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

 

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 – BTC, ETH, and SOL Are on the Move

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with bitcoin (BTC), Ethereum (ETH), and Solana (SOL) finding support.
  • The NASDAQ 100 weighed on investor sentiment, with fears that the Fed will deliver another sizeable rate hike, weighing on riskier assets.
  • The total crypto market cap is up by $3.66 billion to $1,123 billion.

It is a mixed Thursday session for the crypto top ten. In a choppy session, bitcoin (BTC) came within reach of $25,000 before falling back. Ethereum (ETH) and Solana (SOL) lead the way, while the rest of the top ten sees red.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

Following the softer US consumer inflation figures, US wholesale inflation figures drew interest on Thursday. The numbers were market-friendly, with the annual rate of wholesale inflation softening from 11.3% to 9.8% in July.

However, softer inflation failed to ease market fears of another sizeable Fed rate hike in September, leading to a late pullback. The NASDAQ 100 fell by 0.58%, with the crypto market seeing early gains wiped out.

NASDAQ correlation
Total Market Cap – NASDAQ – 120822 5 Min Chart

The Total Crypto Market Cap Hits the Highest Level Since Mid-June

On Thursday, the total crypto market cap rose to a mid-day high of $1,153 billion before sliding to a low of $1,112 billion. The US consumer and wholesale inflation figures delivered support before a reversal kicked in, with the markets expecting the Fed to keep the foot on the gas.

With an hour of the Thursday session left, the total crypto market cap was up $3.66 billion to $1,123 billion. A bullish week has seen more than $40 billion pour in.

Crypto market cap hits highest level since mid-June
Total Market Cap 120822 Daily Chart

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

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

With one hour of the session remaining, ETH and SOL lead the way, with gains of 1.53% and 1.11%, respectively. BTC also found support, rising by 0.39%.

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

DOT leads the way down, sliding by 3.67%, with BNB down by 1.34%.

ADA (-0.74%) and XRP (-0.31%) are also in negative territory.

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

Ankr (ANKR) leads the way, surging by 50.75%, with Ethereum Classic (ETC) and Ravencoin (RVN) also on the move. ETC is up 12.6%, with RVN up by 11.43%.

However, Monero (XMR), Convex Finance (CVX), and Arweave (AR) lead the way down.

XMR is down 5.67%, with CVX and AR falling by 4.17% and 3.63%, respectively.

Total Crypto Liquidations Rise in the Wake of the US Inflation Numbers

This morning, total liquidations remain elevated as investors respond to the pullback in the US equity markets and fears of an unwavering Fed. 24-hour liquidations continued the upward trend.

At the time of writing, 24-hour liquidations stood at $343 million, up from $282 million on Thursday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 58,688 versus 63,664 on Thursday morning. Market conditions improved over the 24 hours, reflected in the 12-hour, four-hour, and one-hour liquidation figures,

While 12-hour liquidations remain elevated ($165 million), one-hour and four-hour liquidations have retreated.

Crypto liquidations rise again
Total Crypto Liquidations 120822

According to Coinglass, four-hour liquidations stood at $7.83 million, down from $16.52 on Thursday morning. One-hour liquidations are down from $2.56 million to $1.54 million (see hourly crypto market cap chart below).

Crypto market cap slides back from the day high
Total Market Cap 120822 Hourly Chart

Daily News Highlights

Crypto Market Daily Highlights – ADA, BTC, and SOL Buck the Trend

Key Insights:

  • It was a mixed Tuesday session for the crypto top ten, with Solana (SOL), Cardano (ADA), and bitcoin (BTC) seeing red.
  • Investor reaction to US corporate earnings and apprehension ahead of the Fed monetary policy decision tested appetite for riskier assets.
  • Recovering from a $36 billion slump, the total crypto market cap increased by $1.77 billion.

It was a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) visited sub-$21,000, with Cardano (ADA) and Solana (SOL) joining bitcoin in the red.

On Tuesday, Walmart Inc. (WMT) weighed on riskier assets with a grim earnings outlook for the current quarter and the fiscal year. Shares slid by 7.6% after the company said that higher prices for fuel and food would cause consumers to cut back on spending.

The doom and gloom outlook comes ahead of the Fed monetary policy decision. Uncertainty over Fed monetary policy and the US economic outlook has weighed on the crypto market.

Walmart’s outlook warning added to investor angst over the economic outlook, which could force the Fed to lift rates by just 50 basis points on Wednesday.

On Tuesday, the broader crypto market tracked the NASDAQ into the red before a post-US market close rebound. The NASDAQ 100 slid by 1.87%.

NASDAQ correlation
Total Market Cap – NASDAQ – 270722 5 Min Chart

The Total Crypto Market Cap Recovers From Walmart Induced Slump

On Tuesday, the crypto market succumbed to uncertainty over the Fed and corporate earnings. The total market cap fell from a high of $961 billion to a low of $924 billion before bouncing back.

A post-US market close rebound saw the total market cap bounce back to end the day at $957 billion, up by $1.77 billion. The market cap had been down by $36 billion before the late recovery.

Crypto market cap
Total Market Cap 270722 Daily Chart

For the current month, the total crypto market cap is up $90 billion. However, the Fed will need to be crypto-friendly for the crypto market to end a three-month losing streak.

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

SOL and ADA fell by 1.07% and 1.47%, respectively, with BTC ending the day with a 0.23% loss.

It was a bullish session for the rest of the top ten, with BNB and DOGE rising by 2.04% and 1.02%, respectively, to lead the way.

ETH (+0.62%) and XRP (+0.50%) saw relatively modest gains.

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

Qtum (QTUM), OKB (OKB), and Trust Wallet Token (TWT) led the way. QTUM rallied by 11.95%, with OKB and TWT gaining 7.49% and 5.35%, respectively.

