- 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.
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.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a bearish Wednesday session for the crypto top ten.
From the CoinMarketCap top 100, it is a mixed session.
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.
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.