for a Second Day

Key Insights:

  • It was a bullish Saturday session for the crypto top ten. XRP led the way for a second session.
  • Recession fears failed to influence, with dip buyers providing support in the wake of the Ethereum Merge selloff.
  • The total crypto market cap rose by $16.5 billion to $941.8 billion.

It was a bullish Saturday session for the crypto top ten. XRP led the top ten, with ETH avoiding a third consecutive session in the red. Improving market conditions also saw BTC return to $20,000.

Market sentiment improved through Saturday, with investors brushing aside fears of a US recession. Heavy losses across the crypto market drew dip buyers to support the bullish Saturday session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

Last week, the Ethereum Merge led to the crypto market decoupling from the NASDAQ 100. However, with the market focus on the Fed, we can expect a close correlation in the week ahead.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180922 Daily Chart

Crypto Market Rises but Remains in the Red for the Week

On Saturday, the crypto market cap fell to a mid-day low of $919.4 billion before rising to a final hour high of $946.0 billion.

Recession fears failed to weigh, with dip buyers jumping in following the market reaction to the Ethereum Merge. Easing fear of a percentage point Fed rate hike also provided crypto market support.

However, following Tuesday’s US CPI report and the Ethereum Merge-driven selloffs, the crypto market cap is down $97 billion for the week. On Saturday, the crypto market cap rose by $16.5 billion to $941.8 billion.

Crypto market cap down for the week.
Total Market Cap 180922 Daily Chart

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

It was a bullish Saturday session for the crypto top ten.

XRP rallied by 5.87% to lead the way, with SOL (+4.50%) close behind.

ADA (+2.32%), DOGE (+2.88%), and ETH (+2.46) also found strong support while BNB (+1.53%), BTC (+1.57%) trailed.

From the CoinMarketCap top 100, it is a mixed session.

ApeCoin (APE) led the way, surging by 20.83%, with Chiliz (CHZ) and yearn.finance (YFI) seeing gains of 7.12% and 7.90%, respectively.

However, ravencoin (RVN) continued to struggle, falling by 3.56%, with cosmos (ATOM) and celsius (CEL) seeing losses of 1.16% and 1.05%, respectively.

24-HourCrypto Liquidations Tumbled to sub-$100 million on Bullish Session

Over 24 hours, total liquidations fell below normal as market tensions eased further following Thursday’s Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $58.46 million, down from $130.21 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 23,956 versus 50,469 on Saturday morning.

Liquidations over twelve hours also fell while rising over 4 hours and one hour.

Liquidations over the last hour rise on bearish start to the Sunday session.
Total Crypto Liquidations 180922

According to Coinglass, 12-hour liquidations stood at $39.49 million, down from $93.63 million on Saturday morning. Four-hour liquidations rose from $11.27 million to $12.02 million, with one-hour liquidations up from $2.24 million to $3.76 million. The chart below shows market conditions throughout the session.

Crypto market turns bearish.
Total Market Cap 180922 Hourly Chart

Crypto Market Daily Highlights – ADA Leads the Top Ten for a Second Day

Key Insights:

  • It is a mixed Sunday session for the crypto top ten, with Cardano (ADA) leading the way while Binance Coin (BNB) and Dogecoin (DOGE) struggle.
  • Fed fear took a back seat, with dip buyers jumping in to support the broader crypto market.
  • The total crypto market cap is up by $3.5 billion to $955.7 billion.

It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) is set to end the day at sub-$20,000 for the fourth time this week while DOGE holds onto the number ten spot. ADA leads the way, finding further support from news of the Vasil hard fork date.

Market sentiment towards the Vasil hard fork was evident over the weekend, with ADA hitting $0.50 for the first time since August 19. For the broader crypto market, dip buyers provided modest support ahead of another busy week on the US economic calendar.

Following the influences of US economic indicators and Fed fear from last week, we expect the crypto market to continue tracking the NASDAQ 100 in the week ahead. While the US markets are closed for Labor Day, the NASDAQ 100 Mini will likely guide the market early in the Monday session.

NASDAQ correlation.
Total Market Cap – NASDAQ – 050922 Daily Chart

Crypto Market Cap Sees Modest Decline in a Mixed Session

On Sunday, the total crypto market cap fell to an early low of $942.2 billion before rising to a high of $963.7 billion. A lack of cues from the news wires led to a pullback to sub-$950 billion before support kicked in late in the session.

Fed Fear remains a crypto headwind. However, crypto network updates are market positive.

The total crypto market cap is down by $34 billion to $955.7 billion for the current week.

Crypto market cap rises in the week, supported by weekend upswing.
Total Market Cap 050922 Daily Chart

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

It is a mixed Sunday session for the crypto top ten.

ADA is up 3.74% to lead the top ten, with ETH (+0.54%), SOL (+2.52%), and XRP (+0.52%) also avoiding the red.

However, BNB (-0.14%), BTC (-0.01%), and DOGE (-0.16%) are in negative territory with an hour of the session remaining.

From the CoinMarketCap top 100, it is a mixed session.

STEPN (GMT) leads the way, rising by 3.90%. Helium (HNT) and The Sandbox (SAND) are close behind, with gains of 3.01% and 3.49%, respectively.

Celsius Network CEL), 1inch Network (1INCH), and Chiliz (CHZ) lead the way down, however. CEL is down 6.02%, with 1INCH and CHZ down by 3.05% and 3.00%, respectively.

24-Hour Crypto Liquidations Holds Steady in a Mixed Sunday Session

Over 24 hours, total liquidations have eased back, supported by a relatively range-bound Sunday session.

At the time of writing, 24-hour liquidations stood at $47.78 million, down from $49.07 million on Sunday morning.

Liquidated traders over the last 24 hours have increased modestly. At the time of writing, liquidated traders stood at 17,110 versus 16,285 on Sunday morning. While liquidations over the last hour have declined, liquidations over 12 hours and 4 hours were higher, reflecting a choppy afternoon.

Crypto liquidations steady.
Total Crypto Liquidations 050922

According to Coinglass, 12-hour liquidations stood at $30.26 million, up from $15.47 million on Sunday morning, with 4-hour liquidations up from $4.41 million to $5.33 million. One-hour liquidations are down from $1.12 million to $0.428 million. The chart below shows market conditions throughout the session.

Crypto market range-bound
Total Market Cap 050922 Hourly Chart

Crypto Market Daily Highlights – ADA Leads Top Ten on Vasil Hard Fork News

Key Insights:

  • It is a mixed Thursday session and start to September for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) leading the way.
  • US economic indicators tested investor support while crypto news updates were market positive.
  • The total crypto market cap is up $7.5 billion to $962 billion.

It is a mixed Thursday session for the crypto top ten, with one hour of the session remaining. Bitcoin (BTC) revisited sub-$20,000 for a sixth consecutive session before moving into positive territory. However, ADA and ETH lead the way, supported by investor sentiment towards the Merge and the Vasil hard fork.

News of Robinhood (HOOD) listing ADA also delivered a price boost.

For the broader market, US economic indicators weighed. In August, the ISM Manufacturing PMI held steady at 52.8. Economists forecast a decline to 52.0. Significantly, the employment sub-component jumped from 49.9 to 54.2. The jump in the employment sub-index provides the Fed more wriggle room to front-load rate hikes.

Earlier in the session, initial jobless claims fell from 237k to 232k, with the 4-week average down from 245.5k to 241.5k. Thursday’s data set suggests that the Fed’s rate hikes and forward guidance had a muted impact on hiring.

Today, the focus will shift to US nonfarm payrolls and wage growth figures for August. Being the official labor market numbers, another spike in hiring could force the Fed to take a more aggressive path to normalization.

The economic data from the US left the NASDAQ 100 down 0.26% on Thursday.

Close NASDAQ correlation.
Total Market Cap – NASDAQ – 020922 5 Min Chart

Crypto Market Cap Responds to US Stats Before a Late Recovery

On Thursday, the total crypto market cap responded to the US economic indicators, falling to a low of $933 billion. However, a late rally saw the market cap rise to a high of $969.5 billion before easing back.

The total market cap is up by $2.0 billion on Thursday, with one hour of the session remaining. For the current week, the market cap is up $41 billion to $962 billion.

Chart Description automatically generated

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

It is a mixed Thursday session for the crypto top ten.

ADA and ETH lead the way, rising by 2.24% and 2.11%, respectively, with DOGE (+1.26%) and XRP (+1.30%) also finding support.

However, BTC is up by a modest 0.16%, with BNB (-0.47%) and SOL (-0.10%) bucking the top ten trend.

From the CoinMarketCap top 100, it is a mixed session.

TerraClasicUSD (USTC) leads the top 100, rallying by 23.42%. Decred (DCR) and Balancer (BAL) are up 9.81% and 9.26%, respectively, to make up the top 3.