At the other end of the table, Uniswap (UNI) led the way down, with a 5.21% loss. Convex Finance (CVX) and ApeCoin (APE) weren’t far behind, falling by 4.89% and 3.97%, respectively.

Total Crypto Liquidations Inched Higher with the Fed in Focus

On Wednesday, 24-hour liquidations continued to move northwards, though liquidation levels remained low relative to last week’s spike.

This morning, 24-hour liquidations stood at $207 million, up from $182 million on Tuesday. In the previous week, liquidations spiked at $691 million.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 73,706 versus 67,978 on Tuesday morning.

One-hour and four-hour liquidations were in decline, reflecting the post-US market close market rebound.

Crypto liquidations
Total Crypto Liquidations 270722

According to Coinglass, four-hour liquidations stood at $24.01 million, down from $76.67 million on Tuesday. One-hour liquidations stood at $4.41 million, down from $18.00 million. (See hourly crypto market cap chart below).

Market cap rebound
Total Market Cap 270722 Hourly Chart

Daily News Highlights

  • Corporate earnings sent the crypto market into the red before a late rebound.
  • The news hit the wires of crypto exchange Kraken suspected of violating US sanctions.
  • Coinbase hit the news, with the US SEC reportedly investigating the US platform for unregistered securities listings.

Daily Altcoin Analysis July 26: XRP, ADA, VET, TRX

Key Insights:

  • Ripple and Tron did not fall by a lot and maintained their recent recovery.
  • Cardano and VeChain declined by more than 11% each this week.
  • Bitcoin and Ethereum also dropped to trade at $20k and $1.3k, respectively.

Altcoins led the downtrend today, with the likes of Convex Finance leading other cryptocurrencies.

Even the king coin, Bitcoin, and the altcoin king Ethereum could not prevent from being affected by the fall, depreciating to $20,976 and $1,359 at the time of writing.

Ripple (XRP)

Ripple continues to fight it out with SEC on one front while also trying to fight the bearishness on the other hand. In the latter case, the bears seem to be winning as the altcoin noted a 9.17% decline in the last 24 hours.

While the divergence of the Bollinger Bands indicates incoming volatility, the presence of the candlesticks below the basis of the indicator will lead to a price fall.

Cardano (ADA)

The third-generation cryptocurrency is once again struggling to recover from its June losses that left the coin to lose 27.59% in just four days. At the time of writing, trading at $0.45, ADA is already down by 11.28% in the last 48 hours.

The appearance of the red bars on the Awesome Oscillator is also concerning, as their growth might lead to ADA’s downfall.

VeChain (VET)

Joining Cardano in the downward momentum was VeChain, which lost about 12.31% in this week alone. Trading at 2 cents, VET needs to push from the broader market if it ever intends to break the downtrend.

The MACD could also be seen on the edge of a bearish crossover, and if the same takes place, it will become far more difficult for VET to recover June’s 25.39% losses.

Tron (TRX)

Tron was the only one of the lot not to witness a significant fall in the last 24 hours, as the altcoin only fell by 3.07%. Even though this isn’t a big deal for TRX, it is still pushing the altcoin farther away from the possibility of recovery.

Additionally, the Relative Strength Index (RSI) is also indicating increasing selling pressure which will make the recovery of June’s 34.29% losses far more complex.

Lido DAO and Convex Finance Lead the Market Dip With a 15% Fall

Key Insights:

  • Lido DAO noted a 20.56% fall in the span of 24 hours.
  • Convex Finance continued its downtrend with a 21.4% dip.
  • Bitcoin and Ethereum also dropped below the $21k and $1.4k mark today.

The unrelenting bearishness continues to prevent any recovery in the crypto market, with altcoins noting higher falls with every passing day.

Today the brigade was led by Lido DAO and Convex Finance, with Bitcoin and Ethereum supporting the downtrend by falling to $20,934 and $1,381, respectively.

Lido DAO Goes Down

The altcoin, trading at $1.32, declined by over 20.5% in the last 24 hours after a week of sideways movement. Although the decline isn’t ideal, it isn’t as big a deal for the cryptocurrency since LDO was one of the best-performing coins this month.

From the lows of the June crash, LDO shot up by almost 260% in just 16 days, even hitting the $2 mark at its highest.

However, the future isn’t seemingly in favor of cryptocurrency as price indicators are taking a turn for the worse. The Bollinger Bands are on the verge of converging, which indicates that volatility is about to reduce.

Although it is generally a good thing, at the moment, this could cause slower recovery. Plus, if the candlesticks lose the support of the basis, the price will go down.

Secondly, the MACD is also about to witness a bearish crossover which will change the trend once the red bars extend below the neutral line. Should that happen, LDO is looking at $1 as its next critical support.

Convex Finance Follows Suit

Right behind Lido DAO was the native token of Convex Finance, CVX, which did not spare its investors from losses either.

CVX decreased by 21.41% since yesterday and invalidated a significant amount of its 123.77% recovery that it witnessed last month, rising from the June lows.

Going forward, CVX might continue down this path, figuratively and literally, since the price indicators have already flipped into a downtrend.

The Parabolic SAR was the first sign as it moved above the candlesticks, indicating the beginning of a downtrend.

This was followed by the fall of the Relative Strength Index (RSI) into the bearish zone. The declining prices have created an atmosphere where selling pressure is taking over the altcoin resulting in a higher price drop.

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 Price Analysis July 25: TWT, CVX, FTM, NEAR, RUNE

Key Insights:

  • Trust Wallet Token entered the top 100 cryptos list with a 5% rally.
  • Near Protocol’s token was among the most to lose, down by over 11%.
  • Bitcoin and Ethereum also noted a decline, trading at $21.6k and $1.4k, respectively.

Thanks to the week-long bearish cues, the value of all cryptocurrencies slipped to $990 billion in the last 24 hours.

