Crypto Market Daily Highlights – ETH and XRP Sink in Fed Sell-Off

Key Insights:

  • It is a bearish Wednesday session for the crypto top ten, with ETH and XRP leading the top ten into the red.
  • The Fed rate hike, FOMC projections, and Fed Chair Powell’s press conference sent the NASDAQ 100 and the crypto market south.
  • The total crypto market cap is down by $22.0 billion to $862.4 billion.

It is a bearish Wednesday session for the crypto top ten. ETH and XRP lead the crypto top ten into the red as investors responded to the Fed policy decision, projections, and Powell’s press conference. BTC fell short of $20,000 for a third consecutive session.

The Federal Reserve sent riskier assets into negative territory, with a 75-basis point rate hike and the talk of more to come. Downward revisions to growth forecasts and upward revisions to inflation and median interest rates for 2022 and 2023 were also crypto market negative.

On Wednesday, the NASDAQ 100 slid by 1.79%, with the crypto market closely tracking the NASDAQ throughout the US session. This morning, the NASDAQ 100 Mini was down 90 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 220922 5 Minute Chart

Crypto Market Slides as Investors Respond to the Federal Reserve

On Wednesday, the crypto market cap rose to a pre-Fed high of $927.1 billion before sliding to a post-Fed low of $847.0 billion. A late partial recovery leaves the market cap down $21.7 billion to $862.4 billion, with 40 minutes of the session remaining.

Crypto market cap hits reverse.
Total Market Cap 220922 Daily Chart

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

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

With 40 minutes of the session remaining, ETH and XRP lead the way down, with losses of 5.61% and 4.79%, respectively.

BTC (-2.00%), DOGE (-2.14%), and SOL (-2.27%) are also struggling, while ADA (-0.90%) and BNB (-0.86%) have recovered from heavier losses.

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

EOS (EOS) and Helium (HNT) are among the worst performers, sliding by 11.78% and 10.08%, respectively. Curve DAO Token (CRV) is down 8.86%.

At the top end of the table, Celsius (CEL), Compound (COMP), and Lido DAO (LDO) lead the way. COMP is up 4.62%, with CEL and LDO seeing gains of 3.83% and 2.18%, respectively.

24-HourCrypto Liquidations Slide Back on Hawkish Fed Move

Over 24 hours, total liquidations spiked in response to the Fed policy decision, projections, and press conference.

At the time of writing, 24-hour liquidations stood at $318.09 million, up from $121.53 million on Wednesday morning. Liquidated traders over the last 24 hours also spiked. At the time of writing, liquidated traders stood at 88,169 versus 37,436 on Wednesday morning.

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

Crypto liquidations spike.
Total Crypto Liquidations 220922

According to Coinglass, 12-hour liquidations stood at $291.50 million, up from $82.23 million on Wednesday morning, with four-hour liquidations rising from $16.13 million to $148.65 million.

However, one-hour liquidations declined from $11.61 million to $2.78 million, reflecting the late Wednesday partial recovery. The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 220922 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 – ETH and DOT Lead the Top Ten South

Key Insights:

  • It is a bearish Sunday session for the crypto top ten, with ethereum (ETH) and Polkadot (DOT) leading the way down.
  • Despite hopes of a crypto bottom, Fed fear resurfaced ahead of key US economic indicators in the coming week.
  • The total crypto market cap is down by $12.5 billion to $1,011 billion, with 100 minutes of the session remaining.

It is a bearish Sunday session for the crypto top ten. ETH and DOT lead the crypto top ten into negative territory. However, despite the bearish session, Bitcoin (BTC) has avoided sub-$21,000 for a second consecutive session.

There were no cues from the US or the crypto news wires at the end of the week. The lack of direction left investors to consider the week ahead. US inflation and retail sales figures could deliver Fed uncertainty to a market resigned to a 75-basis point rate hike.

A pickup in inflationary pressure and positive consumption numbers could force the Fed into a percentage point rate hike. Front loading is the Fed’s mantra and bringing down inflation to target at any cost is the objective.

With the ECB and the Bank of Canada delivering 75-basis point hikes, the dollar could resume its upswing and send the crypto market into another tailspin.

NASDAQ correlation.
Total Market Cap – NASDAQ – 120922 Daily Chart

Crypto Market Hits Reverse as Investor Focus Returns to US Stats

On Sunday, after a mixed morning, the total crypto market rose to a late afternoon high of $1,035 billion before falling to a low of $1,004 billion.

A late pullback leaves the crypto market cap down $12.47 billion to $1,011 billion for the session. However, four bullish sessions from seven should deliver a second consecutive weekly gain. For the current week, the total crypto market cap is up $49 billion.

Crypto market ends four day winning streak.
Total Market Cap 120922 Daily Chart

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

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

ETH (-2.44%) and DOT (-2.44%) lead the way down, with ADA (-1.76%), BNB (-1.58%), SOL (-1.52%), and XRP (-1.85%) also struggling.

However, BTC is down by a modest 0.55%

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

ApeCoin (APE) leads the way, rallying by 11.95%, with celsius (CEL) up 9.02%. compound (COMP) is also amongst the front runners, rising by 3.12%.

At the other end of the table, helium (HNT), ravencoin (RVN), and curve DAO token (CRV) are amongst the worst performers. RVN is down 10.40%, with HNT and CRV falling by 8.46% and 5.50%, respectively.

One Hour Crypto Liquidations Jump as Fed Fear Resurfaces

Over 24 hours, total liquidations continued to fall, with the crypto market seeing modest losses on Sunday.

At the time of writing, 24-hour liquidations stood at $127.57 million, down from $172.82 million on Sunday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 39,529 versus 50,233 on Sunday morning. Liquidations over four and twelve hours declined, while liquidations over one hour were higher, reflecting the late market pullback.

