Crypto Market Daily Highlights – XRP Leads on SEC v Ripple Ruling

Key Insights:

  • It was a mixed Thursday for the crypto top ten, with XRP leading the way.
  • The crypto market decoupled from the NASDAQ 100, which tumbled by 2.84%, as demand for cryptos picked up amidst the increased volatility across the FX and Equity markets.
  • Another bullish session for the broader crypto market reduced the market cap deficit for September to $47 billion.

It was a mixed Thursday session for the crypto top ten. XRP enjoyed a breakout session, while ETH saw red. Despite a bullish session, BTC fell short of $20,000 for the tenth time in eleven sessions.

Updates from the SEC v Ripple case delivered an XRP price breakout and supported the broader crypto market.

Following last week’s decoupling from the NASDAQ 100, the crypto market decoupled again on Thursday. Heightened uncertainty over the economic outlook, fueled by the central bank and government policy, has also delivered crypto support.

On Thursday, the NASDAQ 100 slid by 2.84%, with the Dow and the S&P500 seeing losses of 1.54% and 2.11%, respectively. While the crypto market decoupled from the US markets on Thursday, US inflation numbers could test investor resilience later today.

NADSAQ correlation.
Total Market Cap – NASDAQ – 300922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Thursday, the crypto market cap rose to an early high of $917.8 billion before falling to an early afternoon low of $878.7 billion. However, finding support through the afternoon, the crypto market bounced back to end the day at $911.4 billion, up $7.4 billion for the session.

The bullish Thursday session reduced the September deficit to $47 billion.

Crypto market cap on the rise.
Total Market Cap 300922 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.

XRP rallied by 8.49% to lead the way, with SOL rising by 2.11%.

ADA (+0.46%), BNB (+0.96%), BTC (+0.88%), and DOGE (+0.64%) also avoided the red, while ETH bucked the trend, falling by 0.07%.

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

XRP and Stellar’s Lumen (XLM) led the way, with gains of 8.49% and 6.81%, respectively. EOS (EOS) was also among the front runners, rising by 5.07%.

At the other end of the table, Helium (HNT) led the way down with a 3.71% loss, with STEPN (GMT) and Reserve Rights (RSR) seeing losses of 3.26% and 2.69%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Thursday session, supported by the decoupling from the NASDAQ 100. At the time of writing, 24-hour liquidations stood at $91.62 million, down from $124.53 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 28,061 versus 44,964 on Thursday morning. Liquidations were down over four hours and the final hour of the day (UTC) while up over 12 hours.

Crypto liquidations fall back on bullish session.
Total Crypto Liquidations 300922

According to Coinglass, 12-hour liquidations stood at $70.50 million, up from $56.39 million on Thursday morning. However, four-hour liquidations were down from $14.28 million to $10.46 million, with one-hour liquidations down from $3.06 million to $1.97 million.

The chart below shows market conditions throughout the session.

Crypto market sees a choppy Thursday session.
Total Market Cap 300922 Hourly Chart

 

Crypto Market Daily Highlights – BNB and BTC Lead the Top Ten

Key Insights:

  • It is a mixed Wednesday for the crypto top ten, with binance coin (BNB) and bitcoin (BTC) leading the top ten.
  • The Bank of England calmed the markets on Wednesday, which had hit deep red in response to Apple’s iPhone 14 production news.
  • With 140 minutes of the session remaining, the total crypto market cap is up $14.1 billion to $910.0 billion.

It is a mixed Wednesday session for the crypto top ten. BNB and BTC lead the top ten, while ADA struggles through the mid-week session. A choppy session saw BTC fall to sub-$18,500 before bouncing back. However, BTC is on target to fall short of $20,000 for the ninth time in ten sessions.

Through the early part of the Wednesday session, news of Apple Inc (AAPL) pulling plans to ramp up the production of the new iPhone 14 product suite weighed on riskier assets. However, the Bank of England calmed market tension later in the session by buying longer-dated bonds to combat the impact of the UK Government’s mini-budget on the British Pound.

Throughout the session, the crypto market recoupled with the NASDAQ 100, which ended the day up 2.05%. Ahead of the BoE intervention, the NASDAQ 100 Mini had spent most of the day in negative territory.

NASDAQ 100 correlation.
Total Market Cap – NASDAQ – 290922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Wednesday, the crypto market cap tumbled to an early low of $865.4 billion in response to the Apple news. However, in response to the BoE intervention, the crypto market cap rose to a late high of $917.8 billion before easing back.

With 140 minutes of the Wednesday session remaining, the crypto market cap is up $14.1 billion to $910.0 billion.

Crypto market bounces back on BoE intervention.
Total Market Cap 290922 Daily Chart

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

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

BNB and BTC lead the way, with gains of 3.71% and 2.83%, respectively.

XRP (+2.05%) and SOL (+1.87%) also found strong support, while DOGE (+0.22%) and ETH (+1.14%) trailed the front runners.

ADA currently bucks the top tend trend, with a 0.23% loss.

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

Helium (HNT) leads the way, rallying by 10.29%, with synthetix (SNX) and kava (KAVA) seeing gains of 9.27% and 6.20%, respectively.

At the other end of the table, IOTA (MIOTA) leads the way down, falling by 3.40%, with STEPN (GMT) and 1inch Network (1INCH) down by 2.83% and 3.16%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Wednesday session, supported by a mid-session shift in risk appetite.

At the time of writing, 24-hour liquidations stood at $124.53 million, down from $154.14 million on Wednesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 44,964 versus 49,758 on Wednesday morning. Liquidations were up over four hours and the final hour of the day (UTC) while down over 12 hours.

Crypto liquidations ease in a choppy session.
Total Crypto Liquidations 290922

According to Coinglass, 12-hour liquidations stood at $56.39 million, down from $86.08 million on Wednesday morning. However, four-hour liquidations were up from $4.38 million to $14.28 million, with one-hour liquidations up from $1.92 million to $3.06 million.

The chart below shows market conditions throughout the session.