However, Helium (HNT) leads the way down, sliding by 7.50%, with Chiliz (CHZ) and Kava (KAVA) down 2.64% and 2.98%, respectively, to make up the bottom 3.

Crypto Liquidations Ease Back over 24-Hours but Climb Over the Hour

Over 24 hours, total liquidations slipped back, supported by a late NASDAQ 100 rebound. However, US economic indicators remained crypto bearish, leading to higher liquidations over shorter time periods.

At the time of writing, 24-hour liquidations stood at $154.58 million, down from $164.73 million Thursday morning.

However, liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 52,615 versus 40,952 on Thursday morning. Liquidations over 12 hours, four hours, and one hour are higher in a choppy second half of the day.

Liquidations point to a choppy session ahead.
Total Crypto Liquidations 020922

According to Coinglass, 12-hour liquidations stood at $105.75 million, up from $75.84 million on Thursday morning. 4-hour liquidations rose from $12.42 million to $25.37 million, with one-hour liquidations up from $3.60 million to $4.59 million. The chart below shows market conditions throughout the session.

Crypto liquidations point to a mixed session ahead.
Total Market Cap 020922 Hourly Chart

Crypto Market Daily Highlights – ETH Led the Top Ten in a Mixed Session

Key Insights:

  • It was a mixed Wednesday session and end to the month for the crypto top ten,
  • Ethereum (ETH) led the way, supported by investor sentiment towards the Merge, while Cardano (ADA) saw red despite progress towards the Vasil hard fork.
  • The total crypto market cap rose by a modest $2.0 billion to $956.5 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) revisited sub-$20,000 for a fifth consecutive session before wrapping up the day in positive territory. However, ETH led the way, supported by investor sentiment towards the Merge.

US economic indicators and hawkish Fed chatter delivered a testy session. In August, the ADP reported a 132k increase in employment, down from 268k in July and 380k in June. While the numbers have a limited influence on the Fed, the markets consider the ADP numbers as a precursor to the nonfarm payroll figures due tomorrow.

The weaker August figure was crypto-friendly. However, Fed chatter tested buyer demand.

Voting member Loretta Mester reportedly said that the Fed would need to hike rates above 4% and hold to bring inflation to target. Mester added that she did not expect the Fed to cut rates in 2023 and will base her September decision on inflation rather than the jobs report.

Mester’s comments supported Fed Chair Powell’s stance on monetary policy that sent the market into a tailspin last Friday.

Disappointing economic data from the US and hawkish FOMC member chatter left the NASDAQ 100 down 0.56% on Wednesday. It was also a bearish month, with the NASDAQ 100 sliding by 4.64%. The bearish mood tested buyer demand for the cryptos through the second half of the day.

NASDAQ pressures the crypto market.
Total Market Cap – NASDAQ – 010922 5 Min Chart

Crypto Market Cap Ends August on High Despite Hawkish Fed Chatter

On Wednesday, the total crypto market cap fell to an early low of $952.3 billion before striking a high of $960.0 billion. However, late in the session, the market cap fell back to sub-$950 billion before a late recovery.

The total market cap rose by $2.0 billion on Wednesday. For August, the market cap slid by $105.2 billion to $956.5 billion.

Crypto market cap sees red in August.
Total Market Cap 010922 Daily Chart

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

It was a mixed Wednesday session for the crypto top ten.

ETH led the way, rising by 1.91%, with BTC (+1.18%), SOL (+0.02%), and XRP (+0.36%) also finding support.

However, ADA fell by 1.55%, with BNB (-0.82%) and DOGE (-0.30%) also in the red.

From the CoinMarketCap top 100, it is a mixed session.

Chiliz (CHZ) led the way, rallying by 10.81%, with Lido DAO (LDO) and Curve DAO Token (CRV) seeing gains of 10.56% and 7.79%, respectively.

Helium (HNT) led the way down, however, falling by 5.37%, with Elrond (EGLD) and Dash (DASH) seeing losses of 3.09% and 2.47%, respectively.

Crypto Liquidations Ease Back over 24-Hours but Climb Over the Hour

Over 24 hours, total liquidations slipped back, supported by the weaker-than-expected ADP employment change figures. Fed Fear lingered, however, leading to a choppy end to the Wednesday session.

At the time of writing, 24-hour liquidations stood at $164.73 million, down from $239.14 million on Wednesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 40,952 versus 60,258 on Wednesday morning. Liquidations over 12 hours and four hours fell, while one-hour liquidations increased, reflecting the bearish end to the Wednesday session.

One hour liquidations climb in testy end to the Wednesday session.
Total Crypto Liquidations 010922

According to Coinglass, 12-hour liquidations stood at $75.84 million, down from $167.66 million on Wednesday morning. 4-hour liquidations declined from $37.78 million to $12.42 million, while one-hour liquidations were up from $1.72 million to $3.60 million. The chart below shows market conditions throughout the session.

Crypto market cap under pressure late in the Wednesday session.
Total Market Cap 010922 Hourly Chart

Crypto Market Daily Highlights – ADA and ETH Buck the Top Ten Trend

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) finding support to buck the top ten trend.
  • Sentiment towards the Merge and the Vasil hard fork delivered support, while US economic indicators sent the broader crypto market into negative territory.
  • The total crypto market cap is down $8.2 billion to $955 billion, with two hours of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) hit a high of $20,589 before succumbing to broader market forces. However, ETH and ADA buck the top ten trend, supported by investor sentiment towards the Merge and the Vasil hard fork.

While network updates delivered support, US economic indicators weighed on the broader crypto market. Ahead of Tuesday’s stats, the total crypto market cap had hit a high of $981.4 billion before sliding to a post-stat low of $927.9 billion.

The US economic indicators supported Fed Chair Powell’s monetary policy stance, with consumer confidence and labor market numbers beating forecasts. A robust job market and the uptrend in consumer confidence give the Fed the wriggle room to tighten the policy screw.

The stats also weighed on the NASDAQ 100, which ended the day with a 1.12% loss.

NASDAQ correlation returns.
Total Market Cap – NASDAQ – 310822 5 Min Chart

Crypto Market Cap Hits Reverse as Investors Respond to Positive Stats

On Tuesday, the total crypto market cap rose to a high of $981.4 billion before hitting reverse. Responding to the US economic indicators, the market cap fell to a low of $927.9 billion. Despite the sell-off, the total crypto market cap avoided Monday’s new August low of $917.11 billion.

With two hours remaining of the Tuesday session, the market cap is down $8.2 billion to $954.6 billion. The Tuesday pullback leaves the total crypto market cap down $110 billion for August.

Crypto market heading for a fourth monthly loss in five months.
Total Market Cap 310822 Daily Chart

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

It is a mixed Monday session for the crypto top ten.

ETH and ADA buck the top ten trend, with gains of 0.24% and 0.89%, respectively.

However, DOGE (-3.08%) and SOL (-2.24%) lead the way down, with BNB (-0.87%), BTC (-1.59%), and XRP (-1.31%) also seeing red.

From the CoinMarketCap top 100, it is a mixed session.

Nexo (NEXO) leads the way, gaining 6.14%, with Near Protocol (NEAR) and Flow (FLOW) rising by 4.47% and 4.25%, respectively.

However, Synthetix (SNX) leads the way down, sliding by 12.87%, with Helium (HNT) and Chiliz (CHZ) seeing losses of 10.17% and 8.79%, respectively.

Crypto Liquidations Rise in Response to the Impact of US Stats

Over 24 hours, total liquidations increased in response to the bearish market reaction to Tuesday’s US economic indicators.

At the time of writing, 24-hour liquidations stood at $239.14 million, up from $177.00 million on Tuesday morning.

Liquidated traders held steady over the last 24 hours. At the time of writing, liquidated traders stood at 60,258 versus 60,062 on Tuesday morning. Liquidations over 12 hours, four hours, and one hour are also higher.

Liquidations rise in response to US economic indicators.
Total Crypto Liquidations 310822

According to Coinglass, 12-hour liquidations stood at $167.66 million, up from $92.10 million on Tuesday morning. 4-hour liquidations climbed from $8.59 million to $37.78 million, with one-hour liquidations up from $0.709 million to $1.72 million.

While higher, compared with Tuesday morning, the four-hour and one-hour figures suggest improving market conditions late in the Tuesday session. The chart below shows market conditions throughout the session.

Crypto market conditions steady late in the Tuesday session.
Total Market Cap 310822 Hourly Chart

 

Crypto Market Daily Highlights – ADA Bucks Bearish Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with Cardano (ADA) bucking the top ten trend.
  • Fed Chair Powell’s speech reverberated, leaving investors on the defensive.
  • The total crypto market cap fell by $7.6 billion to $945 billion, with the crypto market set for a fourth monthly loss from five.

