Crypto Market Daily Highlights – Powell and the NASDAQ Fuel a Breakout

Key Insights:

  • It was a bullish Wednesday session for the crypto top ten. MATIC led the way, with ETH revisiting $1,300.
  • Investor sentiment toward China’s zero-COVID policy, FTX contagion risk, and market reaction to Fed Chair Powell’s speech supported a breakout session.
  • The crypto market cap jumped by $31.4 billion to end the day at $820.9 billion.

It was a bullish Wednesday session for the crypto top ten. MATIC led the way, with DOGE and ETH also making bullish moves. BTC wrapped up the day at $17,000 for the first time in nineteen sessions.

Investor sentiment towards China’s zero-COVID policy and easing FTX contagion risk delivered early support.

However, Fed Chair Powell delivered a late rally. Following mixed US labor market numbers, the Fed Chair supported the market bets of a December Fed pivot. On Wednesday, the Fed Chair talked of moderating the pace of interest rate increases, reportedly saying,

“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting.”

During the speech, investor reaction was evident, with the crypto market cap jumping by $16.5 billion. US economic indicators had delivered mixed reactions ahead of Powell’s speech.

The NASDAQ Composite Index also responded to the Powell speech, rallying 4.41% to end November on a high.

Later today, US inflation and personal spending figures will provide further direction along with FOMC member chatter. A spike in inflation and spending and hawkish Fed chatter would test buyer appetite.

NASDAQ correlation.
Total Market Cap – NASDAQ – 011222 5 Minute Chart

Crypto Market Returns to $800bn on China COVID Policy and Powell

On Wednesday, the crypto market cap rose from an early low of $787.2 billion to a late high of $827.6 billion. While hopes of China easing lockdown measures supported a bullish start to the day, Fed Chair Powell delivered the session high.

The $31.4 billion surge on Wednesday left the market cap down $151.1 billion to $820.9 billion for November.

Crypto market sees heavy November loss.
Total Market Cap 011222 Daily Chart

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

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

MATIC led the way, surging by 11.41%, with DOGE and ETH seeing gains of 5.13% and 6.49%, respectively.

However, ADA (+3.24%), BNB (+1.79%), BTC (+4.42%), and XRP (+2.43%) trailed the front runners.

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

GMX (GMX) led the way, surging by 18.24%, with fantom (FTM) and polygon (MATIC) seeing gains of 12.52% and 11.41%, respectively.

However, huobi token (HT) led the way down, falling by 2.23%, with celo (CELO) ending the day with a 0.49% loss.

24-Hour Liquidations Inch Higher in a Powell-Fueled Breakout

Over 24 hours, total liquidations climbed as investors raised bets of China easing lockdown measures and reacted to Fed Chair Powell’s speech.

At the time of writing, 24-hour liquidations stood at $86.43 million, up from $73.29 million on Wednesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 25,085 versus 19,696 on Wednesday morning. However, liquidations were down over 12 and four hours and over one hour.

Crypto liquidations rise over 24-hours.
Total Crypto Liquidations 011222

According to Coinglass, 12-hour liquidations fell from $49.01 million to $32,75 million, with four-hour liquidations down from $37.42 million to $8.52 million. One-hour liquidations slid from $36.06 million to $2.13 million.

The chart below shows market conditions throughout the session.

Crypto market enjoyed a late breakout.
Total Market Cap 011222 Hourly Chart

Crypto Market Daily Highlights – DOGE Hits Reverse in a Mixed Session

Key Insights:

  • It was a mixed Thursday session for the crypto top ten, with (DOGE) seeing red while XRP and BNB found support.
  • US economic indicators fell short of expectations providing broader crypto market support.
  • The crypto market cap increased by $4.6 billion to end the day at $956.2 billion.

It was a mixed Thursday session for the crypto top ten. Dogecoin (DOGE) led the way down, while BNB and XRP found support. BTC ended a four-day losing streak and avoided sub-$20,000 for a ninth consecutive day.

US economic indicators fell short of expectations, delivering crypto market support.

In October, the ISM Non-Manufacturing PMI fell from 56.7 to 54.4. Economists forecast a decline to 55.5. Sub-components of the Index were mixed. The ISM Non-Manufacturing Employment Index fell from 53.0 to 49.1. However, the Prices Index rose from 68.7 to 70.7.

Other stats included the jobless claims and unit labor cost numbers, which were crypto-positive. Unit labor costs rose by 3.5% in Q3, down from 8.9% in Q2, while initial jobless claims slipped from 218k to 217k.

While the numbers delivered crypto market support, the NASDAQ Composite Index fell by 1.73% as investors continued to respond to Fed Chair Powell’s speech.

Later today, the crypto market will face another stern test, with the US jobs report in focus. Better-than-expected numbers would test buyer appetite. This morning, the NASDAQ 100 Mini was down 12.75 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 041122 Daily Chart

Crypto Market Finds Support on Weak US Economic Indicators

It was a choppy Thursday session, with the crypto market falling to an early low of $944.0 billion before rising to a late morning high of $974.4 billion. However, a late-morning pullback saw the market cap fall to $952.3 billion before investors responded to the ISM Non-Manufacturing PMI. The crypto market cap returned to $966.1 billion before easing back.

Despite the late pullback, the crypto market rose by $4.6 billion to end the day at $956.2 billion.

Crypto market rises on weak US stats.
Total Market Cap 041122 Daily Chart

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

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

DOGE fell by 3.95% to buck the top ten trend.

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

BNB rose by 2.94% to lead the way. ADA (+1.04%), BTC (+0.29%), ETH (+0.84%), SOL (+0.14%), and XRP (+1.06%) also found support.

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

Arweave (AR) led the way, surging by 29.75%, with OKB (OKB) and fantom (FTM) seeing gains of 24.66% and 16.89%, respectively.