Crypto market volatility hit by external market forces.
Total Market Cap 290922 Hourly Chart

 

Crypto Market Daily Highlights – Bitcoin Returns to $21,000

Key Insights:

  • It is a bullish Friday session for the crypto top ten, with bitcoin (BTC) returning to $21,000.
  • The NASDAQ 100 and riskier assets enjoyed a breakout week, as sidelined investors jumped in despite hawkish Fed chatter and US economic indicators.
  • The total crypto market cap is up $62.58 billion to $1,009 billion, with 60 minutes of the session remaining.

It is a bullish Friday session for the crypto top ten. Bitcoin (BTC) leads the way, with a return to $21,000 for the first time since August 26. DOT and ETH lead the rest of the top ten while trailing BTC on the day.

There were no US stats to spook investors through the US session, allowing the BTC to eye a three-day winning streak. Sentiment towards the Fed monetary policy, inflation, and the economic outlook took a breather. The NASDAQ 100 rallied by a further 2.11% to end the week up 4.14%.

Despite hawkish Fed Chair Powell and FOMC member chatter, the NASDAQ 100 ended a three-week losing streak, which provided crypto support. The ECB’s monetary policy decision looks to have eased Fed fear following the Thursday policy moves that matched those of the Fed.

NASDAQ supports a crypto breakout week.
Total Market Cap – NASDAQ – 100922 Daily Chart

Crypto Market Returns to $1 Trillion for the First Time Since August

On Friday, the total crypto market fell to a low of $944.9 billion before surging to a high of $1,019 billion.

While easing back from the day high, the crypto market cap is up $62.58 billion to $1,009 billion. Three bullish sessions have reversed losses from earlier in the week. For the current week, the total crypto market cap is up $47 billion.

Crypto market cap returns to $1 trillion.
Total Market Cap 100922 Daily Chart

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

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

Crypto market barometer BTC leads the way, rallying 10.8%, with DOT (+5.14%) and ETH (+5.31%) also enjoying solid gains.

However, ADA (+3.97%), BNB (+4.85%), SOL (+3.65%), and XRP (+3.76%) trailed the front runners.

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

Ravencoin (RVN) leads the way, surging by 53.97%, with STEPN (GMT) and TerraClassicUSD (USTC) up by 20.72% and 25.83%, respectively.

Terra Classic (LUNC) and Helium (HNT) buck the top 100 trend, with losses of 12.08% and 2.07%, respectively.

Crypto Liquidations Surge as Extended Rally Hits Short Positions

Over 24 hours, total liquidations jumped as crypto short position holders became victims of an unexpected crypto rally.

At the time of writing, 24-hour liquidations stood at $372.09 million, up from $118.74 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 103,210 versus 36,151 on Friday morning. Liquidations over one hour and twelve hours are higher, while four-hour liquidations are lower.

Crypto liquidations rise in a bullish session.
Total Crypto Liquidations 100922

According to Coinglass, 12-hour liquidations stood at $189.87 million, up from $74.59 million on Friday morning, with one-hour liquidations up from $1.06 million to $2.33 million. However, 4-hour liquidations are down from $17.05 million to $12,32 million. The chart below shows market conditions throughout the session.

Crypto market cap rebound.
Total Market Cap 100922 Hourly Chart

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

Key Insights:

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

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

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

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

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

Crypto Market Cap Sees Modest Decline in a Mixed Session

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crypto liquidations steady.
Total Crypto Liquidations 050922

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

Crypto market range-bound
Total Market Cap 050922 Hourly Chart

Crypto Market Daily Highlights – ETH and ADA Lead Top Ten Meltdown

Key Insights:

  • It was a bearish Friday session for the crypto top ten, with Ethereum (ETH) and Cardano (ADA) leading the extended sell-off.
  • Investor angst over Fed monetary policy weighed on riskier assets, with a NASDAQ 100 pullback adding to the bearish mood.
  • The bearish session left the total crypto market cap down $98.9 billion to $979.71 billion.

It was a bearish session for the crypto top ten. Bitcoin (BTC) tumbled to sub-$21,000 before a partial recovery. Ethereum (ETH) and Cardano (ADA) led the way down, however.

There were no US economic indicators to send the crypto market into a tailspin. However, hawkish FOMC member chatter from Thursday set the tone going into the weekend.

FOMC member James Bullard leaned in favor of a 75-basis point hike. FOMC member Mary Daly, speaking early in the Thursday session, reportedly favored a 50 or 75 basis point move. Significantly, both also talked of a rise-and-hold strategy rather than reversing course at a later date.

The NASDAQ 100 also succumbed to the flight to safety, adding further pressure on the crypto market that extended the sell-off beyond the US closing bell.

NASDAQ correlation
Total Market Cap – NASDAQ – 200822 5 Min Chart

The Total Crypto Market Cap Slides to sub-$1,000 on Fed Chatter

On Friday, the total crypto market cap slid from a high of $1,078 billion to a final hour low of $973.99 billion. The crypto market tumbled by $99 billion in response to Thursday’s hawkish FOMC member chatter that talked of an end to free money.

The Friday sell-off also left the crypto market cap down $79 billion for August, raising the prospects of a fourth monthly decline from five.

Crypto market cap slides to sub-$1,000 bn.
Total Market Cap 200822 Daily Chart

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

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

ETH and ADA led the way, sliding by 12.85% and 12.11%, respectively.

BTC (-10.21%), DOGE (-9.31%), SOL (-9.35%), and XRP (-9.62%) weren’t far behind, while BNB saw a relatively modest 6.31% fall.

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

Trust Wallet Token (TWT) and Celsius (CEL) bucked the broader market trend, with gains of 1.57% and 2.10%, respectively.

However, STEPN (GMT) and Filecoin (FIL) saw losses of 15.19% and 13.50%, respectively. Lido DAO (LDO) led the way down, sliding by 16.95%.

Total Crypto Liquidations Spike in a Crypto Market Meltdown

This morning, total liquidations surged over 24 hours, with investor sentiment towards the Fed leading to a slide in BTC long positions.

At the time of writing, 24-hour liquidations stood at $639 million, up from $57 million on Friday morning.