Liquidations jump over the hour.
Total Crypto Liquidations 120922

According to Coinglass, 12-hour liquidations stood at $61.55 million, down from $120.10 million on Sunday morning, with four-hour liquidations down from $96.63 million to $31.52 million. However, one-hour liquidations were up from $1.08 million to $15.28 million. The chart below shows market conditions throughout the session.

A late pullback sends one hour liquidations up.
Total Market Cap 120922 Hourly Chart

Crypto Market Daily Highlights – BNB Leads a NASDAQ-Fueled Recovery

Key Insights:

  • It is a bullish Wednesday session for the crypto top ten, with Binance Coin (BNB) leading the top ten out of a bearish morning.
  • Crypto investors brushed aside hawkish FOMC member chatter and tracked the NASDAQ into positive territory before a post-closing bell breakout.
  • The total crypto market cap is up $33.1 billion to $946.8 billion, with 90 minutes of the session remaining.

It is a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) aims to avoid another sub-$19,000 finish, with Binance Coin (BNB) leading the top ten crypto rebound from early losses.

There were no US economic indicators for crypto investors to consider, allowing a pickup in demand for riskier assets. Falling bond yields and a breakout session for the NASDAQ 100 supported the crypto market. BTC fell to a day low of $18,549 before the US market opening bell.

The upside came despite hawkish FOMC member chatter. FOMC member Loretta Mester talked of a further uptick in inflation, with Thomas Barkin and Lael Brainard voicing the need to hike rates until there are signs of softer inflationary pressures.

On Wednesday, the NASDAQ 100 rallied by 2.14%. However, the bullish sentiment across the crypto market continued beyond the closing bell.

NASDAQ support.
Total Market Cap – NASDAQ – 080922 5 Min Chart

Crypto Market Responds to the NASDAQ 100 Breakout Session

On Wednesday, the total crypto market fell to an early low of $895.3 billion before rallying to a late high of $952.4 billion.

While easing back, the crypto market cap is up $33 billion to $946.8 billion, reversing most of Tuesday’s losses.

Crypto market cap recovers from sub-$900 billion.
Total Market Cap 080922 Daily Chart

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

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

BNB leads the way, rallying by 6.17%, with ETH (+5.70%) and SOL (+5.92%) close behind.

ADA (+3.46%), DOGE (+3.96%), BTC (+3.20%), and XRP (+4.38%) are also in positive territory.

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

Helium (HNT) is in recovery mode, surging by 60.52% to lead the way. EOS (EOS) and Curve DAO Token (CRV) are also in breakout mode, rising by 19.86% and 13.52%, respectively.

Several coins are in negative territory. OKB (OKB) leads the way down, falling by 0.95%. Nexo (NEXO) and UNUS SED LEO (LEO) are also bucking the broader market trend, with losses of 0.11% and 0.13%, respectively.

Crypto Liquidations Ease Back in Broad-based Crypto Rebound

Over 24 hours, total liquidations eased back as the US markets clawed back losses from the Tuesday sell-off.

At the time of writing, 24-hour liquidations stood at $245.56 million, down from $385.59 million on Wednesday morning.

Liquidated traders over the last 24 hours also tumbled. At the time of writing, liquidated traders stood at 58,782 versus 100,232 on Wednesday morning. While liquidations over one hour and 12 hours were lower, 4-hour liquidations were higher, suggesting the liquidation of short positions.

Crypto liquidations ease.
Total Crypto Liquidations 080922

According to Coinglass, 12-hour liquidations stood at $151.18 million, down from $263.96 million on Wednesday morning, with one-hour liquidations down from $7.31 million to $5.25 million. 4-hour liquidations are up from $32.50 million to $104.84 million. The chart below shows market conditions throughout the session.

Crypto market rebound.
Total Market Cap 080922 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 – Risk Aversion Sends DOGE and SOL South

Key Insights:

  • It is a bearish Wednesday session for the crypto top ten, with Dogecoin (DOGE) and Solana (SOL) leading the top ten into negative territory.
  • US economic indicators and the FOMC meeting minutes weighed on the appetite for riskier assets.
  • The bearish session leaves the total crypto market cap down $25 billion to $1,090 billion.

It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for a second consecutive session. However, DOGE and SOL lead the way down.

Disappointing US economic indicators and the FOMC meeting minutes weighed on riskier assets mid-week. In July, retail sales were flat, falling short of a forecasted 0.1% rise. Core retail sales provided some comfort, rising by 0.4% versus a forecasted 0.1% decline.

The market reaction towards the FOMC meeting minutes was also bearish, despite a dovish tone. While finding initial support, the crypto market extended losses late in the Wednesday session.

The crypto market tracked the NASDAQ 100, which ended the day with a 1.25% loss.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180822 5 Min Chart

The Total Crypto Market Cap Heads for another Daily Loss

On Wednesday, the total crypto market cap rose to an early morning high of $1,147 billion before falling to a low of $1,081 billion. Bearish late in the session, there are no signs of a possible recovery with two hours remaining.

Down by $25 billion, the total crypto market cap is up by $31 billion for August.

Crypto market on target for a first bearish week in seven weeks.
Total Market Cap 180822 Daily Chart

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

With two hours to go, it is a mixed Wednesday session for the crypto top ten.

DOGE leads the way down, sliding by 7.42%, with SOL falling by 6.02%.

ADA (-3.59%), BNB (-3.38%), BTC (-2.39%), and ETH (-2.22%) also struggled, while XRP is down by a more modest 0.51%.

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

Celsius (CEL) leads the way, rallying by 16.2%, with EOS (EOS) and Cosmos (ATOM) seeing gains of 8.6% and 2.6%, respectively.

However, STEPN (GMT) leads the way down, sliding by 9.9%, with Curve DAO Token (CRV) and Mina (MINA) seeing losses of 8.5% and 8.4%, respectively.