However, DOGE led the way down, with FTX token (FTT) and huobi token (HT) seeing losses of 2.63% and 2.93%, respectively.

24-Hour Crypto Liquidations Ease on US Data Miss

Over 24 hours, total liquidations fell back as the market responded to softer PMI numbers from the US. At the time of writing, 24-hour liquidations stood at $87.96 million, down from $179.41 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 66,960 versus 80,732 on Thursday morning. Liquidations were down over 12 and four hours while up over one hour.

Crypto market liquidations ease.
Total Crypto Liquidations 041122

According to Coinglass, 12-hour liquidations fell from $109.83 million to $42.88 million, with four-hour liquidations down from $39.81 million to $16.75 million. One-hour liquidations increased from $1.83 million to $6.86 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish turn of the day.
Total Market Cap 041122 Hourly Chart

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

Key Insights:

  • It was a mixed Sunday session for the crypto top ten, with binance coin (BNB) and solana (SOL) bucking the top ten trend.
  • Profit-taking likely left the crypto market in negative territory for the session as investors look ahead to Wednesday’s FOMC policy decision and press conference.
  • The crypto market cap fell by $9.2 billion to end the day at $972.4 billion.

It was a mixed Sunday session for the crypto top ten. Binance coin (BNB) and solana (SOL) bucked the top ten trend. BTC saw red for the first time in three sessions while avoiding sub-$20,000 for a fifth consecutive day.

Profit-taking likely contributed to the Sunday pullback, with no crypto event for investors to consider.

While hopes of a December Fed pivot delivered a bullish week, investor anxiety could creep in ahead of Wednesday’s FOMC interest rate decision and the all-important Fed Chair Powell press conference.

This morning, the markets continued to price in a 75-basis point Fed rate hike. However, there is some uncertainty over the Fed’s plans for December. While private sector PMIs, the housing sector, and consumer confidence numbers support a less hawkish Fed, labor market conditions, personal spending, and Q3 GDP numbers support more front-loading.

The FedWatch Tool has the probability of November and December rate hikes at 80.3% and 44.3%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 45.6%.

Crypto market sensitivity to US economic indicators and the FED leaves the correlation with the NASDAQ 100 in place near term. This morning, the NASDAQ 100 Mini was down 52.5 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 311022 Daily Chart

Crypto Market Falls Short of $1 Trillion as Investors Lock in Profits

After a choppy start to the day, the crypto market rose to a mid-morning high of $996.5 billion. However, a late morning pullback and a bearish afternoon led the crypto market to a low of $962.3 billion.

The crypto ended the day at $972.4 billion, with late support reducing the deficit to $9.2 billion. Despite the Sunday loss, the crypto market rose by $74.1 billion in the week.

Crypto market sees red in a bullish week.
Total Market Cap 311022 Daily Chart

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

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

BNB rose by 2.99% to lead the way, with SOL (+0.22%) also bucking the top ten trend.

However, ADA (-3.33%) and DOGE (-3.34%) led the way down, with BTC (-0.89%), ETH (-1.80%), and XRP (-2.73%) also seeing red.

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

Chiliz (CHZ) led the way, rallying by 15.14%, with the sandbox (SAND) and fantom (FTM) seeing gains of 6.02% and 5.43%, respectively.

However, klaytn (KLAY) led the way down, sliding by 15.90%, with holo (HOT) and lido DAO (LDO) seeing losses of 7.02% and 4.80%, respectively.

24-Hour Crypto Liquidations Slide Back in Range-Bound Session

Over 24 hours, total liquidations fell back to more normal levels. At the time of writing, 24-hour liquidations stood at $93.62 million, down from $567.38 million on Sunday morning.

Liquidated traders over the last 24 hours also tumbled. At the time of writing, liquidated traders stood at 60,216 versus 143,019 on Sunday morning. Liquidations were up over one and four hours while down over 12 hours.

Crypto liquidations slide.
Total Crypto Liquidations 311022

According to Coinglass, 12-hour liquidations fell from $137.74 million to $44.82 million. However, four-hour liquidations rose from $10.59 million to $14.88 million, with one-hour liquidations up from $2.30 million to $3.49 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish afternoon session.
Total Market Cap 311022 Hourly Chart

Crypto Price Analysis August 10: FTM, NEAR, DOT, VET, AR

Key Insights:

  • The market noted recovery today after yesterday’s $28.9 billion downfall.
  • The likes of Fantom and NEAR led the market rally with a 10% rise.
  • Bitcoin and Ethereum rose to trade at $24k and $1.87k, respectively.

With losses exceeding $1.1 billion in the second quarter, Coinbase noted a decline in the trading volume and revenue over the three months from April to June.

However, the crypto market treaded in the other direction against expectations, reclaiming the $36 billion it lost in the 24 hours before today.

Fantom (FTM)

The altcoin is sticking to its 2-months long uptrend adding another 9.09% over the last 24 hours. This brought FTM closer to recovering the 46.29% losses it witnessed in June.

Relative Strength Index (RSI) staying in the bullish zone is a good sign for the altcoin as it will provide the support Fantom needs to keep above $0.4.

Near Protocol (NEAR)

NEAR noted a similar pattern rising by 10.63% in the previous 24 hours, except that this altcoin has already recovered its June losses and is currently on the way to invalidating May’s crash of 54.4%.

The divergence of the Bollinger Bands indicates an increase in volatility which might lead to a price swing in the upward direction.

Polkadot (DOT)

Polkadot is inching closer to the $10 mark, and in doing so, it is also reclaiming the losses of June and heading towards recovering the dip of May.

The presence of green bars on the Awesome Oscillator indicates that the persisting bullishness will act as solid support for the altcoin.