As the king coin and the altcoin king also joined the altcoins to drop and trade at $21.6k and $1.4k, no other crypto except for TWT and Uniswap could manage to break this downtrend.

Trust Wallet Token (TWT)

Being the only other cryptocurrency to close in the green, TWT managed to beat the bearish cues with a 5.17% rally. Its recent 63% rise surely did bring it closer to recovering the downtrend from its local top.

However, the visible downtick in Chaikin Money Flow which shows outflows from investors, would make it difficult for TWT to recover the remaining 32.49%.

Convex Finance (CVX)

Convex Finance’s 13% decline in the last three days invalidated some of the rise VCVX made this month, bringing it closer to the recent lows.

At the time of writing, the Awesome Oscillator seemed to observe growing bearishness which will keep the altcoin from recovering the losses of its 86.6% dip noted from May to June.

Fantom (FTM)

Falling by 12.42%, FTM lost a chunk of its rise today. However, being almost 40% above the June lows has made it easier for Fantom to recover the 44.8% of the crash.

The Bollinger Bands indicate that the high volatility might play in favor of the same, provided FTM is able to keep its candlesticks above the basis.

Near Protocol (NEAR)

Following the broader market cues, Near Protocol’s token fell by 11.4% in the span of a day, reducing its recovery to just 20.33%. The altcoin still has a long way to go to recover its 48.34% crash of June.

This appears to be slightly tricky since the MACD is inching closer to a bearish crossover, thanks to the rising intensity of the red candles.

ThorChain (RUNE)

RUNE also fell by almost 12% during the intra-day trading adding to the 19.64% fall over the last four days. Although the Relative Strength Index (RSI) does seem to be in a gradual incline, it is about to slip into the bearish zone.

Should that happen, RUNE would not only lose this recovery but also lose the opportunity to recover its May to June losses amounting to 77.84%.

Convex Finance Reclaims Major Support As Bitcoin Crosses $24K.

Key Insights:

  • Convex Finance is inching closer to closing above the $10 mark.
  • Bitcoin declined slightly to trade at $23k at press time.
  • The crypto market also depreciated in market cap sitting at $1.03 trillion.

Although the crypto market successfully rose above the month-long bearishness, which kept altcoins and the king coin at their lowest, the market cap finally reclaimed the $1 trillion level as support.

However, today did not support a rise further as most cryptocurrencies remained unchanged.

Convex Finance on a Roll

The altcoin is one of the best-performing cryptocurrencies in the market at the moment, as CVX has risen by more than 112% in the span of just a month.

However, even this rally has not been enough to pull the altcoin out of its 91.62% losses that it witnessed between April to June.

Interestingly trading at $7.54, CVX was able to reclaim the 50-day Simple Moving Average (SMA) (red) line as support which is crucial in the altcoin’s efforts to mark a recovery.

With this, the coin not only came closer to reclaiming the $10 mark but also to flipping the 100-day SMA (green) line into support from resistance.

This is supported by the MACD as well, which is maintaining its bullish crossover despite the fluctuations in the market. Although bullishness isn’t rising at the moment, its current stance does indicate that the altcoin has enough strength to remain consolidated.

Bitcoin To Be Back Above $24K

Trading at $23,873, the king coin fell slightly below yesterday’s high of $24k, but the same is just a small break and not a sign of downfall.

The 23.65% rally Bitcoin achieved in the last eight days will continue going ahead and eventually recover the almost 40% losses noted during the June crash.

The same is visible on the price indicators as well. The Parabolic SAR’s white dots are currently sitting beneath the candlesticks, which means that the king coin is still in an active uptrend.

Secondly, the Relative Strength Index (RSI), which entered the bullish zone after three months, is maintaining its position in the area.

This will provide BTC the strength it needs to rise back up and rally further, and if it can sustain the same for a long while, BTC can achieve $30k by the end of this month.

Crypto Price Analysis July 18: APE, RUNE, CVX, AXS, NEAR

Key Insights:

  • ApeCoin emerged as one of the leaders, rising by almost 25%.
  • ThorChain’s RUNE followed suit with an 18% rally.
  • Bitcoin and Ethereum both shot up to trade at $22.3k and $1.4k.

As the market entered the recovery mode today, every altcoin, with the exception of one or two, switched gears and rallied ahead.

The king coin and the altcoin king too supported this incline, with each rising to trade at $22,332 and $1,488, respectively.

ApeCoin (APE)

The Bored Ape Yacht Collection (BAYC) NFT collection token was one of the best-performing assets in the entire crypto market, rising by almost 25% in the last 24 hours. Trading at $5.9, APE could be seen inching close to the next major resistance of $6.42.

The Awesome Oscillator supported this rise with the appearance of green bars, indicating rising bullishness.

ThorChain (RUNE)

The altcoin did not hold back either as the broader market rally propelled RUNE to trade at $2.54, marking an 18.03% rise from yesterday’s close.

Going forward, the cryptocurrency could witness growth as the Bollinger Bands’ divergence highlights rising volatility in favor of a bullish momentum thanks to the candlesticks’ presence above the basis.

Convex Finance (CVX)

CVX inched closer to recovering the 67.83% losses it witnessed during the June crash as the altcoin rose by 14.66% today to trade at $7.13.

The rise is completely organic, as made evident by the Chaikin Money Flow’s uptick in the bullish zone. This could help CVX continue rising to reclaim $10.

Axie Infinity (AXS)

The GameFi token did not mark a rally as significant as the other altcoins on the list, but it did not disappoint either. Up by 9.95% in the last 24 hours, AXS could be seen trading at $15.8 at the time of writing.

Additionally, according to the MACD, the presence of bullishness on the asset will help it recover the 46.46% downfall it noted last month.

Near Protocol (NEAR)

The DeFi token finally gained some momentum this week to recover the 48.07% losses it witnessed during the June crash. Up by 12.48% today, NEAR could be observed closing in on reclaiming $4 as support at the time of writing.