Total Crypto Liquidations Rise in Response to Risk Aversion

This morning, total liquidations increased, with US economic indicators and the FOMC meeting minutes weighing on riskier assets.

At the time of writing, 24-hour liquidations stood at $239 million, up from $127 million on Wednesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 83,286 versus 43,551 on Wednesday morning. One-hour liquidations provide little comfort, with the crypto market extending losses late in the Wednesday session.

Liquidations rise
Total Crypto Liquidations 180822

According to Coinglass, 12-hour liquidations stand at $147.41 million, up from $61.95 million, with 4-hour liquidations rising from $22.93 million to $31.97 million. One-hour liquidations are up from $0.800 million to $15.42 million.

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

Cryptos face bearish end to the Wednesday session.
Total Market Cap 180822 Hourly Chart

Daily News Highlights

  • Binance Chain announced plans to launch a Web3 Court in LatAm.
  • Crypto.com received UK regulatory approval.
  • The ECB talked about banks and cryptos on Wednesday.

DeFi Protocol Curve Finance Loses $570K in a DNS Hack

Key Insights:

  • Hackers changed the Domain Name System (DNS) entry for the protocol and stole $570,000 in the process.
  • Curve’s frontend was cloned using a DNS spoofing method. 
  • The hack was a result of Curve’s DNS service provider iwantmyname being compromised. 

Automated market maker Curve Finance (CRV) has suffered an exploit which has led to the loss of hundreds of thousands of dollars.

The team behind the protocol noted that the exploit of the site’s frontend was the result of an attack by a malicious actor, affecting the project’s nameserver.

DNS Hack

The suspected hacker appears to have changed the Domain Name System (DNS) entry for the protocol to redirect the DNS point to another IP address which then added approval requests to a malicious smart contract in order to steal user funds.

More specifically, an illicit actor appears to have cloned Curve’s frontend using a DNS spoofing method which resulted in any transactions being made via the site being redirected to the hackers’ wallets. DNS spoofing is a type of attack in which hackers mimic legitimate server destinations by impersonating another service in order to redirect users to the wrong website.

Curve Finance has stated that the hack was a result of their DNS service provider iwantmyname being compromised, however the project has since changed its nameserver. A nameserver is a server in the DNS that translates domain names into IP addresses and routes traffic across the internet. Nameservers also store and organise DNS records, each of which pairs a domain with one or more IP addresses.

Over $570,000 worth of funds were stolen however, the platform’s smart contract remained unaffected as it was under a different domain name.

In response to the hack, the project stated that users should refrain from performing any approvals, swaps or using curve.fi or curve.exchange until the protocol’s operators could locate the source of the exploit.

Curve Resolves Site Exploit

An hour after the initial warning, the protocol’s operators confirmed that they found the source of the problem and reverted the issue, directing users who had approved any contracts on Curve at the time to revoke them “immediately.”

While the issue was promptly addressed by the team, the protocol also advised users to utilise curve.exchange until the propagation of curve.fi reverted back to normal.

According to the International Data Corporation (IDC), 91% of financial institutions suffered from at least one DNS attack last year, with damages in the sector amounting to nearly $1.1 million per attack. Overall, IDC found that phishing attacks (55%) and DNS-based malware (42%) were the most common attacks affecting the financial industry.

Crypto Market Daily Highlights – ADA, ETH, and SOL See Heavy Losses

Key Insights:

  • It is a bearish Tuesday session for the crypto top ten, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) taking big hits.
  • Following a bullish Monday, a shift in investor focus towards US inflation and Wednesday’s CPI numbers sent riskier assets into the red.
  • The total crypto market cap is down $25 billion, leaving the market cap up by $17 billion for the month.

It is a bearish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) failed to revisit the $24,000 handle for the eighth time in nine sessions. Cardano (ADA), Ethereum (ETH), and Solana (SOL) lead the way down.

Easing fears of a US economic recession took a backseat on Tuesday. The investor focus returned to inflation and Fed monetary policy. Investor jitters ahead of the US inflation numbers on Wednesday sent riskier assets into the red.

The NASDAQ 100 fell for a third consecutive day. A 1.19% decline weighed on the broader crypto market, with cryptos failing to break free from central bank monetary policy expectations.

On Wednesday, US consumer price index figures will be the key stats of the week. Following impressive nonfarm payroll and better-than-expected services PMI numbers, another spike in inflation could force the Fed into a percentage point move. A more aggressive path towards normalization would be crypto price negative.

NASDAQ correlation
Total Market Cap – NASDAQ – 100822 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 14 points.

The Total Crypto Market Cap Tumbles on US Inflation Jitters

On Tuesday, the total crypto market cap rose to an early high of $1,113 billion before sliding to an early afternoon low of $1,036 billion. However, finding late support, the crypto market cap has reduced the deficit, with a return to $1,073 billion.

Down by $25.2 billion on Tuesday, the total crypto market cap is up by $17 billion for August.

Crypto market cap hits reverse on inflation jitters.
Total Market Cap 100822 Daily Chart

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

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

With one hour remaining, SOL is down 3.96%, with ADA (-3.72%) and ETH (-3.71%) also struggling.

Things are not much better for BTC (-2.46%), DOT (-1.39%), and XRP (-2.64%), while BNB is down by 0.06%.

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

Celsius (CEL), Mina (MINA), and Zcash (ZEC) are among the front runners. CEL is up 14% to lead the way, with MINA and ZEC up 5.6% and 4.5%, respectively.

At the other end of the table, Curve DAO Token (CRV) is down 8.6%, with Filecoin (FIL) and Kusama (KSM) down 7.43% and 6.84%, respectively.

Total Crypto Liquidations Rise in Bearish Tuesday Session

This morning, 24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $203 million, up from $187 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 82,754 versus 57,332 on Tuesday morning.

However, one-hour and four-hour liquidations declined, reflecting a partial recovery late in the session.