VeChain (VET)

The 6.6% rise in the last 24 hours is possibly going to act as an effective trigger for VeChain to note a rally strong enough to invalidate the losses of May’s 48.61% dip.

MACD maintaining its bullish crossover is highlighting the same thing as well.

Arweave (AR)

Of the cryptocurrencies of this lot. Arweave stood out for the downtrend it was displaying on the charts today as the white dots of the Parabolic SAR moved above the candlesticks.

The 6.38% rally did not change that either, which might make it difficult for the altcoin to recover the 47.75% losses of May.

Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

Key Insights:

  • Trust Wallet Token emerged as one of the best performers with a 15.6% rise.
  • Fantom followed closely with an almost 9% rise.
  • Although, Bitcoin and Ethereum ended up declining to $22.6k and $1.6k today.

The crypto market did not gain today as most of the altcoins ended up leaning towards the bears. However, there were still some coins that managed to close in green and mark significant rallies.

The king coin and the altcoin king sadly were not part of that cohort as they both fell to $22,682 and $1,616, respectively.

Trust Wallet Token (TWT)

The altcoin shot up by 15.65%, leading some altcoins to successfully save the market cap from falling significantly.

TWT already has the support of all three Simple Moving Averages (SMA), which will keep this rally intact.

Fantom (FTM)

Fantom, up by almost 9%, could be seen trading above $0.35, a level that has been acting as resistance for a while now.

While the Parabolic SAR indicates an active uptrend for the coin, this rally won’t be repeated, causing the coin to consolidate here.

Enjin Coin (ENJ)

Enjin was among the few coins to perform well as it rose by 11.83%. The coin, however, is yet to recover the 50.92% losses of May.

The Awesome Oscillator’s mixed signals indicated by the presence of green and red bars will not be of help here.

Ravencoin (RVN)

Ravencoin acted as one of the leaders of the downtrending tokens as it slipped by 8.19% in 24 hours to trade at $0.03.

The MACD is highlighting a bearish crossover imminent for the altcoin, which might not be a good sign for RVN as it might lose a chunk of the rally it just closed a week ago.

Oasis Network (ROSE)

ROSE was a surprise token to enter the top 100 cryptocurrency list this month after the 80.39% rally it registered in a week.

The 8.21% drop in the last 24 hours ago, although it isn’t a matter of concern as it was the effect of a cooldown after the indicator hit the overbought zone towards the end of June.

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%.

Crypto Market Daily Highlights – Ethereum (ETH) Leads the Way

Key Insights:

  • It is a mixed Sunday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • Investor sentiment towards the Ethereum Merge delivered a breakout session.
  • With an hour to go, the total coin market cap was up $16 billion to end the day at $1,023 billion.

It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) revisited $23,000, with Ethereum (ETH) hitting a high of $1,664 before easing back.

The upcoming Fed monetary policy decision and concerns over the US economic outlook took a backseat, with investors refocusing on crypto-related news.

Going into the month’s final week, the Cardano (ADA) Vasil hard fork is imminent, with progress towards the Ethereum Merge also proving to be the key for the broader crypto market.

The Total Crypto Market Cap Jumps Despite Crypto Headwinds

A bearish start to the Sunday session saw the total crypto market cap fall to a low of $1,001 billion.

The crypto market avoiding sub-$1,000 billion, with a broad-based market rally driving the market cap to a day high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 250722 Daily Chart

The broad-based crypto rally will wrap up a bullish week, with the crypto total market cap currently up $91.5 billion.

Significantly, the total crypto market cap is up by $157 billion for July. Barring a Fed-fueled sell-off, the crypto market looks set to end a 3-month losing streak.

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

At the time of press, ETH was up 3.72% to lead the way, with SOL (+2.90%) close behind.

While BNB (+1.04%), BTC (+0.92%), and XRP (+0.15%) also found support, ADA (-0.39%) and DOGE (-0.40%) look set to buck the top ten trend.

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

Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.

Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.

However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.

Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.

Total Crypto Liquidations Spikes in Final Hour Crypto Pullback

On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.

This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.

However, one-hour liquidations are up, reflecting the current market pullback from session highs.

Crypto liquidations
Total Crypto Liquidations 250722

According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly market cap chart below).

Market cap - hourly
Total Market Cap 250722 Hourly Chart

Daily News Highlights

  • Updates from the SEC v Ripple case continue to prevent an XRP breakout.
  • Barclays plans to take a stake in crypto firm Copper.
  • Finland will deliver seized bitcoin with a value of close to €47 million to Ukraine.

Crypto Market Daily Highlights – ETH Bucks Trend in Bullish Session

Key Insights:

  • On Tuesday, the crypto top ten were on the move again, with Cardano (ADA) taking over as the front runner.
  • A choppy start to the session saw the crypto market hit reverse before recovering, with the NASDAQ 100 delivering a US session boost.
  • The total crypto market cap followed Monday’s $82.59 billion jump with a $46 billion increase to cement the return to $1 trillion.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) hit $23,000, briefly eyeing $24,000, with Cardano (ADA) enjoying a breakout session.

Recovering from a bearish start to the Tuesday session, risk-on sentiment from the global equity markets delivered much-needed support.

The European and US equity markets were in rally mode, delivering the crypto boost.

On Tuesday, the NASDAQ 100 rallied by 3.11%, with the futures pointing to more gains in the day ahead.

At the time of writing, the NASDAQ 100 Mini was up 32 points.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 200722 5 Min Chart

While the European and US equity markets provided support, investor sentiment towards the Ethereum Merge and the Cardano (ADA) Vasil hard fork remained the key drivers.

Following several delays, the Vasil hard fork and the Merge look set for July and September, shifting the mood across the crypto market.

The Total Crypto Market Cap Continued the Gradual Climb to $2 Trillion

A choppy Tuesday session saw the total crypto market cap fall to a low of $981 billion before rising to a high of $1,050 billion.

