Crypto Market Daily Highlights – XRP Leads the Top Ten Rebound

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with XRP leading the way.
  • Fed and recession fears sent the crypto market into the deep red before a rebound, supported by the NASDAQ 100.
  • The total crypto market cap rose by $11.7 billion to $907.1 billion.

It was a bullish Monday session for the crypto top ten. XRP led the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, BTC fell short of $20,000 for the fourth time since July 3.

Fed and recession fears continued to grip the crypto market going into the Monday session. Following Sunday’s reversal, BTC and ETH tumbled to new September lows. Market fears of Fed monetary policy sending the global economy into a recession weighed.

However, the NASDAQ 100 delivered market support through the US session as bets of a percentage point rate hike eased. There were no US economic indicators or crypto news stories to influence, leaving the NASDAQ to provide direction.

On Monday, the probability of a 75-basis point was 81.0% versus 19.0% for a percentage point hike. The latest split was less hawkish than on Sunday when the chance of a percentage point hike stood at 21%. The NASDAQ 100 rose by 0.76%, with the NASDAQ 100 Mini up 58.5 points this morning.

NASDAQ correlation.
Total Market Cap – NASDAQ – 200922 5 Minute Chart

Crypto Market Returns to $900bn in a Choppy Monday Session

On Monday, the crypto market cap tumbled to an early low of $856.8 billion before rebounding to a high of 915.9 billion.

The bullish Monday session left the crypto market cap up $11.7 billion to $907.1 billion. However, the market cap is down $54 billion for September.

Market cap returns to $900bn.
Total Market Cap 200922 Daily Chart

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

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

XRP led the way, rising by 7.69%, with SOL (+4.90%) a distant second.

BNB (+2.14%), DOGE (+1.92%), and ETH (+3.11%) also found strong support, while ADA (+1.12%) and BTC (+0.65%) trailed.

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

Helium (HNT) and apecoin (APE) led the way, rallying by 15.41% and 15.56%, respectively. Algorand (ALGO) ended the day up 8.56%.

However, Chainlink (LINK) was among the worst performers, falling by 2.97%. Huobi Token (HT) and polkadot (DOT) saw losses of 0.57% and 0.93%, respectively.

24-HourCrypto Liquidations Continue Uptrend as Volatility Spikes

Over 24 hours, total liquidations increased as Fed and recession fears delivered a choppy session.

At the time of writing, 24-hour liquidations stood at $292.44 million, up from $264.19 million on Monday morning.

Liquidated traders over the last 24 hours declined, however. At the time of writing, liquidated traders stood at 71,318 versus 99,009 on Monday morning.

Liquidations over twelve and four hours were down, reflecting the market rebound, while one-hour liquidations increased.

Liquidations rise.
Total Crypto Liquidations 200922

According to Coinglass, 12-hour liquidations stood at $98.29 million, down from $226.35 million on Monday morning, with four-hour liquidations falling from $140.44 million to $24.44 million. However, one-hour liquidations increased from $2.79 million to $4.27 million, reflecting the early Tuesday market decline. The chart below shows market conditions throughout the session.

Crypto market sees early Tuesday pullback.
Total Market Cap 200922 Hourly Chart

Crypto Market Daily Highlights – ADA Leads a Bearish Session

Key Insights:

  • It is a bearish Sunday session for the crypto top ten, with Binance Coin (BNB) finding modest support to buck the top ten trend.
  • A lack of cues from the news wires left the crypto market in limbo following Fed Chair Powell’s Jackson Hole speech.
  • The total crypto market cap is down $7.6 billion to $937 billion, with an hour of the session remaining.

It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) is heading to a sub-$20,000 finish for the first time since July 12. However, ADA leads the top ten into the red, while BNB finds modest support.

There was no crypto news to support a shift in investor sentiment. Market angst from Friday’s Fed Chair Powell speech continued to test investor appetite on Sunday, with the crypto market heading for a third consecutive day in the red.