Crypto liquidations continue upward trend ahead of US CPIs
Total Crypto Liquidations 100822

According to Coinglass, four-hour liquidations stood at $9.05 million, down from $19.75 million on Tuesday morning. One-hour liquidations are down from $8.71 million to $3.59 million (see hourly crypto market cap chart below).

Crypto market cap finds late support
Total Market Cap 100822 Hourly Chart

Daily News Highlights

  • Australia’s central bank launched a one-year digital currency project.
  • Circle froze funds linked to Tornado Cash addresses.
  • China hit illegal websites and accounts for falsifying BTC returns.
  • A Deloitte report showed the crypto adoption outlook to surge over the next two years.

Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

  • Curve DAO token led the market with a 10.57% fall.
  • Filecoin, Kusama, and others followed suit with more than 8% dips.
  • Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.

Crypto Market Daily Highlights – Optimism (OP) Leads the Way

Key Insights:

  • It is a mixed session for the crypto top ten, with Binance Coin (BNB) and Cardano (ADA) bucking the top ten trend.
  • The broader crypto market continued to find support from the NASDAQ 100, which ended the week on a bullish note.
  • US economic indicators provided support, with the total crypto cap rising to a July high of $1,107 billion before easing back.

It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) revisited $24,000, with a new July high of $24,416, with Binance Coin (BNB) returning to $300 for the first time since June 6.

Momentum from the dovish Fed rate hike on Wednesday and US economic indicators from Thursday continued to deliver support.

On Friday, US economic indicators were also crypto-market friendly. US inflation picked up modestly in June, while personal spending rose more than forecast.

The Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise.  For the markets, the Fed’s preferred measure showed inflation picking up at a slower pace than the consumer price index. According to the CPI figures, the US annual rate of inflation accelerated from 8.6% to 9.1% in June.

Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.

The crypto market tracked the NASDAQ 100 through the US session, and extended gains post the US market close before a late pullback.

On Friday, the NASDAQ 100 rose by 1.88%, following the 1.08% gain on Thursday.

NASDAQ correlation
Total Market Cap – NASDAQ – 300722 5 Min Chart

The Total Crypto Market Cap Visits $1,100 Billion on Bullish Sentiment

On Friday, the crypto market found early support, rising to a day high of $1,107 billion before falling to a day low of $1,050 billion.

However, finding late support, the market cap ended the day at $1,076 billion, up $2.33 billion for the session.

Crypto market cap
Total Market Cap 300722 Daily Chart

The upside came in response to the change in sentiment towards Fed monetary policy. Following the GDP numbers from Thursday, the inflation and personal spending figures could support a smaller Fed rate hike in September.

With another $2 billion flowing into the crypto market, an end to a three-month losing streak looks assured. For July, the total market cap is up $211 billion.

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

BNB led the way, rallying 5.91%, with ADA (+1.75%) also bucking the crypto top ten trend.

It was a bearish session for the rest, with SOL (-2.34%) and XRP (-1.52%) leading the way down.

A late pullback also saw BTC (-0.36%), DOGE (-0.42%), and ETH (-0.17%) end the day in the red.

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

Bitcoin Gold (BTG) led the way, surging by 26.80%. Optimism (OP), yearn.finance (YFI), and Ravecoin (RVN) also made solid gains. OP rallied by 20.50%, with YFI and RVN up by 18.86% and 17.04%, respectively.

At the other end of the table, Curve DAO Token (CRV) led the way down, sliding by 7.72%, with THORChain (RUNE) falling by 5.53%.

Total Crypto Liquidations Suggest a Choppy Start to the Weekend

On Friday, 24-hour liquidations slipped back, with the crypto market seeing a more modest rise following breakout sessions from earlier in the week.

At the time of writing, 24-hour liquidations stood at $238 million, down from $543 million on Friday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 87,017 versus 120,788 on Friday morning.

However, both one and four-hour liquidation figures remained elevated.

Crypto liquidations
Total Crypto Liquidations 300722

According to Coinglass, four-hour liquidations stood at $33.66 million, down from $96.94 million on Friday. One hour liquidations stood at $16.17 million, up from $3.46 million (see hourly crypto market cap chart below).

Market cap pullback
Total Market Cap 300722 Hourly Chart

Daily News Highlights

  • The US Federal Reserve ordered Voyager to ‘cease and desist’ misleading customers.
  • Zipmex filed for debt relief in Singapore.
  • French lawmakers called for a new committee to probe cryptos.
  • Cardano (ADA) avoided a reversal despite news of a delay to the Vasil hard fork.

Crypto Market Daily Highlights – BTC and the Broader Market Hit Reverse

Key Insights:

  • It is a bearish Monday session for the crypto top ten, with Solana (SOL) and Ethereum (ETH) taking the biggest hits.
  • Investor focus returned to the Fed and the US economy to pressure the crypto market.
  • With an hour to go, the total coin market cap was down $45 billion to $974 billion.

It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) tested support at $21,500, with Ethereum (ETH) and Solana (SOL) on the slide.

The upcoming Fed monetary policy decision and concerns over the US economy have hit investor appetite. Today’s reversal continued from a late Sunday sell-off that could continue through to tomorrow’s Fed policy decision.

On Monday, the NASDAQ 100 fell by 0.43%, adding to the negative sentiment. However, a late partial recovery has had little influence on the crypto market, which has extended its losses after the US market close.

NASDAQ correlation
Total Market Cap – NASDAQ – 260722 5 Min Chart

The Total Crypto Market Cap Hits Reverse

Bearish throughout the Monday session, the total crypto market cap tumbled from a high of $1,022 billion to a low of $963 billion.

Crypto market cap
Total Market Cap 260722 Daily Chart

With $45 billion coming off the table, a first monthly increase in four months is less assured. Currently, the market cap is up $108 billion for July.

Ultimately, it all hinges on the Fed monetary policy decision and US economic indicators.