It was a mixed Friday session for the crypto top ten. Bitcoin (BTC) visited sub-$20,000 for the first time since July 14. While ETH fell back to sub-$1,500, ADA bucked the top ten trend.

There was no crypto news to support a shift in investor sentiment, while Vasil hard fork news remained bullish for ADA.

The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session

On Saturday, the total crypto market cap rose to an early high of $960.38 billion before falling to a low of $928.2 billion. However, a late partial recovery saw the market cap return to $944 billion.

The bearish session left the total crypto market cap down $115 billion for August.

Crypto market cap sees more red.
Total Market Cap 280822 Daily Chart

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

It was a mixed Saturday session for the crypto top ten.

ADA rallied by 4.17%, with DOGE ending the day flat to buck the broader market trend.

However, it was a bearish session for the rest of the top ten.

ETH and BTC led the way down, with losses of 1.11% and 1.05%, respectively. BNB (-0.64%), SOL (-0.58%), and XRP (-0.61%) also saw red.

From the CoinMarketCap top 100, it is a mixed session.

Internet Computer (ICP) led the way, rising by 9.77%, with Chiliz (CHZ) and Synthetix (SNX) seeing gains of 6.02% and 6.16%, respectively.

At the other end of the table, Decred (DCR) slid by 12.87% to lead the way down. Quant (QNT) and Lido DAO (LDO) fell by 4.04% and 5.94%, respectively.

Crypto Liquidations Fall Back After Fed Chair Powell’s Fueled Meltdown

Over 24 hours, total liquidations fell back despite Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $113.06 million, down from $346.13 million on Saturday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 38,383 versus 113,370 on Saturday morning. Liquidations over 12 hours, 4 hours, and one hour were also down.

Crypto liquidations ease from Friday spike.
Total Crypto Liquidations 280822

According to Coinglass, 12-hour liquidations stood at $62.45 million, down from $271.70 million on Saturday morning. 4-hour liquidations slid from $82.24 million to $14.45 million, with one-hour liquidations down from $68.92 million to $2.71 million. The chart below shows market conditions throughout the session.

Late partial recovery eased liquidation numbers.
Total Market Cap 280822 Hourly Chart

5 Best Performing Coins of the Week – CHZ Leads ATOM, HT, NEXO, and TFUEL

Key Insights:

  • It is a bearish Monday to Saturday for the broader crypto market, weighed by Fed Chair Powell.
  • A sharp Friday sell-off in response to the Fed Chair Powell speech at Jackson Hole left the broader crypto market in the red.
  • However, several bucked the trend, including Chiliz (CHZ), Cosmos (ATOM), Huobi Token (HT), NEXO (NEXO), and Theta Fuel (TFUEL).

Monday to Saturday, August 27, the total crypto market cap is down $62.32 billion to $942 billion. A Fed Chair Powell fueled Friday crypto meltdown saw $68 billion come off the table to leave the crypto market on target for a second consecutive weekly loss.

Market cap takes a Powell hit.
Crypto Market Cap 280822 Weekly Chart

Throughout the week, crypto news took a back seat with investors focused on US economic indicators and the Federal Reserve.

Weak service sector PMI figures for August raised hope of a more dovish Fed, with the services PMI sliding from 47.3 to 44.1. Numbers below 50 indicate a sector contraction. The August decline pointed to a US recession, with the services sector accounting for more than 70% of the US economy.

Other stats in the week were also crypto-market-friendly. US core durable goods orders rose, with the US labor market numbers positive. An upward revision to Q2 GDP numbers also delivered support. On Friday, softer inflation numbers raised hopes of a more dovish Fed. The numbers were out before the heavily anticipated Fed Chair Powell speech.

However, Powell delivered a blow to riskier assets. Fed Chair Powell warned the markets of the Fed’s commitment to bring inflation to target. Powell talked of the likely fallout from the Fed’s goal, including the impact on labor market conditions. The Fed Chair removed any hope of a policy reversal by highlighting the need for a period of sustained below-trend growth alongside a weaker labor market to tame inflation.

The NASDAQ 100 also took a hit in response to Powell’s speech, sliding by 3.94% on Friday. The correlation between the crypto market and the NASDAQ 100 remained intact throughout the week.

NASDAQ correlation intact.
NASDAQ – Crypto Market Cap – 280822 Daily Chart

Across the CoinMarketCap top 100, several cryptos avoided the red in a bearish week.

Chiliz (CHZ) and Huobi Token (HT) lead the way, with Cosmos (ATOM), Nexo (NEXO), and Theta Fuel (TFUEL) also avoiding the red.

Chiliz (CHZ)

For the week, CHZ is up 14.95% to $0.2153. A mixed start to the week saw CHZ fall to a Monday low of $0.1827. However, a Monday rebound and a bullish Tuesday saw CHZ strike an August high of $0.2653 before three consecutive days in the red. Avoiding sub-$0.20, CHZ revisited $0.22 on Saturday before easing back.

Network news delivered another breakout week. On Monday, Chiliz founder Alexandre Dreyfus announced plans to shift from the Ethereum (ETH) blockchain to a native chain CHZ 2.0. CHZ rallied by 19.04% on Monday.

Looking at the trends, a CHZ move through the August high of $0.2653 would support a run at the April high of $0.2943. A return to $0.30 would bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1827 would bring the August low of $0.1214 and sub-$0.10 into view. CHZ fell to a 2022 low of $0.0810 on June 18.

Chiliz finds support.
CHZUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. CHZ sat at the 50-day EMA, currently at $0.2165.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

A breakout from the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a pullback from the 50-day EMA and a fall through the 100-day EMA ($0.2013) would bring the 200-day EMA (0.1772) and the August low of $0.1725 into view.

EMAs bullish

Cosmos (ATOM)

For the week, ATOM is up 4.28% to $11.1041. A mixed start to the week saw ATOM fall to a Monday low of $10.0463 before making a move. Steering clear of the August low of $9.6499, ATOM rallied to a Wednesday and an August high of $13.4543.

The bearish sentiment from across the crypto market weighed in the second half of the week to leave ATOM at sub-$12.

Following the community passing of Proposal 72 in July, the introduction of Neutron delivered the bullish week.

Looking at the trends, an ATOM move through the Wednesday and August high of $13.4543 would support a run at the May high of $20.3339. A breakout from $20 would then give the bulls a run at the April high of $33.2901. ATOM struck a 2022 high of $45.7133 on January 7.

However, a fall through the August low of $9.6499 would bring the June and the current year low of $5.5401 into view.

ATOM enjoys bullish week.
ATOMUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. ATOM sat at the 200-day EMA, currently at $11.0606.

Following Tuesday’s bullish cross, the 50-day EMA fell back towards the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

An ATOM breakout from the 200-day EMA would support a run at the 100-day EMA ($11.4788) to bring the 50-day EMA ($11.6552) into view. For the bulls, a move through the 50-day EMA would support a return to $13 to target the May high ($20.3339).

EMAs bearish
ATOMUSD 280822 4 Hourly Chart

Huobi Token (HT)

For the week, HT is up 12.55% to $4.9935. A bearish start to the week saw HT fall to a low of $4.3605. However, four consecutive days in the green saw HT strike a Saturday high of $5.3565 before easing back to sub-$5.00.

There were no apparent news updates to support the breakout week.

Looking at the trends, an HT move through the August high of $5.8360 would give the bulls a run at the June high of $7.7795. From the June high, HT would then have a free run at the February and 2022 high of $10.2000.

However, a fall through the August low of $4.3230 would bring the July and the current year low of $4.2835 into play.

HT bullish.
HTUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. HT sat above the 50-day EMA, currently at $4.8025.

Following the bullish cross on Friday, the 50-day pulled EMA away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

HT would need to hold above the 50-day EMA to support a breakout from the August high and a run at the June high of $7.7795. However, a fall through the 50-day EMA would give the bears a look at the August low of $4.3230.

EMAs bullish.
HTUSD 280822 4 Hourly Chart

Nexo (NEXO)

For the week, NEXO is up a modest 0.38% to $0.9246. A bearish start to the week saw NEXO fall to a Monday low of $0.8824. However, steering clear of the August low of $0.6749, NEXO struck a Wednesday high of $1.0625 before easing back.

There were no apparent news updates to support the breakout week.

Looking at the trends, a NEXO move through the August high of $1.0914 would give the bulls a run at the June high of $1.3118. From the June high, NEXO would then have a free run at the May and 2022 high of $3.5866.

However, a fall through the August low of $0.6749 would bring the June and the current year low of $0.5440 into play.

NEXO finds support.
NEXOUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. NEXO sat above the 100-day EMA, currently at $0.9162.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

NEXO would need to break out from the 50-day EMA to support a move through the August high of $1.0914. However, a fall through the 100-day EMA would give the bears a look at the August low of $0.6749.