Liquidated traders spiked over the last 24 hours. At the time of writing, liquidated traders stood at 149,854 versus 30,221 on Friday morning. Liquidations over 12 hours, 4 hours, and the last hour reflected volatile market conditions.

Crypto liquidations spike.
Total Crypto Liquidations 200822

According to Coinglass, 12-hour liquidations stood at $144.05 million up from $36.43, with 4-hour liquidations rising from $7.12 million to $94.04 million. One-hour liquidations jumped from $1.33 million to $19.36 million. The liquidation figures reflected deteriorating market conditions over the Friday session, with the one-hour numbers suggesting choppy waters ahead. (See hourly crypto market cap chart below).

Bearish sentiment continued into the final hour.
Total Market Cap 200822 Hourly Chart

Crypto Market Daily Highlights – Risk Aversion Sends DOGE and SOL South

Key Insights:

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

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

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

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

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

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

The Total Crypto Market Cap Heads for another Daily Loss

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

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

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

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

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

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

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

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

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

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

Total Crypto Liquidations Rise in Response to Risk Aversion

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

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

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

Liquidations rise
Total Crypto Liquidations 180822

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

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

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

Daily News Highlights

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

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

Key Insights:

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

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

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

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

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

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

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

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

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

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

Crypto market sees red.
Total Market Cap 160822 Daily Chart

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

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

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

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

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

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

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

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

Total Crypto Liquidations Remain Steady Despite Bearish Session

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

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

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

Liquidations suggest improving market conditions.
Total Crypto Liquidations 160822

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

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

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

Top 3 Trending Coins: AXS Surges, Eyes Key Break Above $18 as RUNE, GMT Swoon

Key Points

  • Major cryptocurrencies look set to end the week with healthy gains, despite pulling back from highs.
  • Axie Infinity’s AXS token is the best performer in the crypto top 100 amid heightened whale interest.
  • THORChain and STEPN’s GMT, meanwhile, have been battered over the last 24 hours.

Market Update: Crypto Traders Monitoring Incoming Macro Risks

Major cryptocurrencies are currently on course to post solid on-the-week gains. Bitcoin was last changing hands near $22,500, lower versus earlier weekly highs above $24,000, but still higher by about 8.5% this week. Ethereum, meanwhile, was last trading just under $1,550, down from earlier weekly highs near $1,650 but still above 15% up on the week.

Crypto was this week boosted as (mostly) upbeat US corporate earnings boosted the major US indices and broad macro risk appetite and with Ethereum getting further tailwinds amid “Merge” optimism now a date has been announced. Crypto traders will continue monitoring a host of macro risks next week.

Firstly, the US earnings season continues with some heavy hitters reporting next week. Apple, Amazon and Microsoft – three of the top four largest US companies by market cap – will have reported Q2 results by the end of next week. The tone of their reports will be a key factor in determining the near-term direction of US equity markets and, given their close correlation, cryptocurrency markets as well.

Elsewhere, the US Federal Reserve is expected to implement a second-successive 75 bps rate hike, which would lift the target interest rate range to 2.25-2.5% from 1.50-1.75%. The Fed is continuing on its quest to quickly lift rates above the so-called neutral level (around 2.5%) in order to get a handle on inflation which is at multi-decade highs and approaching double digits on a YoY basis.

Meanwhile, after business survey data on Friday showed that the dominant US services sector likely contracted this month, data out next week will probably show that the US economy shrunk for a second successive quarter in Q2, confirming that the economy was in recession in H1 2022. This makes the Fed’s job in bringing down inflation more challenging.

If the Fed does sound a little more dovish next week amid growing evidence of economic weakness and data confirms recession fears, markets may pull back on Fed tightening bets (as they did on Friday). This could provide a near-term boost for stocks and crypto.

Here is a list of Saturday’s top three trending coins.

Axie Infinity (AXS) Eyes Push Above $18 Resistance

Play-to-earn game Axie Infinity’s native AXS token surged to its higher level since late June above $17.75 on Saturday, leaving its 50-Day Moving Average around $15.50 and 21DMA just below that at $14.83 in the dust. The cryptocurrency was last trading higher on the day by about 12%, having pulled back a touch from earlier session highs to the $17.20 area.

Positive headlines in the crypto press about increased whale interest in the token may have pumped it in the last 24 hours. According to CoinMarketCap, during this time period AXS was up by around 6.0%, making it one of the best performing cryptocurrencies in the top 100 by market cap.

AXS is currently on course to post weekly gains of around 18.5%. However, the cryptocurrency has this week been unable to break above a key area of support-turned-resistance around $18.00. Should crypto sentiment continue to improve next week, a break above $18.0 could open the door to a swift rally towards the next major support-turned-resistance in the $27-$28 area.

AXS/USD
AXS/USD eyes rally above $18 resistance. Source: FX Empire

However, with the cryptocurrency currently at the top of a $12.00 to $18.00ish range that has prevailed now for more than a month, some might see current levels as an attractive sell. If macro developments next week weighed on crypto, AXS could easily be headed back under its 50 and 21DMAs and towards recent lows in the $12s.

Whale Interest in AXS Grows

According to a Saturday tweet from WhaleStats, a website that provides free data on crypto whales, AXS was among the top 10 purchased tokens amongst the largest 500 Ethereum whales over the last 24 hours. AXS is an ERC-20 token that runs on the Ethereum blockchain.

Some analysts interpreted the news as showing that dip buying interest in AXS is growing, with the cryptocurrency having pulled back around 90% from its record highs above $170 printed last November. However, according to the WhaleStats website, AXS makes up just 0.21% of the USD value of all ERC-20 tokens held in Ethereum wallets (not including ETH).

THORChain (RUNE)

According to CoinMarketCap, RUNE, the native token on THORChain, is the worst performing top 100 cryptocurrency of the last 24 hours. Over this time period, it has lost nearly 10% of its value.

After briefly surpassing $3.0 per token on Thursday and Friday, RUNE has dropped sharply back towards $2.50 on Saturday, where it is now eyeing a test of support in the form of early July highs. $3.0 has historically been a key level of support and appears to have turned to resistance more recently.