This is bound to happen as the asset’s Relative Strength Index (RSI) entered the bullish zone today after lingering below it for almost three months now.

Crypto Market Daily Highlights – ETH on the Move towards $1,500

Key Insights:

  • On Saturday, the crypto top ten extended the winning streak to four sessions, with Ethereum (ETH) leading the way for a third session.
  • News updates on the Merge delivered ETH with a breakout session, while market hopes of a 75 basis point Fed rate hike continued to drive investor appetite.
  • The total crypto market cap rose by $31.5 billion.

It was a bullish Saturday session for the crypto top ten. Bitcoin (BTC) rose for a fourth consecutive day, with ETH touching $1,400 for the first time since June 13.

There were no speeches from FOMC members to provide direction, with members entering the blackout period, which extends from July 16 to July 28.

From Friday, the talk of a 75-basis point continued to resonate, delivering the upside on the day. FOMC members Bostic and Bullard spoke of a 75-basis point hike this month, easing fears of a 100-basis point hike.

With the US equity markets entering the earnings season, the crypto market will be looking to decouple from the NASDAQ 100. However, sentiment toward Fed monetary policy and the economic outlook will likely leave the two interlinked.

Crypto - NASDAQ
Crypto – NASDAQ – 170722 Daily Chart

The Total Crypto Market Cap Rises for a Fourth Consecutive Session

A bearish start to the Saturday session saw the crypto market cap fall to a day low of $897 billion before finding support. A breakout session, supported by further investor reaction to the US retail sales figures and Fed chatter led to a high of $965 billion before easing back.

Despite a late pullback, investors poured $31.5 billion back into the market to take the crypto market cap up $80 billion for July.

Crypto market cap
Total Market Cap 170722 Daily Chart

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

ETH rallied by 10.12% to lead the way, with BNB (+4.70%), SOL (+5.95%), and XRP (+5.01%) also making solid gains.

ADA (+3.62%), BTC (+ 1.79%), and DOGE (+2.34%) trailed the front runners.

From the CoinMarketCap top 100, Lido DAO (LDO) led the way, surging by 22%, supported by the ETH breakout.

Progress towards the ETH Merge remained the key driver for LDO, with Ether staking on the rise.

Several coins bucked the broader market trend, however. Convex Finance (CVX) and TerraClassicUSD (USTC) fell by 3.90% and by 3.60%, respectively, with Quant (QNT) seeing a 1.55% loss.

Total Crypto Liquidations Spike Despite Bullish Sentiment

On Sunday, 24-hour liquidations jumped at the turn of the day, despite a bullish start to the Sunday session.

This morning, 24-hour liquidations stood at $372.31 million, up from $144 million on Saturday.

Liquidated traders surged over the last 24 hours, suggesting a possible deterioration in market conditions. At the time of writing, liquidated traders stood at 63,031 versus 47,290 on Saturday morning.

Significantly, 12-hour liquidations surged to $344 million, driving four-hour and one-hour liquidations northwards.

According to Coinglass, one-hour liquidations stood at $31.6 million, up from $0.924 million on Saturday.

Crypto liquidations
Total Crypto Liquidations 170722

Daily News Highlights

  • Rumors of Coinbase having liquidity issues hit the news wires, with Coinbase reportedly ceasing its affiliate program.
  • Ethereum continued its breakout session, supported by the talk of a September Merge date.

Crypto Market Daily Highlights – ETH and SOL Led the Top Ten

Key Insights:

  • It was a bullish session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) leading the way.
  • After plenty of market angst over US inflation, the crypto market bounced back from day lows despite the US annual rate of inflation hitting 9.1%.
  • The total crypto market cap rose by $38 billion to end a three-day losing streak.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) ended a five-day losing streak, with ETH and SOL leading the top ten.

US inflation figures sent the crypto market into the deep red before a broad-based crypto rally kicked in.

In June, the US annual rate of inflation accelerated from 8.6% to 9.1% versus a forecasted 8.8%. While the latest spike may force the Fed into a 75-basis point rate hike this month, retail sales figures tomorrow could bring a 50-basis point rate hike back into play.

This month, the FOMC meeting minutes revealed concerns over the effect of rate hikes on the US economy. The minutes also showed that members considered a 50-basis point rate hike more appropriate.

Through the US session, the broader crypto market tracked the NASDAQ before a post-US market close rally.

On Wednesday, the NASDAQ 100 fell by 0.15%, following a Tuesday 0.95% loss.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 140722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 70.5 points, with the markets now looking ahead to the US wholesale inflation and jobless claims figures.

The Total Crypto Market Cap Bounces Back Despite NASDAQ Loss

A choppy Wednesday session led the crypto market cap to a day low of $824 billion before finding support. Investor reaction to the US inflation figures weighed before a rebound to a high of $884 billion.

Investors poured $38 billion back into the market to take the crypto market cap up $14 billion for July.

Crypto market cap
Total Market Cap 140722 Daily Chart

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

ETH and SOL led the way, rallying by 7.42 and 6.90%, respectively.

ADA (+5.04%), BNB (+4.54%), and BTC (+4.77%) also found strong support, while XRP (+3.95%) and DOGE (+3.58%) trailed the front runners.

From the CoinMarketCap top 100, TerraClassicUSD (USTC), Amp (AMP), and Internet Computer (ICP) were among a handful of cryptos to buck the trend.

USTC slid by 11.13%, with AMP and ICP seeing losses of 5.94% and 3.38%, respectively.

However, leading the top 100 was Lido DAO (LDO), which surged by 51%, with Convex Finance (CVX) up 19.5%.

Total Crypto Liquidations Spike in Response to US Inflation

On Wednesday, 24-hour liquidations increased as investors responded to US inflation figures.

This morning, 24-hour liquidations stood at $230 million, up from $175 million on Wednesday.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 72,955 versus 54,212 on Wednesday.