EMAs bullish
NEXOUSD 280822 4 Hourly Chart

Theta Fuel (TFUEL)

For the week, TFUEL is up 4.95% to $0.06069. A bearish start to the week saw TFUEL fall to a Tuesday and an August low of $0.05321 before making a move. Bullish mid-week, TFUEL surged to a Friday high of $0.07416 before revisiting sub-$0.060.

Network news updates delivered the new August high, with the Theta Network sharing updates on the progress towards the Theta Metachain.

Looking at the trends, a TFUEL move through the August high of $0.08382 would support a run at the May high of $0.1465. A breakout from $15 would then give the bulls a run at the March and 2022 high of $0.2449.

However, a fall through the August low of $0.05321 would bring the June and the current year low of $0.03879 into view.

TFUEL finds support.
TFUELUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. TFUEL sat below the 50-day EMA, currently at $0.06159.

Late in the Saturday session, the 50-day pulled back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

A TFUEL move through the 50-day EMA would support a breakout from the 200-day EMA ($0.06216) to target the 100-day EMA ($0.06250). A move through the 100-day EMA would signal a near-term bearish trend reversal to give TFUEL a look at the August high of $0.08382.

However, a pullback from the 50-day EMA would support a fall through the August low to bring the 2022 low ($0.03879) into view.

EMAs bearish
TFUELUSD 280822 4 Hourly Chart

 

Crypto Market Daily Highlights – AAVE and ETH Lead Ahead of Powell Speech

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The NASDAQ 100 provided support through the US session before a post-US closing bell pullback.
  • The total crypto market cap is up $14.7 billion to $1,022 billion with 90 minutes of the session remaining.

It is a bullish Thursday session for the crypto top ten. Bitcoin (BTC) has avoided sub-$21,000 while falling short of $22,000 for a sixth consecutive session. ETH leads the top ten, with the rest of the crypto top ten also in positive territory.

Investor apprehension over Friday’s Fed Chair Powell speech tested support early in the session. However, positive US economic indicators delivered NASDAQ 100 support, which drove demand for cryptos.

The US economy contracted by less the previously thought in the second quarter, while labor market conditions remained robust.

In Q2, the economy contracted by 0.6% versus a previous estimate of 0.8%. Initial jobless claims slipped from 245k to 243k in the week ending August 19.

The NASDAQ 100 ended Thursday up 1.67%, while the NASDAQ 100 Mini is down 17 points this morning.

Following Thursday’s gain, Fed Chair Powell will dictate direction through the Friday session. However, US economic indicators will also influence, with personal spending and inflation on the docket.

Crypto market finds NASDAQ support.
Total Market Cap – NASDAQ – 260822 5 Min Chart

The Total Crypto Market Cap Hits $1,034 Billion Before Another Reversal

On Thursday, the total crypto market cap fell to an early morning low of $1,004 billion before rising to a late morning high of $1,034 billion. However, a late pullback leaves the market cap back at $1,022 billion.

Up by $14.7 billion for the session, the total crypto market cap is down $40 billion for August.

Crypto market cap retreats from day high .
Total Market Cap 260822 Daily Chart

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

It is a bullish Thursday session for the crypto top ten.

With 90 minutes of the Thursday session remaining (UTC), ETH is up 2.71% to lead the way.

ADA (1.97%), BNB (+2.09%), DOGE (+1.93%), and SOL (+1.89%) weren’t far behind, while BTC (1.19%) and XRP (+0.93%) trailed.

From the CoinMarketCap top 100, it is a mixed session.

Aave (AAVE) leads the way, rising by 6.12%, with Shiba Inu Coin (SHIB) and yearn.finance (YFI) up by 5.51% and 4.69%, respectively.

However, Chiliz (CHZ) and Lido DAO (LDO) lead the way down, sliding by 7.10% and 7.56%, respectively, with Helium (HNT) falling by 3.12%.

Crypto Liquidations Fall as the Crypto Market Responds to the NASDAQ

Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $89.10 million, down from $93.11 million on Thursday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 32,156 versus 37,316 on Thursday morning. Liquidations over 12 hours, 4 hours, and one hour were also down despite investor apprehension ahead of Fed Chair Powell’s speech on Friday.

Liquidations recede despite Fed Chair Powell uncertainty.
Total Crypto Liquidations 260822

According to Coinglass, 12-hour liquidations stood at $37.51 million, down from $60.77 million on Thursday morning. 4-hour liquidations have fallen from $15.34 million to $5.87 million, with one-hour liquidations down from $3.90 million to $0.721 million. The chart below shows market conditions throughout the session.

Market eases back from day high but remains in positive territory.
Total Market Cap 260822 Hourly Chart

Crypto Market Daily Highlights – ADA and SOL Lead Late Reversal

Key Insights:

  • It was a bearish Wednesday session for the crypto top ten, with Cardano (ADA) and Solana (SOL) leading the way down.
  • US economic indicators and the NASDAQ 100 delivered support before Fed Fear weighed after the US closing bell.
  • The total crypto market cap fell by $5.24 billion to $1,011 billion, with a late reversal leaving the market in negative territory.

It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) avoided sub-$21,000 while falling short of $22,000 for a fifth consecutive session. ADA and SOL led the way down, with a post-US closing bell reversal leaving the market in negative territory.

It was another choppy session for the crypto market on Wednesday. US economic indicators drew interest as central bankers headed to Jackson Hole, Wyoming.

In July, core durable goods orders rose by 0.3% versus a 0.3% increase in June. Economists forecast a 0.2% rise. Goods orders non-defense ex-air increased by 0.4% versus a forecasted 0.3% rise. In June, goods orders non-defense ex-air increased by 0.9%.

Pending home sales also beat forecasts, falling by 1.0% versus a forecasted 4.0% decline. In June, pending home sales slid by 8.9%.

The NASDAQ 100 ended Wednesday with a modest 0.41% gain as investors remained cautious ahead of Fed Chair Powell’s Friday speech at the Jackson Hole Symposium.

While US economic indicators have delivered mixed signals this week, there is plenty of uncertainty over what to expect from the next FOMC meeting.

NASDAQ correlation.
Total Market Cap – NASDAQ – 250822 5 Min Chart

The Total Crypto Market Cap Revisits $1,030 Billion Before Late Reversal

On Wednesday, the total crypto market cap fell to an early morning low of $991.3 billion before rising to a late high of $1,030 billion. However, a bearish end to the Wednesday session saw the market cap fall back to $1,011 billion.

The late reversal left the total crypto market cap down $5.24 billion on the day and down $52 billion for August.

Crypto market cap sees red.e
Total Market Cap 250822 Daily Chart

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

It was a bearish Wednesday session for the crypto top ten.

ADA and SOL fell by 1.72% and 2.24%, respectively, to lead the way down.

BNB (-0.97%), BTC (-0.71%), DOGE (-1.37%), ETH (-0.55%), and XRP (-0.44%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

Decred (DCR) led the way, rallying by 9.14%, with Ankr (ANKR) and Cosmos (ATOM) rising by 7.17% and 7.35%, respectively.

However, XDC Network (XDC) led the way down, sliding by 6.55%. Chiliz (CHZ) and Monero (XMR) also struggled, falling by 3.15% and 2.45%, respectively.

Liquidations See a Final Hour Rise in Response to Late Reversal

Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $93.11 million, down from $144 million on Wednesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 37,316 versus 47,048 on Wednesday morning. Liquidations over 12 hours and 4 hours fell, while one-hour liquidations increased as crypto investors locked in profits ahead of the Jackson Hole Symposium.

Crypto liquidations
Total Crypto Liquidations 250822

According to Coinglass, 12-hour liquidations stood at $60.77 million, down from $69.91 million on Wednesday morning. 4-hour liquidations fell from $25.87 million to $15.34 million, while one-hour liquidations increased from $1.12 million to $3.90 million. The chart below shows market conditions throughout the session.

crypto market cap sees late reversal.
Total Market Cap 250822 Hourly Chart

Crypto Market Daily Highlights – ETH Leads the Way on Gloomy US Stats

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Ethereum (ETH) leading the way while Binance Coin (BNB) and Cardano (ADA) struggle.
  • Disappointing US service sector PMI numbers for August supported the crypto market. The weak numbers bring the hope of a less hawkish September policy move.
  • With two hours of the session remaining, the total crypto market cap is up $6.6 billion to $1,009 billion.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) revisited sub-$21,000 while also falling short of $22,000 for a fourth consecutive session. Ethereum (ETH) leads the way, despite a brief fall back to sub-$1,600.

Following Monday’s late session rebound, it was a choppy start to the Tuesday session. Fed fear continued to test crypto investor resilience ahead of the key US economic indicators of the day.

Prelim August private sector PMI numbers fell short of forecasts, delivering crypto support. Significantly, the Services PMI slid from 47.3 to 44.1. The deeper contraction across the services sector raised hopes of a more dovish policy move in September.