For investors hoping for a shift in mood, the NASDAQ 100 Mini is down 132 points, suggesting more doom and gloom going into the US session later today. The 132-point fall increased selling pressure across the crypto market in the final hour.

The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session

On Sunday, the total crypto market cap fell to an early afternoon low of $932.5 billion before rising to a high of $955.3 billion. However, a late pullback left the crypto market down $7.6 billion to $937.1 billion, with one hour of the session remaining (UTC).

Down by $67 billion for the week, the total crypto market cap is down $122 billion for August.

Crypto market set for a third consecutive daily loss.
Total Market Cap 290822 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.

BNB is up 0.50% to buck the top ten trend.

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

ADA leads the way down, falling by 2.89%, with ETH (-1.85%) and XRP (-1.53%) struggling. BTC (-0.70%), DOGE (-0.61%), and SOL (-0.67%) are also in the red.

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

Synthetix (SNX) leads the way, rising by 5.8%, with Internet Computer (ICP) and Ankr (ANKR) seeing gains of 1.60% and 0.67%, respectively.

At the other end of the table, Flow (FLOW) leads the way down, sliding by 6.2%. Huobi Token (HT) and Arweave (AR) are down by 3.3% and 3.5%, respectively.

Crypto Liquidations Fall Again in a Range-bound but Bearish Session

Over 24 hours, total liquidations fell further back as investors looked to get passed Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $56.57 million, down from $113.06 million on Sunday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 28,463 versus 38,383 on Sunday morning. While liquidations over 12 hours and 4 hours have declined, one-hour liquidations are up, influenced by the early NASDAQ 100 Mini decline.

total liquidations rise in the final hour.
Total Crypto Liquidations 290822

According to Coinglass, 12-hour liquidations stood at $37.37 million, down from $62.45 million on Sunday morning. 4-hour liquidations are down from $14.45 million to $11.21 million, while one-hour liquidations are up from $2.71 million to $6.50 million. The chart below shows market conditions throughout the session.

Crypto market sees increased selling pressure as NASDAQ 100 Mini slides.
Total Market Cap 290822 Hourly Chart

5 Best Performing Coins of the Week – CHZ Leads ATOM, HT, NEXO, and TFUEL

Key Insights:

  • It is a bearish Monday to Saturday for the broader crypto market, weighed by Fed Chair Powell.
  • A sharp Friday sell-off in response to the Fed Chair Powell speech at Jackson Hole left the broader crypto market in the red.
  • However, several bucked the trend, including Chiliz (CHZ), Cosmos (ATOM), Huobi Token (HT), NEXO (NEXO), and Theta Fuel (TFUEL).

Monday to Saturday, August 27, the total crypto market cap is down $62.32 billion to $942 billion. A Fed Chair Powell fueled Friday crypto meltdown saw $68 billion come off the table to leave the crypto market on target for a second consecutive weekly loss.

Market cap takes a Powell hit.
Crypto Market Cap 280822 Weekly Chart

Throughout the week, crypto news took a back seat with investors focused on US economic indicators and the Federal Reserve.

Weak service sector PMI figures for August raised hope of a more dovish Fed, with the services PMI sliding from 47.3 to 44.1. Numbers below 50 indicate a sector contraction. The August decline pointed to a US recession, with the services sector accounting for more than 70% of the US economy.

Other stats in the week were also crypto-market-friendly. US core durable goods orders rose, with the US labor market numbers positive. An upward revision to Q2 GDP numbers also delivered support. On Friday, softer inflation numbers raised hopes of a more dovish Fed. The numbers were out before the heavily anticipated Fed Chair Powell speech.

However, Powell delivered a blow to riskier assets. Fed Chair Powell warned the markets of the Fed’s commitment to bring inflation to target. Powell talked of the likely fallout from the Fed’s goal, including the impact on labor market conditions. The Fed Chair removed any hope of a policy reversal by highlighting the need for a period of sustained below-trend growth alongside a weaker labor market to tame inflation.