However, one-hour and Four-hour liquidations reflected improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $7.12 million, down from $4.69 million on Wednesday. Four-hour liquidations stood $13.28 million, down from $89 million on Wednesday.

Crypto liquidations
Total Crypto Liquidations 140722

Daily News Highlights

  • California Department of Financial Protection and innovation announced investigations into multiple US-based crypto platforms.
  • Hackers stole $8 million worth of ETH from Uniswap (UNI) phishing attack.
  • The judge presiding over the SEC v Ripple case denied the SEC motion to protect the Hinman speech-related documents under the attorney-client privilege.

Crypto Price Analysis July 12: MATIC, LRC, SAND, CVX, UNI

Key Insights:

  • Polygon led the few altcoins that were rallying with an almost 10% rise before succumbing to the bears.
  • Convex Finance was among the top losers following the 7.3% decline.
  • Bitcoin and Ethereum both fell to $19k and $1k, respectively.

The total value of the cryptocurrencies in the market fell to $858 billion today, losing the $900 billion mark again.

Plus, with the king coin and the altcoin king both suffering at $19k and $1k, respectively, the rest of the altcoins were bound to fall today.

Polygon (MATIC)

Trading at $0.561, MATIC remained virtually unmoved today following the 7.08% decline in price noted this week.

With the Awesome Oscillator highlighting the beginning of bearish sentiment in the market, the price could take a turn for the worse, falling to the $0.5 mark.

Loopring (LRC)

The altcoin, following the rest of the market, slipped by 9.4% in the span of just five days. Trading at $0.3782, LRC has already lost half of the recovery it made in June.

The Bolling Bands’ convergence highlights that the volatility is reducing, but with the candlestick moving below the bias, the price going forward could witness further price falls.

The Sandbox (SAND)

The second biggest Metaverse token, SAND, is no alien to the bears either, with the altcoins depreciating by almost 14.6% over the past week.

The Chaikin Money Flow has been noting outflows over the same period, making SAND holders just as panicky about possible price falls as other investors.

Convex Finance (CVX)

CVX, unlike the rest of the market, is actually experiencing a downfall but the same only began three days ago this week. This kind of growth of 18.75% fall will be harmful as it could wipe out a significant chunk of the July first week recovery of 82.14%.

The MACD indicator in the case of CVX indicated the oncoming bearishness and a bearish crossover could keep afloat for a while.

Uniswap (UNI)

The biggest decentralized exchange in the market is not safe from the broader market bearish cues either declining by 13.84% to trade at $5.57

The Relative Strength Index (RSI) continues to stay in the bullish zone for a week now, which will help recoup the recent losses for UNI.

Crypto Market Daily Highlights – Cardano (ADA) Led the Top Ten

Key Insights:

  • It was a bullish Saturday for the crypto top ten, with Cardano (ADA) enjoying a breakout session.
  • A largely range-bound session saw bitcoin slip by 0.05%, while ADA found support ahead of the Vasil hard fork.
  • The total crypto market cap rose by $4.2 billion to record the sixth increase in eight sessions.

It was a bullish Saturday session for the crypto top ten. Bitcoin (BTC) ended with a modest loss, while ADA found strong support ahead of the Vasil hard fork.

Following the Fed meeting minutes and the US nonfarm payroll figures, there were no key drivers to provide the broader market with direction. The lack of external forces supported a bullish Saturday session.

The crypto correlation with the NASDAQ 100 remained intact this week, and we anticipate more of the same. US inflation and retail sales figures will test investor resilience in the week ahead.

Crypto - NASDAQ correlation
Crypto – NASDAQ – 100722 Daily Chart

The Total Crypto Market Cap Sees Modest Decline

A mixed Saturday morning session saw the crypto market cap fall to a low of $921.2 billion before support kicked in.

The total market cap rose to a high of $947.9 billion before easing back to sub-$940 billion.

On Saturday, the total crypto market cap rose by a modest $4.2 billion.

Crypto market cap
Total Market Cap 100722 Daily Chart

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

ADA led the way, rallying by 2.58%, with XRP (+1.44%) finding strong support.

BNB (+1.08%), DOGE (+0.55%), and ETH (+0.30%) also avoided the red.

BTC and SOL bucked the trend, however, falling by 0.05% and by 0.20%, respectively.

From the CoinMarketCap top 100, Quant (QNT) led the way again, rallying by 16%. Compound (COMP), Convex Finance (CVX), Aave (AAVE), and Uniswap (UNI) also made solid gains.

At the other end of the table, Polygon (MATIC) and Huobi Token (HT) were among a handful of cryptos to see red. HT fell by 3.4%, with MATIC seeing a 2.59% loss.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations fell through Saturday, supporting the bullish crypto session.

This morning, 24-hour liquidations stood at $59.5 million, down from $209 million on Saturday morning.

Liquidated traders over the last 24 hours declined. At the time of writing, liquidated traders stood at 23,346 versus 51,676 on Saturday.

Four-hour and One-hour liquidations reflected improving market conditions late in the session.

According to Coinglass, one-hour liquidations stood at $1.60 million, down from $3.61 million on Saturday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.

Crypto liquidations
Total Crypto Liquidations 100722

Daily News Highlights

  • Cayman-based trading platform MoonXBT announced zero-fee trading.
  • Russian bank Sberbank executed its first digital financial asset (DFA) transaction on its blockchain platform.
  • US regulators turned the spotlight on Voyager and Celsius.
  • Following the release of the US Treasury crypto framework for digital assets, the US turned to Japan to increase pressure on crypto miners linked to Russia.
  • Paxos became the first stablecoin issuer to disclose monthly reserve holdings for USDP and BUSD.