However, several influential US stats are on the docket ahead of Fed Chair Powell’s keynote speech from Jackson Hole. US economic indicators include core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri).

The NASDAQ 100 ended Tuesday flat, reflecting a mixed reaction to Tuesday’s stats. While the services PMI could force the Fed to deliver a smaller rate hike, the deeper contraction also reignited fears of a US economic recession.

NASDAQ 100 correlation
Total Market Cap – NASDAQ – 240822 5 Min Chart

The Total Crypto Market Cap Returns to $1,009 Billion on Fed Hopes

On Tuesday, the total crypto market cap fell to a mid-morning low of $977.5 billion before rising to an early afternoon high of $1,020 billion. Through the afternoon session, the crypto market cap fell back to $1,004 billion before finding support.

With two hours of the Tuesday session left, the total crypto market cap is up $6.6 billion to $1,009 billion. The Tuesday rise leaves the crypto market cap down $51 billion for August.

Market cap returns to the $1 trillion mark.
Total Market Cap 240822 Daily Chart

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

With two hours remaining of the Tuesday session (UTC), ETH leads the way, rising by 1.52%, with BTC (+0.44%), DOGE (+0.10%), SOL (+0.07%), and XRP (+0.32%) also finding support.

However, ADA and BNB are bucking the top ten trend, with losses of 0.43% and 0.57%, respectively.

From the CoinMarketCap top 100, it is a bullish session.

Chiliz (CHZ) leads the way, rallying by 13.88%, with Cosmos (ATOM) and Convex Finance (CVX) also finding strong support.

However, EOS (EOS) is leading the way down, falling by 4.40%. Celsius (CEL) and Trust Wallet Token (TWT) also saw red to buck the broader market trend.

Total Crypto Liquidations Slip Back on Weak US Services PMI Numbers

Over 24 hours, total liquidations fell back as investors responded to the weak service sector PMI.

At the time of writing, 24-hour liquidations stood at $144 million, down from $158 million on Tuesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 47,048 versus 61,144 on Tuesday morning. Liquidations over 12 hours and 4 hours have held relatively steady, while one-hour liquidations are down, suggesting a bullish end to the Tuesday session.

Crypto liquidations ease back.
Total Crypto Liquidations 240822

According to Coinglass, 12-hour liquidations stood at $69.91 million, up from $64.55 million on Tuesday morning. 4-hour liquidations rose from $24,98 million to $25.87 million, while one-hour liquidations are down from $12,16 million to $1.12 million. The chart below shows market conditions throughout the session.

Market conditions steady in the final two hours.
Total Market Cap 240822 Hourly Chart

 

Top 3 Trending Coins: CHZ and EOS Break Free While CEL Woes Continue

Key Insights:

  • Chiliz (CHZ) leads the way over 24 hours, supported by news of Socios receiving regulatory approval in Italy, a leading footballing nation.
  • However, EOS (EOS) is hot on the heels of CHZ. Once forgotten, EOS is in resurgence mode, with investors jumping back in ahead of an anticipated hard fork.
  • By contrast, Celsius Network (CEL) remains the worst performing top 100 crypto early in the Tuesday session.

Chiliz (CHZ) Gets Another Socio Boost a Fan Engagement Hits New Levels

CHZ surged by 19.04% to end Monday at $0.22295. A bullish session saw CHZ strike a new August high of $0.2300 before easing back. The rally came despite bearish sentiment across the broader market, with Fed Fear gripping the global financial markets.

News of Socios obtaining regulatory approval in Italy delivered the CHZ breakout session.

With the 2022/2023 European football season underway, activity in the fan-token space is picking up.

Last week, Socios.com announced regulatory approval in Italy. The regulatory approval will allow Socios.com to provide virtual currency and digital wallets to support fan engagement. Some of Italy’s leading Italian football clubs have existing partnerships with Socios.com. These include footballing giants Juventus (JUV), AC Milan (ACM), and Inter Milan (INTER).

The latest news follows the announcement of Socios.com investing $100 million to support Barcelona FC’s Web3 goals earlier in the month.

With global football largely recession-proof and the FIFA World Cup around the corner, the outlook is positive for Socios.com and Chiliz.

Looking at the trends, a move through the new August high of $0.2300 would give CHZ a free run at the March high of $0.3319. Near term, avoiding the August low of $0.1214 will be key.

CHZ on the move.
CHZUSD 230822 Daily Chart

EOS (EOS) Follows Chiliz on a Breakout Mission Amidst the Doom and Gloom

EOS (EOS) has been in breakout mode in recent sessions. Recovering from an August low of $1.1484, EOS struck an August high of $1.9451 on Monday before easing back.

After falling out of favor with crypto investors, news of an upcoming hard fork has renewed investor interest, driving EOS to its highest level since May.

News of a plan to rebrand and move away from Block.one is likely the driving force. Investors anticipate an EOS hard fork to deliver upgrades, another contributory factor.

Looking at the trends, a move through the August high of $1.9451 would give the bulls a run at $3.00 to bring the March high of $3.1729 into view. However, EOS will need to avoid the August low of $1.1484 to avoid a fallback to the current year low of $0.8170.

EOS trailblazing.
EOSUSD 230822 Daily Chart

Celsius Network (CEL) Continues the Deep Dive into the Abyss

By contrast, Celsius Network (CEL) continues to face intense selling pressure. Underperforming the crypto market top 100, CEL slumped by 22.87% on Monday. The reversal followed an August 15 tumble after striking an August high of $4.40. CEL current sits at $2.37.

Looking at the trends, a fall through the August low of $1.088 would bring the June current year low of $0.15 into view.

Today’s gains are inconsequential, with CEL down 21% over 24-hours.

CEL under pressure.
CELUSD 230822 Daily Chart

Crypto Market Daily Highlights – SOL Leads ETH and the Top Ten into the Red

Key Insights:

  • It is a bearish start to the week for the crypto top ten, with Solana (SOL), Dogecoin (DOGE), and Ethereum (ETH) leading the way down.
  • Risk aversion hit the global financial markets, with Fed Fears mounting ahead of this week’s Jackson Hole Symposium.
  • With three hours of the session remaining, $15.5 billion has come off the table, with the crypto market cap back to sub-$1,000 billion.

It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) revisited sub-$21,000 while also falling short of $22,000. However, Solano (SOL) has taken the biggest hit, with sub-$30 no in view.

After the bullish Sunday session, dip buyers jumped ship, with market angst over the Fed sending riskier assets into negative territory. Market expectations are for Fed Chair Powell to deliver a hawkish speech at the Jackson Hole Symposium, which has caused the broad-based sell-off.

However, ahead of Powell’s Friday speech, crypto investors have a busy US economic calendar to navigate. US economic indicators include service PMI (Tue), core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri).

On Monday, the NASDAQ 100 ended the day with a 2.55% loss, closely followed by the S&P 500 (-2.14%).

NASDAQ 100 leads the reversal to pressure the crypto market.
Total Market Cap – NASDAQ – 230822 5 Min Chart

The Total Crypto Market Cap Slides Back to Below $1 Trillion

On Monday, the total crypto market cap rose to an early high of $1,009 billion before sliding to a late morning low of $969.3 billion. Early afternoon support led to a partial recovery to $997 billion before a slide back into the deep red.

With three hours of the Monday session left, the total crypto market cap is down $15.5 billion to $988.4 billion. The Monday pullback leaves the crypto market cap down $71 billion for August.

Total crypto market cap back to sub-$1 trillion.
Total Market Cap 230822 Daily Chart

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

With three hours remaining of the Monday session (UTC), SOL leads the way down, sliding by 4.33%.

DOGE (-2.48%) and ETH (-2.24%) aren’t far behind SOL, with ADA (-1.52%), BNB (-1.09%), BTC (-1.76%), and XRP (-1.82%) also in the red.

From the CoinMarketCap top 100, it is a bearish session.

Celsius (CEL) is down by 26.55% to lead the way down, with Lido DAO (LDO) and Helium (HNT) falling by 6.67% and 6.79%, respectively.

However, EOS (EOS) is up by 19.57% to lead the way, with Chiliz (CHZ) rallying by 16.22%.

Total Crypto Liquidations Head Northwards as Fed Fears Hit

Over the last 24 hours, total liquidations inched northwards as risk aversion spread across the global financial markets.

At the time of writing, 24-hour liquidations stood at $158 million, up from $97 million on Monday morning.

Liquidated traders also increased over the last 24 hours. At the time of writing, liquidated traders stood at 61,144 versus 31,317 on Monday morning. Liquidations over 12 hours have increased, while 4-hour and one-hour liquidations are down modestly, reflecting a choppy start to the week.

Crypto liquidations rise.
Total Crypto Liquidations 230822

According to Coinglass, 12-hour liquidations stood at $64.55 million, up from $54.16 million on Monday morning. 4-hour liquidations fell from $31.60 million to $24,98 million, with one-hour liquidations down from $14.08 million to $12,16 million. The chart below shows market conditions throughout the session.