On Tuesday, US consumer confidence figures will set the tone ahead of Q2 GDP numbers due on Thursday. Weaker consumer confidence, a 75-basis point or 100-basis point hike, and Q2 economic contraction would put the crypto market to the test.

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

At the time of press, SOL and ETH were down 7.85% and 7.57%.

Things were no better elsewhere. ADA (-4.69%), BNB (-4.32%), BTC (-4.24%), DOGE (-5.29%), and XRP (-3.98%) are also set for heavy losses.

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

Trust Wallet Token (TWT), Uniswap (UNI), and Qtum (QTUM) are leading the way. TWT is up 5.47%, with UNI and QTUM up 4.28% and 0.36%, respectively.

At the other end of the table, Fantom (FTM), Curve DAO Token (CRV), and Convex Finance (CVX) led the way down. FTM is down 11.93%, with CRV and CVX down by 11.70 and 10.78%, respectively.

Total Crypto Liquidations Rise as Recession Fears Resurface

Late in the Monday session, 24-hour liquidations continue to inch northwards, though liquidation levels remain low relative to last week’s spike.

In the final hour, 24-hour liquidations stood at $182 million, up from $155 million on Monday morning. Last Tuesday, liquidations spiked at $691 million.

Liquidated traders have risen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 67,978 versus 41,141 on Monday morning.

Four-hour liquidations are up again, reflecting the current market conditions and the post-US market close sell-off.

Crypto liquidations
Total Crypto Liquidations 260722

According to Coinglass, four-hour liquidations stood at $76.67 million, up from $41.48 million on Monday. However, one-hour liquidations stood at $18.00 million, down from $34.39 million on Monday, suggesting support kicking in at the turn of the day. (See hourly crypto market cap chart below).

Hourly market cap
Total Market Cap 260722 Hourly Chart

Daily News Highlights

  • Voyager said no to FTX, calling it a low-ball bid.
  • The PBoC talked of controllable anonymity in reference to central bank digital currencies.

Crypto Market Daily Highlights – ETH Rallies While BTC Struggles

Key Insights:

  • On Thursday, it was another mixed session for the crypto top ten, with Dogecoin (DOGE) and bitcoin (BTC) bucking the broader market trend.
  • Another bullish session for NASDAQ 100 delivered the broader crypto market with support.
  • The total crypto market cap rose by $11.3 billion to end the day at $1,029 billion.

It was a mixed Thursday session for the crypto top ten. Bitcoin (BTC) failed to revisit $24,000, with Dogecoin (DOGE) also struggling.

Investor reaction to the news of Tesla Inc. (TSLA) offloading 75% of its BTC holdings continued to pressure BTC. DOGE also struggled despite Tesla holding on to DOGE.

News of the SEC labeling a string of cryptos as securities failed to weigh on investor sentiment.

On Thursday, the broader crypto market tracked the NASDAQ 100 into positive territory. Corporate earnings continued to deliver support, with the Tesla Inc. earnings results from Wednesday driving demand for riskier assets.

The NASDAQ 100 rose by 1.36% on Thursday, following a Wednesday 1.58% gain.

NASDAQ correlation
Total Market Cap – NASDAQ – 220722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 92.5 points.

The Total Crypto Market Cap Rises on NASDAQ Support

A bearish start to the Thursday session saw the total crypto market cap fall to a low of $991.8 billion before finding support.

Further market reaction to news of Tesla selling off 75% of its BTC holding tested buying appetite early on.

Sentiment improved through the day, however, with the total crypto market cap rising to a high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 220722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to $1,600 and a BTC fall to sub-$23,000.

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

BTC and Dogecoin (DOGE) bucked the top-ten crypto trend, falling by 0.30% and 0.20%, respectively.

It was a bullish session for the rest of the majors, with ETH rallying by 3.52% to lead the way.

BNB (+2.90%) and SOL (+2.57%) also found strong support, while ADA (+1.83%) and XRP (+0.99%) trailed the front runners.

From the CoinMarketCap top 100, Curve DAO Token (CRV) led the way with a 21.6% gain. Cosmos (ATOM) and Synthetix (SNX) also found strong support, rising by 14.2% and 15.1%, respectively.

At the other end of the table, Klaytn (KLAY) and Amp (AMP) led the way down, falling by 2.14% and 3.43%, respectively. Flow (FLOW), Lido DAO (LDO), and VeChain (VET) also struggled.

Total Crypto Liquidations Support a Bullish Friday Session

On Friday, 24-hour liquidations continued to retreat, indicating more favorable market conditions.

This morning, 24-hour liquidations stood at $198 million, down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours, highlighting better market conditions. At the time of writing, liquidated traders stood at 65,160 versus 98,758 on Thursday morning.

Alongside the decline in 24-hour liquidations, one-hour and four-hour liquidations were down from Thursday.

According to Coinglass, one-hour liquidations stood at $4.10, down from $6.90 million on Thursday. Four-hour liquidations stood at $33.04 million, down from $101.16 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 220722

Daily News Highlights

  • Crypto exchange Zipmex froze withdrawals, citing volatile market conditions.
  • The SEC filed charges against a Coinbase employee for insider trading and labeled a collection of cryptos as securities.

Crypto Price Analysis July 21: CRV, ETC, GALA, EGLD, ICP

Key Insights:

  • Elrond was one of the biggest losers of the day, declining by 9%.
  • Curve Finance’s token countered this bearishness with 17.36%.
  • Bitcoin declined slightly today, trading at $22.9k, while Ethereum stood still at $1.5k.

As some of the altcoins noted depreciation today, most of the other cryptocurrencies rallied ahead instead. This kept the entire crypto market capitalization unchanged at $1.022 Trillion.

Ethereum followed the broader market cues changing hands at $1.5k, while Bitcoin dipped slightly, trading at $22.9K.