But cryptocurrency is still more than 20% higher on the week and its near-term technical outlook still looks fairly positive. Earlier in the week, it surged above both its 21 and 50DMAs and has arguably been in an uptrend since 18 June. If it can break above $3.0, it may be in with a shot of testing its 200DMA near $5.0.

RUNE/USD
RUNE/USD runs into resistance at $3.0. Source: FX Empire

STEPN (GMT)

According to CoinMarketCap, the native token on STEPN’s move-to-earn platform GMT is the second worst performing top 100 cryptocurrency of the last 24 hours. Over this time period, it has lost over 8% of its value.

GMT/USD fell back under its 21DMA at $0.944 on Saturday, a bearish sign that a test of its 50DMA at $0.87 might be coming next. For now though, the cryptocurrency remains in an uptrend since mid-June, so further decline might attract buying interest.

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.

Crypto Market Daily Highlights – The Merge Sends ETH to $1,500

Key Insights:

  • On Monday, the crypto top ten resumed the recent upswing, with Ethereum (ETH) surging by 18% to lead the way.
  • A shift in sentiment across the crypto market led to decoupling from the NASDAQ 100, with market focus returning to crypto network news updates.
  • The total crypto market cap jumped by $82.59 billion to hit $1 trillion for the first time since June 13.

It was a bullish Monday session for the crypto top ten. Bitcoin (BTC) broke out from its recent ranges, with a visit to $22,000, with ETH bringing $2,000 into view.

Market sentiment towards the Ethereum Merge and the Cardano (ADA) Vasil hard fork muted the influence of the NASDAQ 100 on investor appetite.

On Sunday, we talked of the crypto market decoupling from the US equity markets, which entered the earnings season. A breakout after the US market close suggests the beginnings of a decoupling.

There were no FOMC member speeches to consider, with the Fed in the blackout period until July 28. Adding further support to the crypto market were easing bets of a 100-basis point rate hike later this month.

Total Market Cap - NASDAQ - 190722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 33 points.

The Total Crypto Market Cap Hits $1 Trillion

A bullish Monday session saw the total crypto market cap rise from a low of $929 billion to a high of $1,026 billion before hitting reverse.

The reversal, weighed by the NASDAQ 100, led to a fall back to $966 billion before a post-US market crypto rally.

On Monday, the total crypto market cap surged by $82.59 billion to close out the day at $1 trillion for the first time since June 12.

A bitcoin return to $22,000 and an Ethereum surge to $1,500 were the milestones driving the broad-based crypto rally.

Crypto market cap
Total Market Cap 190722 Daily Chart

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

ETH surged by 18.17% to lead the crypto top ten, with ADA (+9.37%) and SOL (+12.73%) also making impressive gains.

However, BNB (+6.62%), BTC (+7.95%), DOGE (+7.15%), and XRP (+6.47%) trailed the front runners.

From the CoinMarketCap top 100, Ethereum Classic (ETC) surged by 31.4% to lead the 100.

Polygon (MATIC) and STEPN (GMT) were close behind, with gains of 27.4% and 25.77%, respectively.

Lido DAO (LDO) bucked the broader market trend, with a 10.55% loss as investors locked in profits.

Total Crypto Liquidations Surge, Suggesting a Possible Market Pullback

On Tuesday, 24-hour liquidations surged, suggesting a possible pullback from Monday levels. Over the weekend, we saw a similar rise in 24-hour liquidations going into Sunday that projected a bearish session, which materialized after a bullish start.

This morning, 24-hour liquidations stood at $691 million, up from $116.95 million on Monday.

Liquidated traders surged over the last 24 hours, suggesting deteriorating market conditions. At the time of writing, liquidated traders stood at 128,281 versus 40,592 on Monday morning.

According to Coinglass, one-hour liquidations stood at $161.66 million, up from $5.22 million on Monday.

Crypto liquidations
Total Crypto Liquidations 190722

Daily News Highlights

  • Bitcoin mining was in the spotlight, with US lawmakers pushing for more reporting.
  • The Dutch Central Bank fined Binance €3.3 million for offering services without being registered.
  • Coinbase got regulatory approval in Italy to provide ongoing crypto services.
  • Three Arrows Capital (3AC) reportedly owes creditors $3 billion, which includes $2.36 billion to Genesis.
  • The Paraguay Senate passed a bill to regulate crypto trading and mining.

STEPN and Ethereum Classic Boost Crypto Market Cap to $1 Trillion

Key Insights:

  • STEPN’s GMT shot up by almost 22% today to trade at $1.09.
  • Ethereum Classic rallied by 62.5% in this week alone, with 13.8% of it coming today.
  • Bitcoin and Ethereum also benefitted from the broader market rally, rising to $22k and $1.5k.

Investors of cryptocurrencies were elated today as the broader market shifted gears and inched closer to closing above the $1 trillion mark that it last visited a month ago.

As always, altcoins were the ones to lead the rally today, but the king coin Bitcoin and altcoin king Ethereum did not hold back either, with both of them rallying by 6.5% and 11.5%, respectively.

STEPN Into Recovery

Leading the rally along with MATIC and other altcoins was STEPN’s native token GMT, which gained almost 22% in the last 24 hours. This pushed the coin to flip the critical resistance of $1 into support as the altcoin traded at $1.09 at the time of writing.

Although the altcoin is still far away from recovering the losses it witnessed in June when GMT sunk by 52.59% in the span of 13 days. However, the cryptocurrency has risen by more than 84.7% from its lows since then.

Once GMT closes above $1.25, it would have completely recovered the fall of June.

Supporting the same are the Parabolic SAR and Relative Strenght Index (RSI), as the former indicated an active uptrend today with the appearance of the white dot below the candlestick.

Additionally, the RSI also entered the bullish zone once again and could sustain itself in this area this time, provided the bears do not reciprocate any time soon. Thus, if these conditions remain unchanged, GMT will be able to reclaim $1.25 by the end of this month.

Ethereum Classic on a Rally Rally

The Ethereum namesake and hard fork also emerged as one of the best performers of the day, furthering its growth that began five days ago.

ETC, which noted a 44.88% decline in the month of June, struggled to create momentum for recovering said losses until a few days ago.