Crypto market cap finds modest support late in the session.
Total Market Cap 230822 Hourly Chart

Daily News Highlights

  • Australian government outlined crypto regulation plans.
  • Former OpenSea exec asked the courts to drop insider trading charges.

Top 5 Crypto Pairs to Watch This Week: ADA, CHZ, ETH, MATIC, and SHIB

Key Insights:

  • Chiliz (CHZ) avoided a weekly loss, with football fan tokens enjoying fan support at the start of the 2022/23 season.
  • However, US economic indicators, and sentiment towards the Fed left the broader crypto market in the deep red.
  • The shift in sentiment was evident in the technical indicators, suggesting a mixed week ahead.

For the week ending August 21, a six-week winning streak looks set to come to an end. Down $135 billion to $1,003 billion, the crypto market also faces the prospect of a fourth monthly decline in five months and a seventh since the peak of $3,009 billion in November.

Crypto market tumble.
MarketCap 220822 Weekly Chart

While crypto network news updates have provided direction in recent weeks, economic indicators and sentiment towards central bank monetary policy have gripped the crypto market.

Last week, better-than-expected US economic indicators and hawkish FOMC member chatter sent the broader market deep into negative territory.

In the week ahead, several key US economic indicators and Fed speeches will influence investor appetite. There is also a possible SEC v Ripple Court ruling on the Hinman speech-related documents. A Court ruling in favor of Ripple should deliver XRP and broader market support.

On Tuesday, US private sector PMIs will draw interest ahead of Q2 GDP and jobless claims figures (Thurs). Inflation and personal spending numbers wrap things up. However, of significant influence will likely be the Jackson Hole Symposium on Thursday and Friday. Fed speeches and Fed Chair Powell will give the markets some clarity on what to expect in the coming months.

Therefore, the market focus on the US economic indicators and the Fed may lead to a stronger correlation with the NASDAQ 100.

NASDAQ 100 correlation
NASDAQ Crypto 220822 Daily Chart

From a crypto network perspective, the Vasil hard fork and the Merge remain areas of focus. Positive updates should give Cardano (ADA) and Ethereum (ETH) strong support. Uncertainty over the Fed and the economic outlook also puts Chiliz (CHZ) into the limelight.

With the football season underway, investors may consider Chiliz recession-proof. Fans are unlikely to stop supporting teams if the Fed takes a more aggressive rate path beyond normalization.

Greater fan engagement is evident in the performance of the football fan tokens. In contrast to the broader crypto market, numerous fan tokens are in positive territory for the week.

Two other cryptos worth considering include Shiba Inu Coin (SHIB) and Polygon (MATIC).

Cardano (ADA)

Monday through Sunday, ADA was down 18.60% to $0.4640.

A choppy start to the week saw ADA strike Monday and Wednesday highs of $0.582 before hitting reverse. The reversal saw ADA fall to a Saturday low of $0.435 before a bullish end to the week.

While broader market sentiment weighed, Vasil hard fork chatter added further selling pressure. On Thursday, Cardano developer Adam Dean reportedly announced that Cardano’s Testnet is “catastrophically broken: due to a bug.

On a trend analysis basis, ADA would need to move through the August high of $0.595 to target the June high of $0.6688. However, a fall through this week’s August low of $0.435 would bring the July low of $0.403 into view. Updates on the Vasil hard fork will remain the key driver.

ADA on the back foot.
ADAUSD 220822 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. ADA sat below the 50-day EMA, currently at $0.502. After the Saturday bearish cross of the 50-day EMA through the 200-day EMA, the 50-day EMA pulled back from the 200-day EMA. The 100-day EMA narrowed to the 200-day EMA, delivering negative price signals.

A bearish cross of the 100-day EMA through the 200-day EMA would give the bears a look at the July low ($0.403).

However, ADA would need to return to $0.500 and move through the 50-day EMA to shift the bearish sentiment.

EMAs bearish.
ADAUSD 220822 4 Hourly Chart

Chiliz (CHZ)

Monday through Sunday, CHZ was up 2.88% to $0.18634. CHZ was one of just three coins out of the top 100 to avoid the red.

A bullish start to the week saw CHZ rally from a Monday low of $0.1725 to a Wednesday high of $0.2298. However, succumbing to market forces, CHZ slid back to sub-$0.18 before wrapping up the week in positive territory.

Network news delivered support early in the week. The Scoville testnet launch provided CHZ support. Investor sentiment towards Socios.com investing $100 million to support Barca FC’s Web3 goals was also CHZ positive.

Looking at the trends, a move through this week’s high of $0.2298 would support a run at the April high of $0.2943. A return to $0.30 would give the bulls a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1500 would give the bears a look at the August low of $0.1214. A fall to sub-$0.10 would bring the current year low of $0.0798 into play.

CHZ on a bullish trend.
CHZUSD 220822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. CHZ sits above the 100-day EMA at $0.1761.

The 50-day narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

A breakout from the 50-day EMA ($0.1892) would support a run at the August high of $0.2298 to bring $0.30 into play. However, a fall through the 100-day EMA would likely lead to a shift in sentiment. Steering clear of the 200-day EMA ($0.1564) will be the key for the bulls.

EMAs bullish.
CHZUSD 220822 4 Hourly Chart

Ethereum (ETH)

This week, Monday through Sunday, ETH was down 16.53% to $1,616.

A choppy start to the week saw ETH rise to a Monday high of $2,014 before sliding to a Saturday and August low of $1,524. A bullish end to the week reduced the deficit.

Merge updates took a backseat as investor angst over Fed monetary policy weighed.

Looking at the trends, a move through the August high of $2,031 would support a run at the May high of $2,968. ETH would need plenty of support to break out from the psychological resistance level at $2,500. A return to $3,000 would then give ETH a free run at the April high of $3,581.

A fall through the August low of $1,524 would see the bears target the July low of $1,005 before any recovery.

ETH under pressure.
ETHUSD 220822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal on Sunday. ETH sat below the 200-day EMA, currently at $1,684.

After Sunday’s bearish cross, the 50-day pulled back from the 100-day EMA. The 50-day and the 100-day EMAs narrowed to the 200-day EMA, delivering bearish price signals.

A bearish cross of the 50-day EMA through the 200-day EMA would give the bears a look at the July low. However, an ETH move through the 200-day EMA could bring the 50-day and the 100-day EMA ($1,756) into play.

EMAs bearish.
ETHUSD 220822 4 Hourly Chart

Polygon (MATIC)

This week, Monday through Sunday, MATIC was down 18.90% to $0.8116.

A choppy start to the week saw MATIC rise to a Monday high of $1.0333 before sliding to a Saturday low of $0.7585. However, a bullish weekend reduced the deficit for the week.

Looking at the trends, a MATIC move through the August high of $1.0540 would support a run at the May high of $1.187 and $1.20. From $1.20, MATIC would have a free run at the April high of $1.729.

However, a MATIC fall through the August low of $0.7585 would give the bears a look at the July low of $0.4482.

MATIC under pressure.
MATICUSD 220822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. MATIC sat below the 200-day EMA, currently at $0.8585.

The 50-day converged on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, both bearish price signals.

A bearish cross of the 50-day EMA through the 200-day EMA would bring the August low and sub-$0.70 into view. A particularly bearish week could also see a bearish cross of the 100-day EMA through the 200-day EMA that would bring the July low into play.

EMAs bearish.
MATICUSD 220822 4 Hourly Chart

Shiba Inu Coin (SHIB)

Monday through Sunday, SHIB was down 21.17% to $0.00001333.

A choppy start to the week saw SHIB rise to a Monday high of $0.00001770 before hitting reverse. Falling short of the August high of $0.00001792, SHIB slid to a Saturday low of $0.00001250. Finding support from the broader market, a bullish end to the week delivered a return to $0.000013.

There were no network news or Elon Musk tweets to influence, leaving SHIB in the hands of investor sentiment. Despite the heavy loss, meme coins have seen a pickup in investor interest that would deliver a sharp rebound should broader market sentiment improve.

Looking at the trends, a move through the August high of $0.00001792 would give the bulls a run at the May high of $0.00002215. From $0.000022, SHIB would target $0.000030.

However, a fall through the August low of $0.00001146 would give the bears a look at the June 18 current year low of $0.00000713.

SHIB on the back foot.
SHIBUSD 220822 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bearish. SHIB sat below the 100-day EMA at $0.00001347.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA flattened on the 200-day EMA, delivering bearish price signals.

A move through the 100-day EMA ($0.00001347) would support a run at the 50-day EMA ($0.00001380) to bring $0.000015 back into play.