Curve DAO (CRV)

CRV led the altcoins, which continue rising today against the broader market bearishness. Rising by 17.36%, CRV could be seen trading at $1.35, bringing the altcoin’s recovery from its lows to 133.47%.

The Awesome Oscillator is still highlighting bullishness for the altcoin, which has been beneficial for the altcoin in recovering from the June crash of almost 58%.

Ethereum Classic (ETC)

The Ethereum hard fork has been one of the top gainers this week, rising by 80.19%. Today’s 6.7% rise invalidated yesterday’s drop, keeping ETC at $24.94.

The Bollinger Bands divergence does indicate high volatility, but since the candlestick is above the basis, the price swing will be positive.

Gala (GALA)

The altcoin is one of the only few cryptocurrencies that haven’t recovered at all in over a month. Still trading at the same lows it was at in June, GALA is serving no incentive for investors right now.

Although the fluctuation noted on the Chaikin Money Flow does indicate an uptick, in actuality, there haven’t been many inflows recently.

Elrond (EGLD)

Elrond fell by 9% today amid mixed market cues, which brought the coin down to $56.05, the consolidation level it has been stuck at since mid-June.

Although the altcoin hasn’t made any significant recovery yet, the MACD continues to remain bullish, which is vital for EGLD to recover the June dip of 51.74%.

Internet Computer (ICP)

Following EGLD’s lead, ICP also sunk by 8.5% over the last 24 hours to trade at $6.848. Although the altcoin was on track to recover its 45.58% June losses, today’s dip might delay the same.

The Relative Strength Index (RSI) is still somehow above the neutral line in the bullish zone, which is a positive sign for ICP going forward.

Bitcoin and ETH Price Prediction: Upsides At Risk, ATOM Could Rally To $15

Key Insights

  • Bitcoin corrected lower below $23,500 and $23,200.
  • Ether price tested the key $1,460 support zone.
  • ATOM is rising and might rally further if it clears $12.50.

Bitcoin (BTC)

After struggling to clear the $24,275 zone, bitcoin started a downside correction. There was a clear move below the $23,080 support zone and the 21-day simple moving average (H1).

The price even declined below the $23,000 level which had previously provided support. BTC is now trading near a major support at $22,400. If there is a downside break, the price could decline to $21,650.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The next major support sits at $21,000, below which could see BTC falling back down to the $20,000 psychological level.

In the event of a rebound, bitcoin needs to breakout of the $23,080 resistance zone and consolidate above for at least a few days. The next major hurdle is near $24,000.

Ethereum (ETH)

Ether also followed a similar pattern and started a fresh decline from the $1,625 resistance zone. The price declined below the $1,550 level and the 21-day simple moving average (H1).

It is now consolidating near the $1,480 zone. The next major support sits at $1,460, below which the price could decline towards the $1,385 support zone. If this current level holds, ether may start a fresh rally from the $1,460 zone.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, there is a major resistance near the $1,550 zone on the hourly chart, above which the price could revisit the $1,625 zone.

Cosmos (ATOM)

After a few weeks of heavy selling, ATOM formed a support near the $5.00 zone. A strong base was formed and the price started a major rally above the $6.50 and $7.50 levels.

There was a clear move above the $8.00 resistance and the 21-day simple moving average. Additionally, there was a break above a major bearish trend line at $8.80 on the daily chart and ATOM is now attempting an upside break above the $11.00 zone.

ATOM Daily Chart
ATOM Daily Chart by FXEmpire

The main resistance sits near the $12.50 level which has previously prevented a breakout. A close above $12.50 could set the pace for a larger rally. The next stop for the bulls might be $15.00 or $16.50 after that.

If ATOM is unable to push past $12.50, then it may pullback towards the support at $10 before reattempting a move upward.

ADA, BNB, and DOT price

Cardano (ADA) is down 9% and struggling to stay above the $0.475 level. On the upside, the $0.50 zone might act as a breakout zone.

BNB is consolidating at the $260 level. If the bulls are unable to push above, then BNB might decline towards the $230 level.

Polkadot (DOT) is down 8% and trading below the $7.50 level. The next major support is at $7.20, below which the price might decline towards $7.00.

A few trending coins are ETC, RUNE, and CRV. Out of these, CRV is gaining pace above the $1.28 level and might climb above the $1.30 level if current momentum continues.

Crypto Market Daily Highlights – BTC Winning Streak Ends

Key Insights:

  • On Sunday, the crypto top ten saw a four-day winning streak end, with Solana (SOL) falling by 2.44% to lead the way down.
  • Uncertainty over Fed monetary policy and a lack of direction from the crypto news wires left investors on a more cautious footing ahead of the Monday open.
  • The total crypto market cap ended the week up by $26 billion.

It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) saw a four-day winning streak end, with ETH failing to revisit $1,400 in a range-bound session.

There were no external forces to shift investor sentiment on Sunday, with no crypto news stories to provide the markets with direction. A bullish four sessions continued into Sunday before profit-taking hit the market ahead of the Monday open.

The pullback reflected investor uncertainty over Fed monetary policy, with investors likely to eye the NASDAQ 100 for direction.

Crypto - NASDAQ
Crypto – NASDAQ – 180722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was up 44.5 points to deliver early support.

The Total Crypto Market Cap Sees Red

A bullish start to the Sunday session saw the total crypto market cap rise to a high of $961 billion before hitting reverse.

The total market cap fell to a low of $925 billion before ending the day at $931 billion. Investors pulled out a modest $14.8 billion on Sunday to leave the market cap up $26 billion for the week.

Crypto market cap
Total Market Cap 180722 Daily Chart

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

SOL fell by 2.44% to lead the way down, with ADA (-2.18%), DOGE (-2.02%), and XRP (-2.11%) also struggling.