Finding initial support from the European and US equity markets, Ethereum Merge euphoria continued to drive the market northwards in the post-US market close session.

On Tuesday, the total crypto market cap followed Monday’s $82.59 billion surge with a $46 billion increase to wrap up the day at $1 trillion for a second consecutive day.

Notable moves across the crypto top ten were a bitcoin return to $23,000 and an Ethereum look at $1,700. Despite the Merge euphoria, ETH ended the day in the red.

Crypto market cap
Total Market Cap 200722 Daily Chart

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

ADA rallied by 5.31% to lead the top ten, with BTC (+4.25%) and SOL (+3.07%) finding strong support.

While BNB (+1.70%), DOGE (+2.10%), and XRP (+2.14%) avoided the red, ETH (-2.45%) succumbed to late profit taking to end the day in the red.

From the CoinMarketCap top 100, Nexo (NEXO) led the way, surging by 21.88%. Fantom (FTM) and NEM (XEM) were close behind, with gains of 14.97% and 15.53%, respectively.

However, Arweave (AR) struggled, with a 6.12% loss. UNUS SED LEO (LEO), STEPN (GMT), TerraClassicUSD (USTC), and Polygon (MATIC) also saw red.

Total Crypto Liquidations Fall to Reflect Improved Market Conditions

On Wednesday, 24-hour liquidations eased, pointing to more favorable market conditions. Despite the fall in liquidations, 24-hour liquidations remained elevated relative to more recent levels.

This morning, 24-hour liquidations stood at $582 million, down from $691 million on Tuesday.

Liquidated traders also eased over the last 24 hours, suggesting improving market conditions. At the time of writing, liquidated traders stood at 104,735 versus 128,281 on Tuesday morning.

While 24-hour liquidation levels stood on the higher side, one-hour and four-hour liquidations saw a sharp decline relative to Tuesday morning levels.

According to Coinglass, one-hour liquidations stood at $2.84 million, down from $161.66 million on Tuesday. Four-hour liquidations stood at $45.66 million.

Crypto liquidations
Total Crypto Liquidations 200722

Daily News Highlights

  • Beleaguered crypto platform Celsius received court approval to spend $3.7 million on a new bitcoin mining facility and $1.5 million on customs and excise duties on rigs.
  • Stablecoin issuer Circle talked about crypto regulations.
  • FBI issued a warning over bogus crypto apps.
  • Crypto.com and Trade Republic announced regulatory approvals in Italy.

Fantom Joins the Rally With a 16% Rise As Market Cap Crosses $1.04T

Key Insights:

  • Fantom continued its week-long rise inching close to $0.35 today.
  • GMT, on the other hand, might end up consolidating after marking a green candle 48 hours ago.
  • Bitcoin and Ethereum closed in green trading at $23k and $1.5k, respectively.

The crypto market is currently on a roll, with altcoins leading the rally adding $110.83 billion in the span of 24 hours.

As a result of the week-long rally, the total value of all cryptocurrencies has risen from $841 billion to $1.042 trillion at the time of writing.

The rise also helped the king coin Bitcoin and the altcoin king Ethereum rise to trade at $23,119 and $1,553 at press time.

Fantom Takes a Leap

FTM had been struggling to mark a sustainable rise since June after it lost over 46.3% in the span of just 12 days.

Attempts to achieve the same towards the end of June failed, but in the last seven days, FTM has managed to rise by 47.01%, and the 16.1% rally in the previous 24 hours has been a huge contribution to the same.

Trading at $0.3429, FTM is at the brink of flipping the $0.35 critical level into support. It will be able to do so easily in the next few days as the price indicators back a rise going forward.

Firstly the presence of the white dots beneath the candlesticks highlights that the altcoin is in an uptrend after more than two weeks.

Secondly, the MACD is also in the bullish zone at the moment, which it last visited more than three months ago. However, since it is nowhere near the overbought zone (80.0) yet, it still has room to grow and rise further.

But as soon as it does hit the threshold, the trend will be reversed, and FTM will enter a downtrend.

STEPN Makes No Move

Before the June crash hit GMT, the altcoin had already witnessed a 69.32% crash in May, which brought the cryptocurrency to $1.07.

Since then, despite the highs and lows, including the crash of June, GMT has managed to stick to this price level. Even today, after rising by 18.03% in the last 48 hours, the altcoin could be seen trading at $1.059 at the time of writing.

On the prospect of whether a rise is on its way or not, it seems like the possibility of it happening is somewhat lower than expected. Although the price indicators do hold a positive stance, the intensity is not as high.

The Bollinger Bands, for starters, aren’t as diverged at the moment as an 18% rally would create, but with the candlestick being above the basis of the indicator, GMT could continue rising.

Secondly, the MACD isn’t heavily bullish either, as the green bars on the indicator aren’t rising significantly. However, with the indicator maintaining a bullish crossover, GMT will receive the support it needs to reach $1.1.

Bitcoin and ETH Price Prediction: Bulls In Control, MATIC Could Rally To $1.30

Key Insights:

  • Bitcoin is eyeing a fresh move towards the $23,000 level.
  • Ether (ETH) is consolidating above the $1,500  support level.
  • MATIC surged over 50% heading towards $1.30.

Bitcoin

Bitcoin has managed to remain above a support trendline for the past few days leading to a rally past the $22,000 resistance level, all the way to $22,750.

BTC is now consolidating above the 21-day simple moving average (H1) indicating bullish price action in the short term.

So far, the bears have defended the $22,750 zone, but the general sentiment in the market seems to be shifting towards a more positive outlook.