Starting July 12, the altcoin initiated a rally, and at the time of writing ETC rose from the lows of $13 to trade at $22.54. This 62.5% growth pushed the altcoin closer to $25, from where ETC will be able to begin recovering the May losses as well.

At the moment, price indicators leaned in favor of the same occurring with the Bollinger Bands diverging highlighting high volatility for the cryptocurrency.

However, with the candlesticks remaining above the basis of the indicator, the price swings will be in favor of the bulls.

Furthermore, the MACD maintaining its bullish crossover, exhibited rising bullishness with its green bars supporting ETC’s rise in the future.

Crypto Market Daily Highlights – SOL and DOGE Sink in Bearish Session

Key Insights:

  • It was a bearish start to the week for the crypto top ten, with Solana (SOL) and Dogecoin (DOGE) leading the way down.
  • Market angst over inflation, the economic outlook, and Fed monetary policy fired up ahead of US inflation figures on Wednesday.
  • The total crypto market cap slid by $38 billion to record the fourth decline in ten sessions.

It was a bearish Monday session for the crypto top ten. Bitcoin (BTC) fell for a fourth consecutive day, with DOGE and SOL leading the way down.

Positive US nonfarm payroll (NFP) figures from Friday reverberated across the global financial markets. Following less hawkish FOMC meeting minutes last Wednesday, the NFP number reignited fears of a 75-basis point rate hike this month.

The crypto market tracked the NASDAQ 100 into the red, with investors now looking ahead to US inflation figures due on Wednesday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 120722 5 Min Chart

Another spike in inflation could assure a 75-basis point rate hike and a more aggressive rate path for the year.

However, riskier assets could find support should US retail sales figures disappoint on Friday.

The FOMC meeting minutes revealed concern over the impact of rate hikes on the economy. Weak numbers could force the Fed to take its foot off the gas to assess the effect of rate hikes on sentiment and consumption.

The Total Crypto Market Cap Slides to Sub-$900bn

A bearish Monday session led the crypto market cap to a day low of $862 billion before ending the day at $867 billion. The extended sell-off saw another $38 billion come off the table.

For July, the crypto market cap is up by just $1.5 billion, with the crypto market now facing the prospect of a fourth consecutive monthly loss.

Near term, the fate of the crypto market sits in the hands of the Fed and global economic indicators.

Crypto - NASDAQ
Total Market Cap 120722 Daily Chart

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

DOGE and SOL slid by 8.22% and 8.98%, respectively, to lead the way down.

ADA (-6.06%), BTC (-4.33%), and ETH (-6.18%) also struggled.

XRP  and BNB saw relatively modest losses of 3.17% and 3.80%, respectively

From the CoinMarketCap top 100, STEPN (GMT) led the way down, sliding by 12.5%, with THORChain (RUNE), Uniswap (UNI), and IOTA (MIOTA) close behind.

Loopring (LRC), Chiliz (CHZ), and Arweave (AR) bucked the trend. AR rose by 2.16%, with LRC and CHZ ending the day up by 0.25% and by 0.98%, respectively.

Total Crypto Liquidations Spike as Crypto Market Hits Reverse

24-hour liquidations increased through Monday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $177 billion, up from $111 billion on Monday and $60 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 69,448 versus 39,241on Monday.

Four-hour and One-hour liquidations reflected deteriorating market conditions.

According to Coinglass, one-hour liquidations stood at $13.81 million, up from $0.586 million on Monday. Four-hour liquidations stood at $90.91 million.

Crypto liquidations
Total Crypto Liquidations 120722

Daily News Highlights

  • Bitcoin projections got more bearish, with $10,000 called more likely than $30,000.
  • CoinFLEX started the arbitration process to claw back $84 million.
  • XRP showed a muted response to the latest filings and rulings from the SEC v Ripple case.

Crypto Price Analysis July 11: QNT, GMT, MIOTA, AR, XTZ

Key Insights:

  • Quant led the decline today after a 66.48% rally last week.
  • Monero stayed with the bulls marking a 3% rise.
  • Bitcoin and Ethereum fell to $20k and $1.1k, respectively.

The crypto market’s breakout is becoming more and more impossible with every passing day.

With the king coin and altcoin king returning to their consolidation levels of $20k and $1.1k, altcoins are also noting a fall.

Quant (QNT)

After a solid streak of rises for nine days, QNT managed to rise by 66.48% before falling by almost 9% in the last 24 hours, trading at $77.04. But the Awesome Oscillator continued to flash rising bullishness.

This could keep the price fall under control and make this just a bounce-off instead of a dip.

STEPN (GMT)

GMT, just like QNT, noted a decline of 13.05% over the previous 24 hours after recovering significantly. The altcoin managed to close above $1 thanks to the 71.06% before falling to $0.87 at the time of writing.

The Bolling Bands, however, make it apparent that GMT is in a gradual incline, with the converging bands indicating low volatility.

IOTA (MIOTA)

MIOTA has been struggling to recover from the June lows as the coin is still trading at $0.2758, barely rising in almost a month. The 8.28% fall today further added to the difficulty.

Plus, the outflows on the Chaikin Money Flow (CMF) make it apparent that the decline impacted the investors as they pulled their money from the asset.

Arweave (AR)

Although the altcoin was trading in red at $11.62, it was still up by 4.38% from yesterday’s lows. Considering the gradual incline observed since mid-June, the altcoin is set to continue going up.

The Parabolic SAR is highlighting an uptrend on the charts, which could helo AR climb back above $12.

Tezos (XTZ)

XTZ maintained a rise today, climbing the charts by 3.57%, trading at $1.68, and the consistent incline will keep the coin on the path of recovery from the June crash.

The Relative Strength Index (RSI) is also above the neutral line in the positive zone, which could further boost XTZ’s rise.

Crypto Market Daily Highlights – SOL and ETH Lead the Top Ten Cryptos

Key Insights:

  • It was a bullish Wednesday for the crypto to ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • While sliding crude oil prices highlighted market fears for an economic recession, upbeat stats from the US delivered the NASDAQ 100 and the crypto market support.
  • The total crypto market cap rose by $19 billion to mark the fourth increase in five sessions.