Crypto Market Daily Highlights – ADA and DOGE Struggle

Key Insights:

  • It was a choppy Friday for the crypto top ten, with Ethereum (ETH) and Solana (SOL) struggling.
  • Investor reaction towards the US nonfarm payroll figures tested buying appetite, with bitcoin failing to hold onto the $22,000 handle.
  • The total crypto market cap declined by $6.8 billion to record the second fall in seven sessions.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) ended the day flat, while SOL and ETH struggled.

Fears of a recession eased, with US nonfarm payroll figures highlighting another surge in hiring. In June, nonfarm payrolls increased by 372k, following a 384k jump in May.

However, the sharp increase in hiring also raised concerns that the Fed may hike rates more aggressively this month. Sentiment shifted despite the less hawkish FOMC meeting minutes.

On Wednesday, the FOMC meeting minutes highlighted the risk of rate hikes having a ‘larger-than-expected effect on economic growth.’ Prior to the minutes, the markets had priced in a 75 basis point rate hike for July. However, the minutes revealed that participants judged a 50 or 75 basis point increase as appropriate.

The nonfarm payroll numbers could allow the Fed to deliver another 75 basis point rate hike before taking the foot off the gas.

In response to the NFP numbers, the NASDAQ 100 hit reverse before finding late support to eke out a 0.12% gain. The crypto market tracked the NASDAQ throughout the day before a post-US market close pullback.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 090722 5 Min Chart

The Total Crypto Market Cap Sees Modest Decline

A bullish start to the Friday session saw the crypto market cap strike a high of $962 billion.

In response to the NFP numbers, the market cap slid to a low of $916 billion before wrapping up the day at $930 billion.

Crypto market cap
Total Market Cap 090722 Daily Chart

NASDAQ 100 support was again the key, though the $1 trillion mark remained elusive.

Despite the NFP figures, the threat of a global economic recession remained. The numbers also delivered market uncertainty over the July Fed monetary policy decision.

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

ADA (-2.51%) and DOGE (-2.07%) led the way down, with losses of 2.51% and 2.07%, respectively. ETH also struggled, falling by 1.94%.

BTC slipped by 0.09%, with BNB (-0.33%), SOL (-0.90%), and XRP (-0.88%) seeing modest losses.

From the CoinMarketCap top 100, Quant (QNT) led the way, rallying by 13%, with Internet Computer (ICP) gaining 11%.

Polygon (MATIC) and 1inchNetwork (1INCH) were also among the front runners.

Total Crypto Liquidations Reflect Poorer Market Conditions

As a result of the mixed session, 24-hour liquidations inched up through the Friday session.

This morning, 24-hour liquidations stood at $215 million, up from $169 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 51,694 versus 42,406 on Friday.

One-hour liquidations reflected a late crypto market pullback.

According to Coinglass, one-hour liquidations stood at $10.6 million, up from $1.36 million on Friday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.

Crypto liquidations
Total Crypto Liquidations 090722

Daily News Highlights

  • The crypto market brushed aside the US Treasury framework for digital assets.
  • DeFi platform Aave (AAVE) unveiled another decentralized stablecoin.
  • A Californian resident filed a lawsuit against Solana (SOL) for selling unregistered securities tokens.
  • Fed Vice Chair Brainard talked of the need for strong crypto regulations to mitigate crypto risks to financial stability.
  • UK thinktank the City of London Corporation called for global rules for cryptos to enable smooth cross-border and wholesale central bank digital asset (CBDC) payments.
  • The fallout from the Three Arrows Capital (3AC) collapse continued. Blockchain.com faced a $270 million write-down on loans to 3AC.

Convex Finance Rallies by 31% As Bitcoin Closes Above $20K

Key Insights:

  • Convex Finance led the rally yesterday with a 31.55% rise in 24 hours.
  • Bitcoin, on the other hand, remained constricted at $20k.
  • The crypto market and S&P 500 Index both closed in green yesterday.

Since the stock market indices and the crypto market have been sharing such a close correlation to each other’s movement, it is no surprise that both painted green on the charts yesterday.

With the value of all cryptocurrencies now standing just a little under $900 billion, it seems like the altcoins will be the driving force this time around.

Convex Finance on a Roll

In the past 24 hours, one of the best-performing assets was the Convex Finance protocol’s token CVX, as the altcoin shot up by 31.55% while other altcoins struggled by around 10-15%.

Although trading at $5.74 at the time of writing, the investors seem to have pulled their faith a little too quickly with the crypto.

According to the Chaikin Money Flow (CMF), outflows began dominating the cryptocurrency soon after the 31% rally, as is denoted by the downtick on the indicator.

However, this isn’t really surprising as even when inflows were being observed, they still could not manage to breach the neutral line. Thus the net flows remained negative regardless as they are after the outflows as well.

The MACD, however, continues to support the altcoin by rejecting the formation of a bearish crossover which would have occurred had the signal line (red) moved above the indicator line (white).

Plus, the appearance of green bars, i.e., rising bullishness, is a good sign for CVX as it would provide the crypto with the support it needs to recover from the 67.83% crash of June.

Bitcoin Takes a Backseat

The king coin had not had a lot to offer to its investors since the crash of June when BTC lost almost 40% of its price, trickling from $31k to $18.9k in the span of just 11 days.

Since then, despite the multiple ups and downs, BTC has been unable to break the consolidation curse.

Stuck around the $20k zone since June 18, BTC has risen by no more than 7.74%, and even at the moment, there are no clear indications of whether or not it will be able to rally to a higher level.

The Parabolic SAR is exhibiting an active downtrend, and while the position of the white dots is close to the candlestick, even if the trend flips into an uptrend, there is no saying if it will be effective enough to put BTC out of its misery.

This is because the same uptrend was also observed towards the end of June but to no avail.

To add to that, the Relative Strength Index (RSI) continues to linger in the bearish zone, the same area it has been stuck in for almost three months now. The selling pressure on BTC is restricting it from breaching the neutral level of 50.0.