This recent price action follows a brief dip back to the support line which was quickly bought up by the bulls.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If the price of bitcoin stays above $21,550, it could see further rallies all the way up past $23,000 and higher . The first major resistance is near the $25,750 level, above which the price could start targeting the $30,000 psychological zone.

Ethereum (ETH)

ETH has confidently pushed past the resistance at $1,440 and is now consolidating above the $1,500 level. The 21-day simple moving average (H1) has so far provided support indicating further rallies may be coming.

This recent price action follows a brief breakout above $1,600 which was quickly pushed back down by the bears. ETH may range at this level for a few days before it can attempt to move higher again.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there are wider corrections in the market, ETH has support near $1,400 and $1,230.

This is where Ethereum has previously found support and the $1,400 is particularly important since it marked the top for ETH in the 2017-18 cycle.

If ETH is able to flip the previous resistance into a solid support level, then bears may have a hard time keeping prices low.

Polygon (MATIC)

Following widespread sell-offs in the crypto markets, MATIC has managed to bounce more than 100% from its lows in June.

MATIC has seen continued growth over the past few days, confidently pushing past the resistance at $0.65 and heading towards the $1.00 mark.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

The price has now shot past the $0.75 level and the 21-day simple moving average which has provided support on several occasions. Notably, MATIC has also crossed the 38.2% Fib retracement level indicating further bullish momentum.

However, the $1.00 mark will likely act as the next major resistance level as it serves as a psychological barrier and a key zone to look out for according to the Fib retracement tool.

A breach of this level and a few days of consolidation will indicate that the bulls are in control with a higher target of $1.30 in the medium term.

A failure to breakout may push prices back down to the $0.85 level before another attempt can be made.

ADA, BNB, and DOT Price Analysis

Cardano (ADA) is struggling to gain pace above the $0.512 level. If the bulls succeed, the price could rise toward $0.55.

Binance Coin (BNB) is showing positive signs above the $260 level. A clear move above the $268 level may see it targeting $280 next.

Polkadot (DOT) is heading towards the resistance at $8.00. A confident move above this level may see a bigger move towards the $10.00 zone.

A few trending altcoins are XEM, FTM, and ETC. Out of these, ETC is gaining pace above the $25 resistance zone and may rise to $30 if current market conditions continue. Also, XEM rallied over 10% and broke the $0.045 barrier.

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 June 14: HNT, LINK, FTM, TRX, MATIC

Key Insights:

  • The altcoin king Ethereum followed the footsteps of Bitcoin.
  • The likes of Helium, Chainlink, and Fantom led the rally.
  • Tron and Polygon were among the cryptos that continued declining.

For some, yesterday was the lowest point, for many others, the downtrend continued, and investors witnessed losses beyond expectations.

On the other hand, many cryptocurrencies also began recovering the losses witnessed over the course of the week, setting themselves up for a further rise.

Helium (HNT)

HNT witnessed an almost 20% incline leading the rally of many cryptocurrencies over the past 24 hours. This helped the altcoin recover more than half of its 30.91% loss from the crash that took place over the weekend. 

The altcoin will continue rising further since this spike was organic. This is verified by the vast inflows noted on the Chaikin Money Flow, indicating investor interest took the coin up to trade at $9.82.

Chainlink (LINK)

Following Helium’s lead was Chainlink, which, although it did not rise significantly, did manage to increase by 8.63% in the span of a single day.

LINK still has a long way to go since it still has to recover its 36% crash and recover to its $9 trading mark.

This might be difficult since, despite the green candles, the MACD is exhibiting an active bearish crossover, with the bearishness displaying no sign of reduction.

Should the red bars continue making an appearance, LINK might end up declining instead of rising from its $6.4 trading price.

Fantom (FTM)

Unlike other altcoins, Fantom treaded on both sides as even though it closed in red at the time of writing, its green candle on June 13 helped the altcoin remain 5.2% above the lows.

However, such a minute rise is not enough for the crypto in order to recover from the almost 39% loss it witnessed during the crash.

Additionally, despite posting greens on the chart, the active downtrend as displayed by the Parabolic SAR’s white dots might keep the prices consolidated for a while.

Tron (TRX)

Continuing the downtrend was Tron which in the last four days declined by 30.6%, with most of it coming from the 12% fall from the previous 24 hours.

Trading a $0.055, TRX has been depreciating due to the broader market bearish cues, and adding to it was the USDD depegging which led to heavy TRX liquidations.

Although it did not push the altcoin into the oversold zone, the Relative Strength Index (RSI) is moving pretty close to the threshold. Another red candle might do the job.

Polygon (MATIC)

Another among the list of altcoins in a downfall was Polygon’s MATIC. The crypto plunged by 35.7% in the span of 4 days, with a decline of 5.2% observed yesterday.

Oscillating at $0.4, the altcoin as it is could not recover from the May 9 crash, and now recovering from this might further frustrate its investors.

Besides, the bearishness is only increasing further as the red bars continue appearing on the Awesome Oscillator. The indicator broke its almost month-long streak of green bars thanks to the market crash.

Crypto Market Daily Highlights – June 12 – BNB, BTC, and ETH Stumble

Key Insights:

  • Crypto market conditions worsened on Sunday, with the broader market seeing red for a sixth consecutive day.
  • Apprehension ahead of the Fed monetary policy decision on Wednesday left the bears fully in control.
  • The total crypto market cap saw another $64 billion wiped out, with the total market cap falling to a current-year low of $1,048 billion.

It was a bearish end to a bad week for the crypto on Sunday, with the broader market seeing red for a sixth consecutive day.

US inflation figures from Friday delivered the telling blow, with the crypto market at the mercy of sentiment towards the global economic outlook and Fed monetary policy.

The extended sell-off led bitcoin (BTC) to sub-$27,000 for the first time since May 12. Market favorites Chainlink (LINK) and Cardano (ADA) saw particularly heavy losses despite favorable network news updates.