BNB (-0.80%), BTC (-1.92%), and ETH (-1.29%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) led the way again, rallying by 19.91%, with Ethereum Classic (ETC) and Theta Fuel (TFUEL) up by 11.24% and 19.21%, respectively.

However, Curve DAO Token (CRV), Zcash (ZEC), and Uniswap (UNI) led the way down.

CRV fell by 8.04%, with ZEC and UNI ending the day with losses of 6.14% and 5.87%, respectively.

Total Crypto Liquidations Slide to Reflect Improving Market Conditions

On Monday, 24-hour liquidations took a tumble, reflecting improving market conditions at the turn of the day. On Sunday, we saw 24-hour liquidations spike to suggest a possible crypto pullback, which materialized after a bullish start.

This morning, 24-hour liquidations stood at $116.95 million, down from $372.3 on Sunday.

Liquidated traders declined over the last 24 hours, suggesting improving market conditions. At the time of writing, liquidated traders stood at 40,592 versus 63,031 on Sunday morning.

According to Coinglass, one-hour liquidations stood at $5.22 million, down from $31.6 million on Sunday.

Crypto liquidations
Total Crypto Liquidations 180722

Daily News Highlights

  • RBA Governor Lowe talked of the benefits of privately issued but regulated digital currencies.
  • Chatter over a possible Coinbase liquidity crisis continued to do the rounds.

Crypto Market Daily Highlights – BTC Extends Winning Streak

Key Insights:

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

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

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

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

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

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

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

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

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

The Total Crypto Market Cap Rises for a Third Consecutive Session

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

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

Crypto market cap
Total Market Cap 160722 Daily Chart

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

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

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

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

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

ETH Staked on LIDO
ETH Staked with Lido

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

Total Crypto Liquidations Continued Downward Trend

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

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

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

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

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

Crypto liquidations
Total Crypto Liquidations 160722

Daily News Highlights

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

Crypto Price Analysis July 13: DCR, CRV, AAVE, FTM, BAT

Key Insights:

  • Decred led the rally with a 17% rise in 24 hours.
  • Fantom and Basic Attention Token were among the ones to note a decline still.
  • Bitcoin and Ethereum continued to trade at $19k and $1k.

The crypto market did not see a lot of change throughout the day, remaining planted at $854 billion as the altcoins balanced out each other’s ups and downs.

The king coin and the altcoin king, which were already on a downtrend, further declined today but did not slip below $19k and $1k.

Decred (DCR)

DCR was one of the best performing coins of the day, going up by 24.09% during the trading hours to trade at $25.67. Within a single day, the altcoin recouped all that it lost in the last two weeks.

The Awesome Oscillator highlights increasing bullishness at the time of writing, so DCR might be able to keep up with this rise.

Curve Finance (CRV)

CRV, following in the footsteps of DCR, flipped the active downtrend and rallied by 15.86% today, even recovering $1 in the process. If CRV closes above the current trading price of $1.01, it can flip $1 into support.

And by the looks of the Bollinger Bands, the chances of the same happening seem positive as the candlestick is above the bias.

Aave (AAVE)

The DeFi token managed to rise by 12.68% after declining by 17.03% in the last couple of days. Trading at $76.79, AAVE is yet to recover even half of the losses it experienced in June.

However, it does have the investors’ support, as visible by the uptick in the Chaikin Money Flow highlighting consistent inflows.

Fantom (FTM)

FTM followed the other altcoins as it barely moved, keeping its price down by 3.6% in the 24-hour span. Trading at $0.23, the DeFi token is still bearing the brunt of the bears.

From here on, a drop in the prices is possible since the MACD is indicating the arrival of a bearish crossover on the charts.

Basic Attention Token (BAT)

BAT made no progress in recovering the losses of this week as the altcoin traded at $0.36. Down by 18.88%, BAT is yet to find support to rally.

Additionally, the Relative Strength Index (RSI) also flashed bearish signs at the time of writing as it slipped into the bearish zone.

Crypto Price Analysis July 6: CRV, SAND, LRC, BSV, FLOW

Key Insights:

  • Curve DAO Token is leading the rally with a 10.23% rise today.
  • Loopring is taking charge of the bears, albeit with a 5% decline.
  • Bitcoin and Ethereum continue to trade at $20k and $1.1k, respectively.

The crypto market has seemingly entered consolidation, barely moving over the past 48 hours.

With the entire crypto market’s value still struggling at $885 billion, it does not seem like Bitcoin and Ethereum will be able to kickstart a rally at the moment.

Curve DAO Token (CRV)

CRV has been performing exceptionally well this week, noting a 39.19% growth in the past couple of days. This rally will be crucial in not only recovering the 54.77% losses of June but also in pushing the altcoin above $1 again.

Additionally, the 9.54% rise in the last 24 hours will turn the Awesome Oscillator into absolutely bullish, further supporting recovery.

The Sandbox (SAND)

The Metaverse token made a quick recovery from the June crash when it shot up by 60.35%, and it rallied once again over the last three days marking a 20% rise. This brought SAND’s trading price above $1.25.

Going forward, the possibility of a price rise remains open since the separated Bolling Bands indicate an uptrend as the candlesticks remain above the bias.

Loopring (LRC)

LRC has been oscillating around the $0.4 mark for almost a month now despite declining by 13.89% recently as the altcoin recovered by 8.21%.

The Chaikin Money Flow, on the other hand, clearly exhibits that investors have been optimistic with LRC as inflows have been gradually increasing over time.

Bitcoin SV (BSV)

The Bitcoin namesake and hard fork has been trending opposite to the broader market trend noting a 16.22% decline after a 38.02% rise.

Trading at $53.92, the asset flipped the support of the 50-day Moving Average into resistance which may not necessarily be a good sign for BSV since it closed in red today.

Flow (FLOW)

The Dapper Labs creation has been on a downtrend for the past ten days, only further declining after the 53.23% crash of June.