Thus, for now, Bitcoin is only dependent on the altcoins to pull its weight and bring the market back to the $1 trillion mark.

Top 3 Trending Coins: Outperforming CVX & SAND Eye Key Resistance, PAXG Hit by Sliding Gold Price

Key Points

  • Cryptocurrency markets are in consolidation mode ahead of the release of the minutes from the Fed’s June meeting.
  • CVX, the best performing top 100 cryptos of the last day, is eyeing a test of its 50DMA at $6.70
  • SAND, another strong performer, is eyeing a rally to June highs above $1.50.  

Market Update

Cryptocurrency markets are in consolidation mode ahead of the release of the minutes from the Fed’s June meeting, when the bank raised interest rates by 75 bps, marking the largest rate hike in 28 years. The Fed is in a rush to raise interest rates above the so-called “neutral” rate (around 2.5%) in order to cool the economy, with inflation remaining well above the Fed’s 2.0% target.

Total cryptocurrency market capitalization was last around $890 billion, little changed on the day though about 4.0% higher on the week. Bitcoin was last also trading broadly flat on the day in the $20,200 area, capped for now by its 21-Day Moving Average just under $20,300. Ethereum, meanwhile, was last changing hands just under $1,150 and just to the north of its 21DMA at $1,120.

The Fed minutes will likely signal the likelihood of another 75 bps rate hike later this month, a prospect markets are already pricing in. Indeed, a build-up of expectations for the US economy (and other major economies) to enter recession in the near future has been the main theme driving markets in recent weeks.

This hasn’t necessarily been a bad thing for crypto given that as recession bets rise, US bond yields have pulled lower and Fed tightening bets have been wound down. The upcoming US ISM Services PMI report at 1400GMT will be viewed in that context. Signs of weakness might actually boost crypto if it results in heightened recession bets and a pullback in Fed tightening bets.

Below is a list of Wednesday’s top three trending coins.

Convex Finance (CVX)

CVX, the utility and governance protocol of the Decentralised Finance (DeFi) protocol Convex Finance, is the best performing cryptocurrency in the top 100 (by market cap) over the past 24 hours, according to CoinMarketCap. CVX/USD is up around 21% in the last 24 hours and 45% since the start of the week.

The recent bullish breakout has seen the pair surge to its highest levels in nearly one month and leave its 21DMA at $4.31 per token for dead. CVX/USD came within a whisker of testing its 50DMA at $6.70 on Tuesday and has since pulled back to the $5.70 area, where it continues to trade with healthy weekly gains.

Does the recent rebound which has taken more than 80% higher versus its June lows around $3.10 mark the start of a prolonged rebound?

It remains too soon to say. Even after the recent rebound, the DeFi protocol token still trades about 86% lower versus its start of April highs. Much of the drop in the last three months came in wake of the collapse of Terra’s algorithmic stablecoin UST, which sent a chill across the DeFi space.

If CVX can break above its 50DMA, then it perhaps could be in for a run to test a downtrend near $8.0 per token. A break above that would open the door for a run at $10.

CVX/USD
CVX/USD eyes rally above 50DMA. Source: FX Empire

The Sandbox (SAND)

SAND, the native token to The Sandbox’s metaverse, is the second-best performing cryptocurrency in the top 100 by market cap over the last 24 hours, with gains of around 14% according to CoinMarketCap. SAND/USD was last changing hands around $1.25 oer token, below its late June highs in the $1.35 area, but convincingly above its 50DMA for the first time since early April.

If the pair can hold above its 50DMA, some technicians might take this as a signal of a shift in SAND’s near-term momentum. If that is the case and SAND/USD does push beyond its late-June highs soon, the door is open for a test of the late-May/early-June highs just above $1.50.

Any dips back below $1.10 may well be bought into given support in the form of the pair’s 21DMA at $1.04 and an uptrend that has been offering support since mid-June.

SAND/USD
SAND/USD eyes rally back to June highs above $1.50. Source: FX Empire

PAX Gold (PAXG)

Aside from the highly volatile TerraUST, PAX Gold is the second-worst performing cryptocurrency in the top 100 by market cap on Wednesday, nursing losses of around 2.0% over the last 24 hours, as per CoinMarketCap. PAX Gold is a gold-backed cryptocurrency, with PAX holding exactly one troy ounce worth of gold per PAXG token it issues. PAX has currently issued roughly $590 million PAXG tokens.

PAXG was last trading just below $1760 per token, with its underperformance a reflection of downside in the price of its underlying asset, physical gold. Spot gold prices have been under heavy selling pressure over the past few days as the US dollar strengthens across the board, making USD-denominated gold more expensive for international buyers.

Spot gold was last trading on physical markets also below $1760 and down about 3.0% or over $50 since the start of the week. Global recession fears have been the big driver of USD strength recently and seem to have inadvertently hit the safe-haven precious metal.

Inflation expectations have also fallen recently as commodity prices (like energy and industrial metals) have pulled lower, dimming the appeal of assets seen as a hedge against inflation (like gold). But some have questioned how much further gold has to fall. If the US and global economy are already in a recession/or about to be, then that might support gold.

That is especially the case if a recession helps bring inflation in the US under control, thus easing the pressure on the Fed to be quite so aggressive with its rate hikes. The recent drop in US bond yields and money market Fed rate hike bets reflects markets are already beginning to think this way.

PAXG is eyeing a test of its November 2021 lows in the $1740s. Dip-buyers may be enticed. But should this support fail to hold up, then a drop towards September/October 2021 lows under $1700 is on the cards. Certainly, the technicals are not looking great, with PAXG’s 21 and 50DMAs falling and the cryptocurrency in a downtrend since the start of June.