It was a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) continued to inch towards $21,000, last visited on June 28. SOL and ETH found the strongest support to lead the crypto top ten.

Investor jitters over a European economic recession continued to test support for riskier assets. The ongoing war in Ukraine and an energy crisis amidst a shift in central bank monetary policy remain tests of investor resilience.

However, the markets brushed aside the market headwinds, with positive US economic indicators supporting the equity and crypto markets.

NASADAQ delivers crypto support
Total Market Cap – NASDAQ – WTI 070722 15 Min Chart

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

The Total Crypto Market Cap Bounces Back to $900bn

Another choppy session saw the crypto market cap fall to a low of $867 billion before jumping to a high of $908 billion.

Crypto market cap
Total Market Cap 070722 Daily Chart

NASDAQ 100 support was the key to a return to $900 billion levels. While bullish on the day, crypto market headwinds linger.

A global economic recession, a likely shift in the crypto regulatory landscape, and an extension of the crypto winter would test investor resilience. Fed monetary policy will also be a consideration over the near term.

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

SOL and ETH rallied by 4.67% and 4.80%, respectively, to lead the way, with BNB gaining 3.38%.

ADA (+1.09%), BTC (+1.91%), DOGE (+1.89%), and XRP (+2.15%) trailed the front runners.

From the CoinMarketCap top 100, THORChain (RUNE), The Sandbox (SAND), and STEPN (GMT) led the way. RUNE rallied by 9.5%, with SAND and GMT gaining 6.5% and 6.8%, respectively.

At the other end of the table, TerraClassicUSD (USTC) saw the heaviest loss for a second consecutive day, sliding by 13%.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations fell back going into the Thursday session.

This morning, 24-hour liquidations stood at $101 million, down from $170.7 million on Wednesday.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 30,986 versus 54,606 on Wednesday morning.

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

According to Coinglass, one-hour liquidations stood at $24.4 million versus $3.31 million on Wednesday. Investors will need to monitor the one-hour liquidation figures for any further rise that could pressure the crypto market.

Crypto liquidations rise
Total Crypto Liquidations 070722

Daily News Highlights

  • Meta plans NFT launch despite current market conditions.
  • UK government seeks public contribution to DeFi taxation.
  • Crypto lender Voyager Digital filed for Chapter 11 bankruptcy.
  • US lawmakers make no progress towards a CBDC.
  • Binance announced the launch of zero-free bitcoin (BTC) trading to commemorate the fifth anniversary.

Crypto Price Analysis July 5: SNX, COMP, LTC, GMT, BAT

Key Insights:

  • Synthetix was one of the worst performers of the day, marking an 8% decline.
  • STEPN (GMT) stood on the other end of the spectrum, up by 6.48%.
  • Bitcoin and Ethereum slipped to $19k and $1k once again today.

With the entire market in red, most of the altcoins kept following the broader market cues, while some other rebelled. Bitcoin and Ethereum sadly fell into the former category trading at $19k and $1k, respectively.

Synthetix (SNX)

Trading at $2.58, SNX was one of the leading altcoins today to paint red on the charts. Declining by 9.12%, the cryptocurrency wiped out half of the 27.63% rally from the previous 48 hours.

At the moment, the altcoin is somehow maintaining the bullishness it obtained from the 109% rise, saving Awesome Oscillator from falling below the neutral line.

Compound (COMP)

Following in the footsteps of Synthetix, Compound also noted a 7.89% fall in price, however, investors will not be affected too severely in the case of COMP.

This is because it is still sustaining most of the 92.22% rally from June, and in addition to that, the candlestick is keeping above the bias of the Bollinger Bands, which will help it in continuing the price rise.

Litecoin (LTC)

The silver to Bitcoin’s gold, Litecoin, adhered to the broader market trend sinking by 8.18%  in the last 24 hours. This further added to the 18% decline LTC has observed in the previous ten days.

In addition to this, the streak of inflows it had been noticing since the mid-June 35.4% rally finally came to an end 48 hours ago when Chaikin Money Flow market outflows.

STEPN (GMT)

The DeFi fitness protocol was observed treading against the active market trend and climbed by over 7% in the last 24 hours.

The 8.82% rise in 2 days only makes up for half the 18% drawdown from the previous week, but the same is still keeping the 66.5% rally from June intact.

Furthermore, with the MACD keeping away from a bearish crossover, for now, GMT might be able to continue rising towards $1.

Basic Attention Token (BAT)

BAT kept GMT company with an 8.52% rise bringing the coin to trade at $0.43. The coin recently fell by 14.46%, however, the surge that followed helped BAT recover to the price point it was at after the 52.47% rally.

The Relative Strength Index (RSI) is also keeping above the neutral line in the bullish area, exhibiting no selling pressure on the altcoin for now.

Crypto Market Daily Highlights – BTC Extends Losing Streak to Seven

Key Insights:

  • It was a mixed Saturday session for the crypto to ten, with bitcoin (BTC) bucking the top ten trend.
  • News of 3AC filing for bankruptcy, Voyager Digital suspending withdrawals, and rumors pegged back the majors, however.
  • However, the total crypto market cap rose for the first time in seven sessions. A $2.28 billion increase took the market cap to $848.5 billion.

It was a mixed Saturday for the crypto market. Bitcoin (BTC) extended its losing streak to seven sessions with a modest 0.12% loss. Cardano (ADA), Ethereum (ETH), and Solana (SOL) rose for the first time in seven sessions.

The broader-based gains came despite the crypto market getting hit with news of Three Arrows Capital (3AC) filing for bankruptcy and Voyager digital suspending withdrawals.

Relative to the losses at the turn of the quarter, however, the gains were modest, with downside risks firmly in place.

Market headwinds include fears of a recession, sentiment towards monetary policy, and the evolving regulatory landscape, though the regulatory environment could improve for some jurisdictions.

In the US, the successful passage of the Lummis and Gillibrand bill could prove crypto-friendly, should lawmakers task the CFTC with regulating the digital asset space.

The Total Crypto Market Cap Sees End of Six Day Losing Streak

A bearish start to the day raised the prospect of a seventh consecutive session in the red before an afternoon recovery.