Crypto Market Cap Gives Up $159 Billion in Extended Sell-Off

The bearish Sunday session saw the total crypto market cap slide by $71 billion to a current-year low of $1,048 billion before steadying.

By the day’s end, $64 billion came off the table. The sixth daily loss left the market cap down by $159 billion for the week.

Crypto market cap falls to new current-year low.
Total Market Cap 130622 Daily Chart

With the market focus now firmly on the Fed, heavier losses could be on the cards should the Fed interest rate projections shift higher.

Another curveball for the crypto market is the likely change in the regulatory landscape. The collapse of TerraUSD Classic (USTC) and Terra LUNA expedited efforts to implement more stringent regulatory measures to protect retail investors.

From the top ten cryptos, ADA led the way down, sliding by 11.39%, with DOGE (-9.11%) and SOL (-9.85%) close behind.

Things were no better for the rest of the largest cryptos by market cap.

BNB (-5.53%), BTC (-6.35%),  ETH (-6.39%), and XRP (-4.55%).

The effect of the crypto winter is evident in the crypto rankings. Three stablecoins make up the top six digital currencies by market cap.

Looking beyond the top ten, FTX Token (FTT) (+1.90%), NEO (NEO) (+6.83%), Symbol (XYM) (+2.46%), and Tron (TRX) (+0.41%) avoided losses.

Of the top 100, Fantom (FTM) and STEPN (GMT) were the worst performers, tumbling by 19.41% and 16.81%, respectively.

Total Crypto Liquidations Remain Elevated

Following a spike on Saturday, total crypto liquidation remained elevated going into the Monday session.

According to Coinglass, 24-hour liquidations stood at $359.7 million, up from $352.2 million on Sunday. More significantly, liquidations over 1 hour stood at $17.5 million, suggesting market conditions remain testy.

Crypto liquidations remain elevated.
Total Crypto Liquidations 130622

Crypto Daily News Highlights

  • Ethereum took a hit on news of a possible delay to the anticipated August Merge.
  • Allegations of Terra CEO Do Kwon withdrawing more than $2bn from the Terra ecosystem surfaced. Do Kwon publicly denied the allegations.
  • Gordon Goner, the co-founder of Yugo Labs, prewarned of a possible attack on the social media accounts, saying, “there are no surprise mints. Ever.”

Weekend Market Wrap: Top Updates From the Cryptocurrency Market

Key Insights:

  • With BTC’s price above the $30,000 mark, market confidence seemed to return.
  • Most of the top altcoins were trading in the green on a renewed market momentum.
  • The recent short-term gains seem to be temporary as the market could see further downside.

Most cryptocurrencies traded higher as Sunday approached with a wind of fresh air for crypto investors. While it wasn’t a full-blown recovery, markets headed towards gains, as bearish sentiment waned.

Over the last six months, the cryptocurrency market reached as high as $3 trillion and dropped to as low as $1.2 trillion. In the last half a year, the cryptocurrency market cap has lost $1.9 trillion; these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis.

The high losses and higher trading volumes have propelled fears of crypto market risk spilling over across traditional markets hurting stocks and bonds. The same also indicates the increased correlation in the high-risk and traditional finance markets.

A return of short-term buyers, as the cryptocurrency market cap inches close to the $1.5 trillion mark, shows optimism in the market. However, the return of traders isn’t indicative of larger market recovery as technicals present limited upside in the short term.

Nonetheless, with the global crypto market cap returning to the $1.30 trillion mark at press time, noting a 4.73% increase over the last day, the same pointed towards a short-term recovery.

So, let us take a quick look at how the market reacted over the last week and where it could go, moving forward.

Bitcoin staging a recovery?

The bitcoin (BTC) price dropped to the lows last seen in late 2020, amid the COVID-19 crisis. Recently, after a storm of Federal Reserve interest rate hikes, the scaling back of its massive $9 trillion balance sheet, and a huge $18 billion stablecoin meltdown, the same brought down the larger crypto market cap and the top crypto asset.

Bitcoin’s price fell to as low as $25,800, but pressure from bulls ensured a short-term recovery back to the sub-$29,000 zone. At the time of writing, the top cryptocurrency, traded at $30,284, noting a 4.11% price rise, over the last day.

FXempire, BTC, Crypto, bitcoin
BTC Price Action | Source: FXEmpire

While the BTC gains instilled some confidence in the market participants, analysts believed that market gains wouldn’t sustain for long with volatility still high. Data analytics site, Glassnode, tweeted that Bitcoin dropped below $30,000, as inflation fears and the Fed’s readiness for “short-term pain” rattled markets.

Notably, BTC was down by 58% from its all-time high price, while SPX was down by 18%, NDX was down by 30%, and US bonds have fallen by 15% from their ATH.

Top market movers

Despite the larger bearish blues, some altcoins took advantage of BTC’s short-term gains as their prices took a bullish turn. At the time of writing, with BTC back above the psychological $30,000 mark, most of the top altcoins like ETH, BNB, XRP, ADA, SOL, and AVAX were trading in the green on their daily charts.

Ethereum traded at $2,079.78, noting 5.61% daily gains, while BNB was up by almost 9%, in the last 24-hours. Fantom’s price performance has also been decent in the last week. FTM traded at $0.3654, noting 19.87% gains, over the last day.

Privacy tokens like ZEC and XMR were up by 21.32% and 17% in the last 24-hours. Of late, privacy tokens have often charted bullish price trajectories when the larger crypto market is down.

That said, DeFi token MKR was one of the top gainers of the last week. At the time of writing, MKR traded at $1,575.27, noting 10.28% daily and 30.90% weekly gains. MKR had reversed the losses made in the first week of May.