However, a bearish cross of the 50-day EMA through the 100-day EMA would support a slide through the 200-day EMA. A fall through the 200-day EMA would give the bears a run at sub-$0.000010.

EMAs bullish.
SHIBUSD 220822 4 Hourly Chart

 

Crypto Market Daily Highlights – ETH and SOL Buck the Top Ten Trend

Key Insights:

  • It was a choppy Saturday session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) extending losses from the Friday sell-off.
  • There were no cues from the crypto news wires to shift investor sentiment, leaving dip buyers to provide support.
  • A late crypto market recovery from negative territory delivered a $3.08 billion increase, leaving the market cap at $982.8 billion.

It was a mixed session for the crypto top ten. Bitcoin (BTC) returned to sub-$21,000, with a day low of $20,769 before wrapping up the day at $21,141. However, Ethereum (ETH) and Solano (SOL) saw red to buck the top ten trend.

A choppy session saw the broader crypto market slide back into negative territory before dip buyers jumped in. There were no crypto news stories to deliver support or shift investor sentiment toward Fed monetary policy.

The lack of direction will likely give the NASDAQ 100 influence going into the Monday session. Following Friday’s 2.01% loss, the NASDAQ 100 Mini will need to head northwards to prevent a bearish start to the week.

With the crypto market focused on US economic indicators and the Fed, the NASDAQ – crypto correlation will likely remain in place over the near term.

Chart, line chart Description automatically generated

The Total Crypto Market Cap Steadies after the $99 Billion Meltdown

On Saturday, the total crypto market cap rose to a mid-morning high of $1,003 billion before sliding to a low of $963.6 billion. However, finding late support, the total crypto market cap ended the day up $3.08 billion to $982.8 billion.

The modest Saturday gain left the total crypto market cap down $76 million for August. After hitting an all-time high of $3,009 billion in November, the crypto market cap is heading for a seventh monthly loss in ten.

Chart Description automatically generated

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

It was a mixed Saturday session for the crypto top ten.

DOGE led the way with a 2.30% gain, with ADA (+0.22%), BNB (+1.61%), BTC (+1.47%), and XRP (+0.71%) finding support.

However, ETH (-2.05%) and SOL (-1.51%) bucked the top ten trend.

From the CoinMarketCap top 100, it was a mixed session.

EOS (EOS), Quant (QNT), and Monero (XMR) were among the front runners on Saturday.

QNT and XRM rose by 5.74% and 4.57%, respectively, with EOS rallying by 10.92%.

However, Gnosis (GNO), Celsius (CEL), and Chiliz (CHZ) were among the biggest losers of the day.

GNO and CEL slid by 8.88% and 13.73%, respectively, with CHZ declining by 6.58%.

Total Crypto Liquidations Subside as Calm Returns to the Crypto Market

Over the last 24 hours, total liquidations returned to normal levels, with dip buying delivering a mixed crypto session.

At the time of writing, 24-hour liquidations stood at $147 million, down from $639 million on Saturday morning.

Liquidated traders also fell back over the last 24 hours. At the time of writing, liquidated traders stood at 54,629 versus on Saturday morning. While liquidations over 12 hours remained elevated, 4-hour and one-hour liquidations reflected improving market conditions.

A screenshot of a computer Description automatically generated with low confidence

According to Coinglass, 12-hour liquidations stood at $122.80 million. 4-hour liquidations slid from $94.04 million to $8.36 million, with one-hour liquidations down from $19.36 million to $1.08 million. The chart below shows improving market conditions over the last 4 hours.

Chart, line chart Description automatically generated

5 Best Performing Coins of the Week – EOS Leads CHZ, DOT, GNO, and LEO

Key Insights:

  • It is a bearish Monday to Friday for the crypto market, weighed by investor sentiment toward Fed monetary policy.
  • Despite a Friday-frenzied sell-off, several coins stood out, including EOS (EOS), which leads the way.
  • Chiliz (CHZ), UNUS SED LEO (LEO), Gnosis (GNO), and Polkadot (DOT) are faring better than the broader market.

Monday to Friday, August 19, the total crypto market cap is down $135.8 billion to $1,002 billion. A Friday crypto meltdown saw $74.3 billion come off the table to leave the crypto market on target to end a six-week winning streak.

Crypto meltdown leaves the market in the red for the week.
Crypto Market Cap 190822 Weekly Chart

Throughout the week, the crypto market remained focused on US economic indicators and the likely impact on Fed monetary policy. It was a double-edged sword for the global financial markets.

On the one hand, better-than-expected US economic indicators eased fears of a US economic recession. On the other hand, however, the stats fueled expectations of another 75-basis point rate hike in September.

Late in the week, hawkish FOMC member chatter weighed heavily on riskier assets.

While less closely correlated than early in the year, the crypto market broadly tracked the NASDAQ 100, with both aligned in Friday’s reversal. For the week, the NASDAQ 100 fell by 2.12%, with the total crypto market down 11.93%.

NASDAQ 100 correlation.
NASDAQ – Crypto Market Cap – 190822 Daily Chart

Across the CoinMarketCap crypto top 100, several cryptos avoided the red, with others seeing modest losses relative to the pack.

EOS (EOS) leads the way, with Chiliz (CHZ) and UNUS SED LEO (LEO) also finding support. While Gnosis (GNO) and Polkadot (DOT) were in the red, both outperformed the broader market.

EOS (EOS)

For the week, EOS is up 13.52% to $1.4843, Monday through Friday. A mixed start to the week saw EOS fall to a Monday low of $1.2448 before striking a Wednesday high of $1.6700. After a flat Thursday, a broad-based Friday crypto sell-off leaves EOS down 11.93% for the session.

Several factors contributed to the upward trend. However, news of a plan to rebrand and move away from Block.one was likely the driving force. Investors are anticipating an EOS hard fork to deliver upgrades, another contributory factor.

Looking at the trends, a move through the current week’s high of $1.6700 would give EOS a run at the May high of $2.2491. From $2.25, EOS would need to break through the March high of $3.1729 to target the January 2 current year high of $3.3375.

However, a fall through the August 3 low of $1.1484 would bring the June 18 current year low of $0.8170 into view.

EOS on the move despite Friday pullback.
EOSUSD 200822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. EOS sat at the 100-day EMA, currently at $1.3150.

The 50-day closed in on the 100-day EMA, with the 100-day EMA narrowed to the 200-day EMA, both bearish price signals.

A move through the 100-day EMA would support a run at the 50-day EMA to bring the August high of $1.6700 into play.

However, a fall to sub-$1.30 would bring the 200-day EMA, currently at $1.2488, into view. A fall through the 200-day EMA would likely give the bears a look at sub-$1.00 and the current year low of $0.8170.

EMAs bullish.
EOSUSD 200822 4 Hourly Chart

Chiliz (CHZ)

For the week, CHZ is up 9.54% to $0.1984. A mixed start to the week saw CHZ fall to a Monday low of $0.1725. However, a Monday rebound and bullish sentiment drove CHZ to a Wednesday/Thursday and new August high of $0.2298 before hitting reverse.

Network news delivered the bullish week, with news of Socios.com investing $100 million to support Barcelona FC’s Web3 goals the big news at the start of the 2022-23 football season.

Looking at the trends, a CHZ move through the August high of $0.2298 would support a run at the April high of $0.2943. A return to $0.30 would then bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1725 would bring the August low of $0.1214 and sub-$0.10 into view.

CHZ on the move.
CHZUSD 200822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CHZ sat above the 50-day EMA, currently at $0.1921.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

Avoiding a fall through the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1739, and the August low of $0.1725 into view.

EMAs bullish.
CHZUSD 200822 4 Hourly Chart

UNUS SED LEO (LEO)

For the week, LEO is up 3.87% to $5.3268. A bullish start to the week saw LEO strike a Tuesday high of $5.4568 before sliding to a Friday low of $5.0833. However, a Friday recovery and move back into positive territory delivered the upside for the current week.

There were no crypto news stories to deliver the gains for the current week.

Looking at the trends, a LEO move through the Tuesday and August high of $5.4568 would support a run at the July high of $6.5000. A breakout from $6.5000 would then give the bulls a run at the February 8 and current year high of $8.1443.

However, a fall through the week low of $5.0833 would bring the August low of $4.7000 into view.

LEO finds support.
LEOUSD 200822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. LEO sat above the 50-day EMA, currently at $5.1726.

Following Thursday’s bullish cross, the 50-day pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

Avoiding a fall through the 50-day EMA would support the upswing from the Thursday bullish cross. However, a fall through the 50-day EMA and the 100-day EMA ($5.1128) would bring the 200-day EMA (5.1490) and sub-$5.00 into view.

EMAs bullish.
LEOUSD 200822 4 Hourly Chart

Gnosis (GNO)

For the week, GNO is down 2.00% to $181.09. A bearish start to the week saw GNO slide to a Wednesday low of $173.99. However, a 15% breakout Thursday saw GNO strike a new August high of $202.67 before succumbing to crypto market forces on Friday.