To make things worse, FLOW has been stuck in the bearish zone for about three months now, with no clear indication of recovery as visible from the Relative Strength Index (RSI).

Bitcoin and ETH Price Prediction: Support Intact, Why MATIC Rally Could Fade

Key Insights:

  • Bitcoin jumped to $20,450 before correcting lower.
  • Ether (ETH) is trading above the $1,085 and $1,070 support levels.
  • MATIC surged over 10% but faces a major hurdle near $0.55.

Bitcoin

In the past few sessions, bitcoin price found support and climbed above the $19,750 resistance. It even broke the $20,000 resistance and the 21 simple moving average (H1).

However, the bears defended the $20,450 zone. Recently, there was a downside correction below the $20,000 level and the 21 simple moving average (H1). The price is now trading near the $19,350 support and a connecting bullish trend line on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If bitcoin price stays above $19,350, it could rise towards $19,750. The first major resistance is near the $20,000 level. The main resistance sits at $20,450, above which the price could start a steady increase.

Ethereum (ETH)

ETH also followed a similar pattern after it formed a base above the $1,050 level. There was a decent increase above the $1,085 resistance and the 21 simple moving average (H1).

There was a clear move above the $1,130 resistance level before the bears appeared near $1,170. Recently, ether price corrected lower and traded below the $1,130 level. The bulls are now protecting the $1,085 support zone.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there are more downsides, it could find support near $1,070. On the upside, the price might struggle near $1,135. The next major resistance is near the $1,170 level, above which the price could rise towards the $1,250 level.

Polygon (MATIC)

MATIC found support near the $0.3200 level after a massive drop from well above the $1.10 and $1.00 support levels.

The price settled below the $0.50 level and the 21-day simple moving average. Recently, there was a recovery wave above the $0.420 and $0.450 resistance levels. It even broke the $0.50 resistance and the 21-day simple moving average.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

However, the price is facing a major hurdle near the $0.54 and $0.55 levels. There is also a key bearish trend line with resistance near $0.55 on the daily chart.

A close above the $0.54 and $0.55 levels may perhaps send MATIC price towards the $0.70 resistance zone or even $0.75. If not, there is a risk of a fresh decline below the $0.45 level.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to gain pace above the $0.455 level. It is slowly moving lower towards the $0.432 support zone.

Binance Coin (BNB) struggled near the $235 level and is correcting gains. The main support on the downside is near $220.

Polkadot (DOT) failed to stay above the $7.0 pivot level. The price is now trading near $6.75, with a major support at $6.62.

A few trending altcoins are APE, BAT, and CRV. Out of these, CRV is gaining pace above the $0.88 resistance zone.

Crypto Market Daily Highlights – ADA, BTC, ETH, and SOL Extend Losses

Key Insights:

  • It was a bearish Friday session for the crypto to ten, with Cardano (ADA), bitcoin (BTC), Ethereum (ETH), and Solana (SOL) extending their losing streaks to six sessions.
  • The crypto market tracked the NASDAQ 100, which eked out a 0.90% gain, before a post-US close sell-off.
  • The total crypto market cap fell for a sixth consecutive day. A $19.6 billion fall left the market cap at $846.2 billion.

It was a bearish start to the month for the crypto market. Bitcoin (BTC) extended its losing streak to six sessions, with Cardano (ADA), Ethereum (ETH), and Solana (SOL) also seeing red for six consecutive days.

While there were no catalysts to send the crypto market into the red, news of the EU agreeing to a comprehensive regulatory framework may have tested support. A bullish start to the Friday session was short-lived, with a choppy session in the US equity markets leaving the crypto market on the back foot.

On Friday, the NASDAQ 100 rose by 0.90% to end the week down by 4.13%. Monday through Friday, bitcoin fell by 8.48%.

A late Friday relief rally provided crypto support before a post-US market close sell-off. Fears of a recession and investor sentiment toward monetary policy continued to weigh.

US economic data added to the bearish sentiment. In June, the ISM Manufacturing PMI fell from 56.1 to 53.0 versus a forecasted decline to 54.9.

Crypto tracks NASDAQ before sell-off
Total Market Cap – NASDAQ – 020722 5 Min Chart

The Total Crypto Market Cap Falls for a Sixth Consecutive Day

A choppy session saw the total crypto market cap rise to a high of $894.2 billion before sliding to a low of $835.1 billion.

Finding support from the late NASDAQ rebound, the crypto market cap revisited $862 billion before hitting reverse.

$19.6 billion came off the table to leave the market cap at $846.21 billion.

Crypto market cap takes another hit.
Total Market Cap 020722 Daily Chart

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

On Friday, DOGE broke the top ten crypto trend, rising by 0.24%.

However, it was a bearish session for the rest of the top ten. XRP slid by 5.72% to lead the way down, with BTC falling by 3.31%.

ADA (-2.61%), BNB (-1.41%), ETH (-1.17%), and SOL (-2.71%) also struggled.

From the CoinMarketCap top 100, Basic Attention Token (BAT), Curve DAO Token (CRV), Cosmos (ATOM), and Monero (XMR) also saw gains on the day. CRV led the way, rallying by 8.55%.

Total Crypto Liquidations Reflect the Bearish Market Sentiment

24-hour liquidations reflected improving market conditions going into the weekend.

This morning, 24-hour liquidations stood at $107 million, down from $248 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,758 versus 83,723 on Friday morning.

One-hour liquidation figures supported the downward trend in liquidated traders.

According to Coinglass, one-hour liquidations stood at $2.44 million, down from $3.14 million on Friday. A return to sub-$1 million would support a bullish session.

Crypto liquidations
Total Crypto Liquidations 020722

Daily News Highlights

  • BnkToTheFuture unveiled three proposals to save Celsius from bankruptcy.
  • The EU agreed on a comprehensive crypto regulatory framework.
  • El Salvador took a bigger bite into the crypto market by purchasing 80 BTC.