FXempire, MKR, Crypto, maker
MKR Price Action | Source: FXEmpire

Top news from the crypto verse

A positive development in the crypto space came from Nigeria, where the nation’s Securities and Exchange Commission has released new rules to guide the issuance, custody, and exchange of digital assets and classify them as securities.

In other news, Chile was still considering whether to move forward with a central bank digital currency (CBDC), despite the earlier disclosed plans to have a proposal ready by early this year.

That said, the Terra ecosystem fall still stood as one of the top stories, in the last week. Earlier today, an FXEmpire article highlighted how Binance’s Changpeng “CZ” Zhao cleared the exchange’s name as rumors about Binance investing in Terra surfaced on crypto Twitter. CZ also questioned the idea of hard forking the Terra blockchain to revive the LUNA and UST ecosystems.

Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s price faced strong resistance at the $31,000, while altcoins made attempts to recover. 
  • BTC’s recovery above the $27,000 mark pushed certain altcoins towards a short-term recovery.
  • BNB, TRX, MANA, and MKR were among the coins that got a decent upswing.

Bitcoin’s price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC’s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.

The world’s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC’s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support/resistance levels.

Altcoins short-term price surge

Certain altcoins that performed well over the last week in tandem with BTC’s recovery above the $27,000 mark were binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins called Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly gains despite the widespread crypto meltdown.

The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.

On the other hand, Hong Kong-based futures exchange platform’s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE were briefly in the green zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA saw close to 50% gains over the last week.

BNB, TRX, MANA, and MKR see short-term price gains

Binance Coin’s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.

FXempire, BNB, Crypto
BNB Price Action | Source: FXEmpire

If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC’s price pullback to the $28,900 mark brought BNB’s price down to the $279.36 level.

BNB’s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.

Apart from BNB, Tron’s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX’s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

While TRX’s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn’t fall below the key support zone at the $0.065 mark which was noteworthy.

Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland’s MANA gained up to 50% as the market saw a short-term recovery.

Maker Protocol’s MKR token recovered from the last week’s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.

On a weekly chart, MKR’s price made a higher high for the last four days.

FXempire, MKR, Crypto
MKR Price Action | Source: FXEmpire

At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.

FXempire, BTC, Crypto, Altcoins
Source: Coin Market Cap

The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA’s price recovery above the $1.13 mark has instilled positive momentum for the coin.

FXempire, MANA, Crypto
MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital also highlighted that for ‘BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.’ However, a BTC weekly close below the $28600 mark would be bearish.

Bitcoin Funds See Majority Weekly Outflows Since June 2021: CoinShares

Key Insights:

  • Crypto investment products saw outflows totaling $120 million, last week.
  • Bitcoin-based funds top outflows, resulting in the largest single week of outflows since June 2021.
  • Total outflows in this four-week run recorded $339 million.

Digital asset investment firm CoinShares has rolled out its latest weekly crypto fund flows, showing net outflows totaling $120 million, last week.

Per the report, bitcoin (BTC) funds alone saw the majority of outflows, resulting in the largest single week of outflows since last year June. BTC funds worth $132.7 million exited last week, bringing month-to-date outflows for the month of April, to $310.8 million.

Source: CoinShares

Bitcoin was followed by ethereum (ETH) outflows, recording $25 million, last week, a huge margin when compared to bitcoin.

The total outflows in this four-week run hit $339 million, which, according to CoinShares, is close to the $467 million outflows witnessed at the beginning of this year.

Region-wise, the Americas comprise 41% of the outflows, whereas Europe records 59%. There is still no clear indicator for the exodus, however, CoinShares noted:

“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”

Multi-asset funds see inflows

The report noted that many altcoin-based funds also saw minor outflows such as solana (SOL), which recorded $1.5 million week flows and litecoin (LTC) saw $0.6 million capital moving out, last week.

While multi-asset funds saw an uptrend with a $1.9 million inflow for the week. terra (LUNA) and fantom (FTM) also saw minor inflows totaling $0.39 million and $0.25 million, respectively.

“FTX Token, the utility token for the fast-growing FTX crypto exchange, bucked the negative trend with inflows totaling $38 million, last week, the largest of all crypto assets we track,” the report read.

Bitcoin price plunge

Most cryptocurrencies are dropping as other digital assets are seen trading in red, on Wednesday. The overall crypto market seems to shine low as investors are worried over the US Federal Reserve’s expected increase in interest rates.

The bitcoin price plunged by 0.32%, falling below $40,000. The crypto was trading at $38,930 at press time.

0x Labs Raise $70 Million From Coinbase, Opensea and Jared Leto

Key Insights:

  • 0x Labs closed a $70 million Series B financing round.
  • Coinbase’s NFT marketplace also makes use of 0x’s technology.
  • Earlier in 2017, 0x Labs raised another $24 million in a ZRX token sale.

NFTs are slowly taking center stage, and some are in the bid of not only promoting but also being a central part of that growth. Coinbase is one such company that, after touching base with NFTs this month, is now helping others in this field excel.

0x Takes Another Giant Leap

According to a report from Forbes, 0x Labs has closed a $70 million Series B financing round with the bid led by the Greylock Partners.

However, they weren’t alone as others, including Pantera, Jump Capital, Ethereum NFT marketplace OpenSea, and Hollywood actor Jared Leto.

The San Francisco-based decentralized exchange infrastructure provider is a key player in the industry. 0x Labs’ technology was also used by Coinbase for its very own NFT marketplace Coinbase NFT. Coinbase itself was a participant in this $70 million investment.

This funding round, however, isn’t the first for 0x Labs. Earlier in 2017, through the sale of the ZRX token, 0x Labs had managed to raise about $24 million and then another $15 million in a Series A equity round, which was led by Pantera Capital.

The company has been building its name in the NFT marketplace industry after releasing a set of NFT swap features in the first quarter of this year.