News of onboarding MakerDAO delivered the breakout session. According to MakerDAO,

“The @GnosisDAO has submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token. The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year.”

Looking at the trends, GNO would need to move through the August high of $202.67 to support a return to $300. A return to $300 would give GNO a run at the April high of $440.02.

However, a fall through the August low of $148.87 would bring sub-$100 and the July 15 current year low of $66.59 into play.

A Friday pullback leaves GNO in the red.
GNOSISUSD 200822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. GNO sat above the 50-day EMA, currently at $180.55.

The 50-day narrowed to the 100-day EMA, while the 100-day EMA moved away from the 200-day EMA, delivering mixed price signals.

Avoiding a fall through the 50-day EMA would support the upward trend formed after testing support at the 50-day EMA on August 10.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $174.08, and sub-$170 into play. In case of an extended sell-off, a fall through the 200-day EMA ($163.95) would bring the August low of $148.87 into play.

EMAs bullish
GNOSISUSD 200822 4 Hourly Chart

Polkadot (DOT)

For the week, DOT is down 4.64% to $0.0003514. A choppy start to the week saw DOT rise to a Wednesday high of $0.0003773 before sliding to a Friday low of $0.0003371. However, finding Friday support, DOT bounced back to $0.35 levels to reduce the deficit.

Looking at the trends, a DOT move through the August high of $0.0004049 would support a breakout from the May high of $0.0004141 to bring the April high of $0.0005100 into view.

However, a fall through the August low of $0.0003364 would bring sub-$0.00030 and the June 13 current year low of $0.0002648 into play.

DOT under pressure.
DOTUSD 200822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday. DOT sat below the 200-day EMA, currently at $0.0003591.

The 50-day crossed through to the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

DOT would need to move through the EMAs to retarget the August high of $0.0004049. However, a failure to move through the 200-day EMA would give the bears a look at sub-$0.00030.

EMAs bearish
DOTUSD 200822 4 Hourly Chart

Crypto Market Daily Highlights – DOGE Leads the Way in a Mixed Session

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Dogecoin (DOGE) leading the broader market to cement its return to the top ten.
  • Investors failed to shake off recession jitters, despite US industrial production beating expectations.
  • The mixed session leaves the total crypto market cap down $5.8 billion to $1,118 billion.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for the first time in three sessions. DOGE and ADA buck the top ten trend, with solid gains.

The disappointing economic data from China continued to resonate across the global financial markets. Investor jitters over the threat of a recession tested support for riskier assets despite recent US economic indicators, including positive service sector and nonfarm payroll figures, easing inflation, and a pickup in consumer confidence,

The NASDAQ 100 and WTI Crude Oil reflected the bearish sentiment. On Tuesday, the NASDAQ 100 slipped by 0.19%, with WTI crude down 2.85%. Through the US session, the correlation between the crypto market and the NASDAQ 100 strengthened after a brief decoupling on Monday that stemmed from the influence of the China stats.

NASDAQ correlation strengthens.
Total Market Cap – NASDAQ – 170822 5 Min Chart

The Total Crypto Market Cap Pressured by Recession Jitters

On Tuesday, the total crypto market cap rose to an early morning high of $1,136 billion before falling to a low of $1,102 billion. A late partial recovery saw the market cap return to $1,117 billion.

Down by $6.2 billion, the total crypto market cap is up by $57 billion for August.

Crypto market cap heading for a session loss.
Total Market Cap 170822 Daily Chart

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

It is a mixed Tuesday session for the crypto top ten.

BNB (+0.79%) and SOL (-1.92%) lead the way down, falling by 1.13% and 1.10%, respectively.

BTC (-0.63%), ETH (-0.94%), and XRP (-0.04%) are also in negative territory.

However, DOGE leads the way, rallying by 11.38%, with ADA up 2.73%.

From the CoinMarketCap top 100, it is a mixed session.

DOGE leads the top 100, with Chiliz (CHZ) and EOS (EOS) seeing gains of 7.9% and 6.3%, respectively.

However, at the other end of the table, Celsius (CEL) is down 15.7%, with Convex Finance (CVX) and Kava (KAVA) down by 7.2% and 5.6%, respectively.

Total Crypto Liquidations Eases Back as Market Conditions Improve

This morning, total liquidations fell back, despite the crypto market feeling the negative sentiment towards the global economic outlook.

At the time of writing, 24-hour liquidations stood at $127 million, down from $208 million on Tuesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 43,551 versus 68,517 on Tuesday morning. While liquidations are down over 24 hours, liquidations are up over 12 hours and 4 hours. However, one-hour liquidations reflect the market recovery from session lows.

crypto liquidations ease in the final hour.
Total Crypto Liquidations 170822

According to Coinglass, 12-hour liquidations stand at $61.95 million, up from $51.19 million, with 4-hour liquidations up from $8 million to $23 million. However, one-hour liquidations are down from $1.34 million to $0.800 million.

The liquidation figures reflected market conditions over the Tuesday session, with the one-hour numbers suggesting improving conditions ahead of the Wednesday session. (See hourly crypto market cap chart below).

crypto market sees late support.
Total Market Cap 170822 Hourly Chart

Daily News Highlights

  • The US Federal Reserve rolled out guidance for banks exploring crypto-related activities.
  • Dragonchain became the latest SEC target.
  • Adverse news concerning the Celsius bankruptcy left CEL deep in the red.

Crypto Market Daily Highlights – XRP and BNB Buck the Top Ten Trend

Key Insights:

  • It is a mixed start to the week for the crypto top ten, with XRP and Binance Coin (BNB) bucking the top ten trend.
  • Economic data from China sent the crypto market into negative territory.
  • Despite a total crypto market cap fall of $12 billion to $1,126 billion, the crypto market cap is up $65 billion for August.

It is a mixed Monday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, despite striking a new August high of $25,203. BNB and XRP are bucking the top ten trends with 90 minutes of the session remaining.

Economic indicators from China sent the crypto market into reverse. Weaker than expected stats delivered investors a reality check early in the session.

Industrial production increased by 3.8% year-over-year, down from 3.9% in June. Retail sales increased by 2.7% year-over-year, down from 3.1% in June. Economists forecast industrial production of 4.6% and retail sales of 5.0%.

The numbers disappointed, forcing the PBoC to deliver support that briefly limited the damage. Crude oil prices hit reverse, with the NASDAQ 100 Mini spending the day in the red alongside the broader crypto market.

Significantly, the bearish session continued despite the NASDAQ 100 shaking off the weak numbers to end the day with a 0.62% gain.

NASDAQ 100 correlation weakens
Total Market Cap – NASDAQ – 160822 5 Min Chart

The Total Crypto Market Cap Stars the Week on a Bearish Footing

On Monday, the total crypto market cap rose to an early morning high of $1,175 billion before sliding to a late low of $1,110 billion. A partial recovery saw the market cap return to $1,134 billion before sliding back.

Down by $12.1 billion, the total crypto market cap is up by $65 billion for August.

Crypto market sees red.
Total Market Cap 160822 Daily Chart

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

It is a mixed Monday session for the crypto top ten.

BNB (+0.79%) and XRP (+0.13%) buck the trend with 90 minutes of the session remaining.

However, DOGE leads the way down, sliding by 5.36%, with SOL (-1.92%) and ADA (-2.98%) struggling.

BTC and ETH are also in negative territory, falling by 0.86% and 1.22%, respectively.

From the CoinMarketCap top 100, it is a mixed session.

Chiliz (CHZ) leads the way, rallying by 9.59%, with STEPN (GMT) and UNUS SED LEO (LEO) up 7.59% and 5.21%, respectively.

However, following the Sunday breakout session, Shiba Inu (SHIB) leads the way down, falling by 5.99%. Polygon (MATIC) and Uniswap (UNI) are down by 4.29% and 4.45%, respectively.

Total Crypto Liquidations Remain Steady Despite Bearish Session

This morning, total liquidations increased modestly, with the economic data from China testing investor appetite.

At the time of writing, 24-hour liquidations stood at $208 million, up from $194 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 68,517 versus 67,762 on Monday morning. While liquidations are up over 24 hours, liquidations are down over 12 hours, 4 hours, and over the last hour compared to Monday morning.

Liquidations suggest improving market conditions.
Total Crypto Liquidations 160822

According to Coinglass, 12-hour liquidations stand at $51.19 million, down from $117 million, with 4-hour liquidations down from $25 million to $8 million. One-hour liquidations are down modestly from $2.93 million to $1.34 million.

The liquidation figures reflected market conditions over the Monday session, with the one-hour numbers suggesting a steadying ahead of the Tuesday session. (See hourly crypto market cap chart below).

Late support limits the downside.
Total Market Cap 160822 Hourly Chart