The total crypto market cap fell to a low of $832.5 billion before rising to a high of $858.1 billion.

Total crypto market cap.
Total Market Cap 030722 Daily Chart

Following a modest $2.28 billion rise, the total crypto market cap was down $17 billion for July.

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

BTC slipped by 0.12% to buck the top ten trend.

However, it was a relatively bullish day for the rest. ADA rose by 1.56% to lead the way, with SOL ending the day up 1.55%.

BNB (+0.65%) DOGE (+0.23%), ETH (+0.76%), and XRP (+0.60%) also avoided the red.

From the CoinMarketCap top 100, NEM (XEM) led the way, surging by 25.7%. Other notables included Synthetix (SNX), Tezos (XTZ), and Flow (FLOW).

SNX rallied by 16.8%, with XTZ and FLOW seeing gains of 5.4% and 5.6%, respectively.

However, AMP (AMP) and STEPN (GMT) were at the other end of the table, falling by 3.39% and 2.31%, respectively.

Total Crypto Liquidations Slide as Cryptos Find Support

24-hour liquidations continued to reflect improving market conditions going into Sunday.

This morning, 24-hour liquidations stood at $58.2 million, down from $107 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 22,104 versus 36,758 on Saturday morning.

However, one-hour liquidation figures reflected a late crypto pullback.

According to Coinglass, one-hour liquidations had fallen to sub-$0.300 million before moving back through the $1 million mark. However, standing at $1.07 million, conditions improved from one-hour liquidations of $2.44 million on Saturday.

Crypto liquidations ease.
Total Crypto Liquidations 030722

Daily News Highlights

  • Voyager Capital (VOYG) suspended deposits and withdrawals, citing the 3AC default.
  • The Columbian government launched the National Land Registry on the XRP Ledger (XRPL).
  • KuCoin (KCS) CEO Johnny Lyu denied rumors of KuCoin planning to freeze withdrawals.

Crypto Market Daily Highlights – June 20 – ADA and SOL Consolidate

Key Insights:

  • It was a mixed start to the week, with bitcoin (BTC) and Ethereum (ETH) seeing modest losses, while Cardano (ADA) and Solana (SOL) continued the move northwards.
  • With the US markets closed, the NASDAQ 100 Mini provided direction, though headwinds left investors cautious ahead of central bank chatter in the week.
  • The total market cap ended the day with a modest $4.37 billion gain as the broader crypto market consolidated Sunday’s breakout session.

It was a choppy session for the crypto market on Monday. Bitcoin (BTC) followed Sunday’s rally with a visit to $21,000 before a late pullback.

With the US markets closed, the NASDAQ 100 Mini provided support on the day, though the upside was modest following last week’s sell-off.

On Monday, the NASDAQ 100 Mini ended the day up 110 points.

Headwinds continued to pressure the broader market, reflected in a modest gain in the total crypto market cap.

With the US markets reopening later today, investors will be eyeing the NASDAQ, with market risk sentiment likely to influence in the afternoon session.

Central bank chatter will also provide direction ahead of Fed Chair Powell testimony scheduled for Wednesday and Thursday.

Inflation will likely remain a hot topic, with Powell likely to come under fire in the wake of last week’s FOMC projections.

A late rise in crude oil prices on Monday tested support for bitcoin and the broader crypto market.

WTI Crude increased by 0.65%, the inverse correlation with bitcoin reflected in the chart below. Rising crude oil prices deliver upward pressure on inflation, which has knock-on effects on central bank monetary policy and economic growth prospects.

Cryptos under the influence.
NASDAQ BTC WTI 210622 Daily Chart

Crypto Market Cap Falls by a Modest $4bn after a Late Pullback

The crypto market looked to consolidate Sunday’s breakout session.

Recovering from a low of $847.6 billion, the total market cap rose to a day high of $900.99 billion before falling to $885 billion.

The key was avoiding a reversal of Sunday’s $62.6 billion rise and a fall to a new current-year low.

Following last week’s $173 billion loss, however, the risk of a return to sub-$800 billion remains.

Crypto market cap up for a second day.
Total Market Cap 210622 Daily Chart

Looking at the top ten, SOL rallied by 3.13%, with ADA (+1.45%) and BNB (+0.70%) also finding support.

DOGE (-0.77%) and XRP (-0.63%) and saw red, however, with BTC (-0.01%) and ETH (-0.01%) ending the day flat.

From the CoinMarketCap top 100, Synthetix (SNX) led the way, surging by 60%. The upside came from investor reaction to Atomic Swap volumes on 1inch and Curver Finance protocols.

Following their inclusion, a surge in Atomic Swap trading volumes has drawn investor interest. The fees stemming from trading volumes have also given SNX stakers solid yields.

On the stablecoin front, USDD movements were market negative, with TRON DAO Reserve failing to restore the peg.

USDD
USDD 7-Day Chart 210622

The USDD found support to hit $0.96 before easing back. Failure to return to $1.00 pegged TRON (TRX) back again, with TRX ending the day with a 0.34% loss.

TRON DAO Reserve figures continued to ease concerns of a USDD collapse.

At the time of writing, the collateral ratio stood at 324.05%.

USDD
USDD Collateral Ratio 210622

Total Crypto Liquidations Eased Back Following Fed Policy Decision

The downward trend in total crypto liquidations continued on Monday.

After hitting $1 billion last Tuesday, 24-hour liquidations fell from $567 million on Sunday to $315 million on Monday.

This morning, 24-hour liquidations stood at $199.82 million.

Four-hour and one-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $4.94 million, with four-hour liquidations at $18.72 million.

A further decline in 24-hour total liquidations would deliver crypto market support.

Liquidations ease.
Total Crypto Liquidations 210622

Crypto Daily News Highlights

  • South Korea bans Terra employees from leaving the country as lawmakers investigate Terraform labs for tax evasion.
  • Bitcoin miner sell-off accelerated, pressured by bitcoin price declines.
  • Shiba Inu Coin (SHIB) continued to draw interest, surpassing USDT to become the largest hold for Ethereum whales.
  • STEPN (GMT) continued to find support on network news updates.