Crypto Market Daily Highlights – SOL and DOGE Slide in a Choppy Session

Key Insights:

  • It was a bearish Tuesday for the crypto to ten, with Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) leading the way down.
  • The growing risk of an economic recession weighed, despite the broader market finding NASDAQ support through the US session.
  • The total crypto market cap fell by $6.2 billion to end a three-day winning streak.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) failed to make it three in a row, with a late pullback leaving bitcoin in the red. SOL, DOGE, and ADA saw the heaviest losses in a particularly choppy session.

Significantly, DOGE saw its four-day winning streak end, weighed by fears of a global recession.

Ahead of the US session, economic indicators for the Eurozone weighed on riskier assets and the crypto market. Bitcoin and the broader market tracked a slide in WTI crude oil prices.

Economic data from the US supported a broad-based crypto rebound, however.

Crypto - NASDAQ - WTI
Total Market Cap – NASDAQ – WTI 060722 15 Min Chart

For the day ahead, we can expect more of the same.

EU economic forecasts will influence ahead of US ISM Non-Manufacturing PMI numbers later in the day. From the Fed, the FOMC meeting minutes will also need consideration later in the US session.

At the time of writing, the NASDAQ 100 Mini was down 29.5 points.

The Total Crypto Market Cap Sees Red as Recession Fears Weigh

A choppy Tuesday session saw the crypto market cap slide to a low of $849.6 billion before jumping to a high of $906.2 billion.

NASDAQ 100 support was the key to a brief return to $900 billion levels. However, risk aversion lingered, with the crypto market giving up gains after the US market close.

The bearish end of the day left the total crypto market cap down by $6.2 billion to $882.1 billion.

Despite the Tuesday decline, the crypto market cap remained in positive territory for July.

Crypto market cap
Total Market Cap 060722 Daily Chart

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

SOL and DOGE slid by 3.63% and 3.18%, respectively, to lead the way down, with ADA (-2.56%) close behind.

BTC (-0.27%),  BNB (-0.22%), ETH (-1.63%), and XRP (-0.98%) also saw red.

From the CoinMarketCap top 100, Convex Finance (CVX) led the way, with a 29% rally.

At the other end of the table, TerraClassicUSD (USTC) saw the heaviest loss, sliding by 14%, with Compound (COMP) declining by 5%.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations continued an upward trend going into Wednesday, which could test investor resilience ahead of the US session.

This morning, 24-hour liquidations stood at $170.7 million, up from $147 million on Tuesday and sub-$100 million on Monday.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 54,606 versus 41,573 on Tuesday morning.

However, one-hour liquidation figures suggested improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $3.31 million versus $12.79 million on Tuesday.

Crypto liquidations slow
Total Crypto Liquidations 060722

Daily News Highlights

  • Institutional investors shorting BTC made up 80% of weekly inflows.
  • Crypto exchange volumes took a hit in India on new tax rules.
  • H2O Water Securities launched the first crypto water token, raising $150 million.
  • Celsius repaid $120 million to Maker.
  • Crypto lender Vauld became the latest crypto winter casualty.
  • The crypto rumor mill targeted Crypto.com and Cronos (CRO).

Crypto Market Daily Highlights – Solana and The Sandbox Lead the Way

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • Following the 3AC bankruptcy filing, news of more platforms freezing withdrawals failed to spook investors.
  • The total crypto market cap rose by $37 billion to reverse losses from the start of the month.

It was a bullish Monday session for the crypto market. Bitcoin (BTC) rose for a second consecutive day, its best run since a three-day winning streak in late June.

Solana (SOL) led the top ten, with BNB and ETH also finding strong support.

While trailing the front runners, Dogecoin extended its winning streak to four consecutive sessions.

At the time of writing, the NASDAQ 100 Mini was up 82 points, with a pickup in risk appetite likely to support the crypto market.

The Total Crypto Market Cap Rises for a Third Session

The bullish session saw the total crypto market cap inch back towards the $900 billion mark on Monday.

A bearish start to the day saw the market cap fall to a low of $837.4 billion before jumping to a high of $893.9 billion.

By day end, the market cap increased by $37.23 billion to $888 billion.

crypto market cap
Total Market Cap 050722 Daily Chart

Significantly, the Monday gain pulled the total market cap into positive territory for July.

However, it is also worth considering that the market has not enjoyed more than a three-day winning streak since March,

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

SOL rallied by 9.99% to lead the way, with ETH (+7.19%) and BNB (+5.57%) finding strong support.

ADA (+3.08%), BTC (+3.66%), DOGE (+3.23%), and XRP (+2.36%) also continued finding support.

From the CoinMarketCap top 100, The Sandbox (SAND) jumped by 15.1%, with Convex Finance (CVX) and THORChain (RUNE) rallying by 14.1% and by 10.4%, respectively.

However, NEM (XEM) fell by 2.7% to lead the way down. XEM joined a handful of cryptos to buck the broader market trend

Total Crypto Liquidations to Test the Current Market Upswing

24-hour liquidations picked up going into Tuesday, which could test investor resilience after the US holidays.

This morning, 24-hour liquidations stood at $147 million, up from $80.74 million on Monday and $58.2 million on Sunday.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 41,573 versus 25,320 on Monday morning.

One-hour liquidation figures also suggested a possible crypto market pullback at the turn of the day.

According to Coinglass, one-hour liquidations stood at $12.79 million versus $0.920 million on Monday.

Crypto liquidations
Total Crypto Liquidations 050722

Daily News Highlights

  • DappRadar and LayerZero launched the first cross-chain token staking mechanism.
  • FTX and BlockFi agreed on a deal with an FTX option to buy BlockFi for $240 million.
  • Meta shelved crypto wallet project Novi.
  • Hacker offered to sell over 23 terabytes (TB) of personal data for 10 BTC, highlighting the use of crypto for criminal activity.
  • Bankless Times revealed US romance scams as the second most common crypto scam.
  • Another crypto lender succumbs to the crypto winter. Vauld suspended withdrawals, trading, and deposits due to market conditions.