This way, it enabled users to exchange digital collectibles across multiple blockchains such as Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo.

In doing so, 0x Labs also claimed this facility to be 50% less expensive than what the other leading NFT marketplaces such as OpenSea and LooksRare offer.

How Did ZRX Do, Though?

Although the coin did open under $0.2 at the time of its launch in 2017, within a few months, it managed to mark an all-time high of $2.7. However, the downfall and fluctuations that followed since have not made it easy for investors.

Over the course of the last four months, though, the token has had trouble breaching the $1 mark, which it managed to after rising by almost 50% post the launch of Coinbase NFT.

0x ‘s token ZRX is still stuck trading at $0.8

But the broader market bearish cues led to the price falling back to trade at $0.8 at the moment.

NEAR Inches Closer to New ATH As Addresses Grow by 139% in Q1 2022

Key Insights:

  • Near Protocol launched its awareness-focused Foundation to support the development of projects.
  • At the same time, it registered the highest growth in addresses for Quarter – 1 of 2022.
  • Consequently, the price has risen by over 25% since yesterday.

NEAR was almost considered a blimp on the radar after it defied the market trend and marked an all-time high (ATH) in January.

But the altcoin managed to pull back up as March began, and as a result, it is close to breaking the ATH today, fuelled by some significant ecosystem developments.

NEAR Is Pretty Near $20

Yesterday, the NEAR Protocol launched the NEAR Foundation with the aim of establishing an ‘open web world’. And to achieve that, the Foundation will be spreading awareness, supporting projects, and providing a clear path to decentralization on the NEAR Protocol.

And not only is this a step in the right direction but it also comes at the right time, given the community’s support for the protocol is at its highest.

In the last three months, which marked the first quarter, NEAR observed a stark growth in its user base, which shot up by 139%, from 2.2 million to 5.3 million.

In the last 3 months NEAR has noted a 139% rise in its addresses | Source: Twitter

NEAR outperformed most of the other up-and-coming DeFi blockchains, as the likes of Crypto.com, Fantom and Avalanche were far below NEAR’s growth.

Talking about growth, NEAR hasn’t been far behind when it comes to price action. In the last 24 hours alone, the altcoin appreciated by 25.26% and stood only 4.24% away from marking a new all-time high.

Since the last one was at $20.2, the altcoin will naturally breach the $20 level soon.

NEAR rallied by 25.07% in the last 24 hours

 

Plus, it has the support of the market since price indicators are pointing towards a bullish narrative. The Parabolic SAR was about to establish a downtrend, but the same was invalidated by the green candle yesterday, thus moving the white dots of the SAR underneath the candlestick.

Furthermore, the MACD is continuing its bullish rise with the indicator line (white) keeping above the signal line (red), supported by the green bars.

Thus, NEAR certainly has room for more growth at the moment unless broader market cues end up raining on the altcoin’s parade.

Investors Seem Excited

It isn’t surprising to see so many new investors in these last few months, and it won’t be surprising still if the streak continues over the coming weeks. And looking at the state of the market, these investors couldn’t be coming in at a better time.

At the moment, the Sharpe Ratio, which indicates the risk-adjusted returns of an asset, is at its seven months highest at 6.47. This places NEAR in a very appealing position, and for the same reason, we could note higher inflows throughout April.

NEAR’s Sharpe Ratio is currently at 6.47 | Source: Messari

Shiba Inu Transaction Volume Soars 288% As Price Rallies by 21%

Key Insights:

  • The broader market recovery also triggered Shiba Inu’s staggering 21.19% rally.
  • Bullishness coming from investors resulted in the transaction volume rising by almost four times.
  • The rally also led to SHIB’s listing on the Canadian exchange Netcoins.

Today proved to be a rather unexpected event for both Bitcoin and the altcoins as a rally triggered the entire crypto market to rise by over 5% ($120 billion). However, Shiba Inu managed to stand out today after making spectacular gains over the last 24 hours.

Shiba Inu Bags Inflows

In the last two weeks, Shiba Inu noted a stable rise, but today, the altcoin exploded and rose by 21.19%. In doing so, the coin marked a local top of $0.00002854.

But the bullishness over the last 15 days combined with the cues from the broader market is the actual reason behind this rise.

On the MACD indicator, SHIB has observed rising bullishness since March 18, after successfully marking a bullish crossover on the day before. The MACD line (white) only rose further today, leaving behind the signal line (red).

But the rally did so much more for the coin by turning the active downtrend into an uptrend today as the white dots of the Parabolic SAR shifted underneath the candlesticks.

Shiba Inu rose by 21.19% today

Thus, the allure of the Shiba Inu led to a significant rise in the activity from investors as well, and the meme coin noted a stark increase in the trading volume.

While SHIB clocked in about $792 million today yesterday, the same figure rose to $3.08 billion. This marks a 288% rise in 24 hours as of press time, which was certainly beyond expectations.

Shiba Inu’s trading volume spikes by 288% | Source: Yahoo Finance

Most of this came from the buy orders in the market, which exceeded the volume of SHIB sold at different intervals throughout the day.

In aggregate, about 761 billion SHIB worth approximately $21.8 million has been bought out during the trading hours at the time of writing.

Shiba Inu observed higher buys over sell today | Source: IntoTheBlock

Shiba Inu Finds Another Home

While Shiba Inu’s loyal community is enough for the meme coin, today’s performance certainly put it on the hotlist of multiple crypto exchange facilitators.

One of them was a Canadian cryptocurrency exchange, Netcoins, which listed Shiba Inu in its library of assets. Along with SHIB, Dogecoin, Decentraland, Polygon, and Fantom were also listed.

But Shiba Inu will also need to bring in some ecosystem development every now and then since, at the moment, no new development has been observed on the network.