Crypto Price Analysis June 20: GMT, 1INCH, AAVE, APE, LTC

Key Insights:

  • Ethereum is barely holding on to $1k as support, with the alt trading at $1,096.
  • Stephen and 1Inch were some of the leading cryptocurrencies in the last 24 hours.
  • Litecoin, along with a few other alts, led the downfall.

The broader crypto market gained $62 billion yesterday, but the same does not compensate enough for the losses witnessed throughout June.

As the month comes to an end, the crypto market is yet to recover and rise back above the $1 trillion mark in the next nine days.

STEPN (GMT)

The altcoin, with a market cap of $456 million, was one of the highlights of the last 24 hours when GMT registered an almost 30% rally. Trading at $0.7569, this rise brought the coin closer to reclaiming the $1 mark and flipping it into support.

The MACD has always been supportive of a price rise as not once in the last 1 month has there been a bearish crossover in the case of GMT. With more green bars appearing, the price rise might continue.

1Inch (1INCH)

The native token of the Decentralized Exchange, 1INCH, was leading the cryptocurrencies on the charts as the altcoin achieved a rally of 20.15% rally in 24 hours. Lingering at $0.6636, 1INCH is showing promise of sustained growth with the recent green candles. 

According to the Parabolic SAR’s white dots, the proximity of the asset to the indicator is a sign that a trend reversal in inbound could place the aforementioned white dots beneath the candlesticks.

AAVE (AAVE)

Next up on the list of the best performing cryptocurrencies of the day is AAVE which managed to register a 20.51% rally right after the altcoin lost almost 58% owing to the recent market crash. The coin is attempting to close above $60 at the time of writing.

This would bring AAVE closer to its 50-day Simple Moving Average (SMA), which is a critical support level. Reclaiming this would also push AAVE above the $100 mark.

ApeCoin (APE)

The Bored Ape Yacht Club’s native token ApeCoin has managed to mark a substantial rise of 30.26% for itself, moving up from the lows it hit after the 53.32% crash it witnessed this June.

Trading at $4.4 at the time of writing, the altcoin, although it is nowhere close to its highs, the broader market’s support might push it to that level.

Plus, the rally also placed the Relative Strenght Index (RSI) closer towards the neutral line and might eventually pull it out and place the indicator back into the bullish zone after more than 45 days.

Litecoin (LTC)

While the rest of the altcoins continued their rally for more than two days, LTC cut the rise short and noted a 4% decline over the last 24 hours. This is despite the fact that just a day before that, LTC managed to spike up by almost 15%.

Now, as the silver to Bitcoin’s gold trades at $52, it is also noting the gradual disappearance of the bearishness from the market.

The receding green bars here on the Awesome Oscillator aren’t signs of receding bullishness, but actually, bearishness as these bars will flip the trend once they rise above the neutral mark.

STEPN (GMT) Price Prediction: Bulls Eye $0.9 on Network News

Key Insights:

  • STEPN (GMT) is on the move today, with a breakout morning session following a 24.7% rally on Sunday.
  • Network update news contributed to the upside and supported last week’s trend bucking gain.
  • Key technical indicators are bearish. GMT sits at the 100-day EMA.

On Sunday, STEPN (GMT) surged by 24.73%. Reversing a 2.39 loss from Saturday, GMT ended the week up 12.5% to $0.749.

A broad-based crypto rally delivered STEPN support on Sunday with a relief rally reversing the losses for the week.

This morning, GMT was back on the move, with a bullish morning session bringing $0.80 levels into play.

Ranked #71 on CoinMarketCap, STEPN is looking to outmuscle the broader crypto market for a second consecutive day.

STEPN Upgrade Drives a Second GMT Breakout Session

STEPN is a Solana (SOL) based gaming platform allowing users to earn GMT by being active. Activities include jumping, running, skipping, and walking.

Users must acquire the correct active footwear with GMT to then mint NFTs to take part in STEPN activities.

Market sentiment towards the metaverse and Web3 has been important, though the need to exercise is greater.

Upgrades are on the way, the news of which has supported the GMT upswing amidst heightened crypto volatility.

Last week, STEPN launched DOOAR, a multi-chain DEX. The DEX would provide liquidity providers with rewards, while also easing GMT selling pressure by incentivizing holders to lock in GMT tokens.

Additional network updates have also been pivotal. The STEPN Twitter Account was busy over the weekend.

Market anticipation of the Public Beta Phase IV scheduled for 3 AM UTC on June 21, 2022, added GMT support.

This morning, Stepnoffical reminded the community of the upgrade on Twitter, saying,

“Get ready for the v0.7.3 update! There’ll be a 3-hour maintenance from 3:00 AM UTC + 0 on 21st June 2022 and then the update will be rolled out.”

GMT had taken a hit in May on news of STEPN banning Mainland China users from accessing IP and GPS services.

STEPN cited Beijing regulations for the ban.

GMT Price Action

At the time of writing, GMT was up 3.89% to $0.7776.

A mixed start to the day saw GMT fall to an early low of $0.7075 before rallying to a late morning high of $0.7965.

While falling short of the First Major Resistance Level at $0.8253, resistance at $0.80 pegged GMT back this morning.

GMT in a breakout session.
GMTUSD 200622 Daily Chart

STEPN Technical Indicators

GMT will need to avoid the $0.7050 pivot to target the First Major Resistance Level at $0.8259. GMT would need broader crypto market support to break out from the morning high of $0.7965.

In the event of an extended rally, the Second Major Resistance Level at $0.9016 would likely come into play. The Third Major Resistance Level sits at $1.0980.

A fall through the pivot at $0.7050 would bring the First Major Support Level at $0.6290 into play.

Barring another extended sell-off, GMT should avoid sub-$0.60. The Second Major Support Level sits at $0.5085.

Resistance levels in play.
GMTUSD 200622 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, GMT sat at the 100-day EMA, currently at $0.7936. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, GMT positive.

A move through the 100-day EMA would support a return to $0.90.

EMAs turning bullish
GMTUSD 200622 4-Hourly Chart