The NASDAQ 100 also took a hit in response to Powell’s speech, sliding by 3.94% on Friday. The correlation between the crypto market and the NASDAQ 100 remained intact throughout the week.

NASDAQ correlation intact.
NASDAQ – Crypto Market Cap – 280822 Daily Chart

Across the CoinMarketCap top 100, several cryptos avoided the red in a bearish week.

Chiliz (CHZ) and Huobi Token (HT) lead the way, with Cosmos (ATOM), Nexo (NEXO), and Theta Fuel (TFUEL) also avoiding the red.

Chiliz (CHZ)

For the week, CHZ is up 14.95% to $0.2153. A mixed start to the week saw CHZ fall to a Monday low of $0.1827. However, a Monday rebound and a bullish Tuesday saw CHZ strike an August high of $0.2653 before three consecutive days in the red. Avoiding sub-$0.20, CHZ revisited $0.22 on Saturday before easing back.

Network news delivered another breakout week. On Monday, Chiliz founder Alexandre Dreyfus announced plans to shift from the Ethereum (ETH) blockchain to a native chain CHZ 2.0. CHZ rallied by 19.04% on Monday.

Looking at the trends, a CHZ move through the August high of $0.2653 would support a run at the April high of $0.2943. A return to $0.30 would bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1827 would bring the August low of $0.1214 and sub-$0.10 into view. CHZ fell to a 2022 low of $0.0810 on June 18.

Chiliz finds support.
CHZUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. CHZ sat at the 50-day EMA, currently at $0.2165.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

A breakout from the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a pullback from the 50-day EMA and a fall through the 100-day EMA ($0.2013) would bring the 200-day EMA (0.1772) and the August low of $0.1725 into view.

EMAs bullish

Cosmos (ATOM)

For the week, ATOM is up 4.28% to $11.1041. A mixed start to the week saw ATOM fall to a Monday low of $10.0463 before making a move. Steering clear of the August low of $9.6499, ATOM rallied to a Wednesday and an August high of $13.4543.

The bearish sentiment from across the crypto market weighed in the second half of the week to leave ATOM at sub-$12.

Following the community passing of Proposal 72 in July, the introduction of Neutron delivered the bullish week.

Looking at the trends, an ATOM move through the Wednesday and August high of $13.4543 would support a run at the May high of $20.3339. A breakout from $20 would then give the bulls a run at the April high of $33.2901. ATOM struck a 2022 high of $45.7133 on January 7.

However, a fall through the August low of $9.6499 would bring the June and the current year low of $5.5401 into view.

ATOM enjoys bullish week.
ATOMUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. ATOM sat at the 200-day EMA, currently at $11.0606.

Following Tuesday’s bullish cross, the 50-day EMA fell back towards the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

An ATOM breakout from the 200-day EMA would support a run at the 100-day EMA ($11.4788) to bring the 50-day EMA ($11.6552) into view. For the bulls, a move through the 50-day EMA would support a return to $13 to target the May high ($20.3339).

EMAs bearish
ATOMUSD 280822 4 Hourly Chart

Huobi Token (HT)

For the week, HT is up 12.55% to $4.9935. A bearish start to the week saw HT fall to a low of $4.3605. However, four consecutive days in the green saw HT strike a Saturday high of $5.3565 before easing back to sub-$5.00.

There were no apparent news updates to support the breakout week.

Looking at the trends, an HT move through the August high of $5.8360 would give the bulls a run at the June high of $7.7795. From the June high, HT would then have a free run at the February and 2022 high of $10.2000.

However, a fall through the August low of $4.3230 would bring the July and the current year low of $4.2835 into play.

HT bullish.
HTUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. HT sat above the 50-day EMA, currently at $4.8025.

Following the bullish cross on Friday, the 50-day pulled EMA away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

HT would need to hold above the 50-day EMA to support a breakout from the August high and a run at the June high of $7.7795. However, a fall through the 50-day EMA would give the bears a look at the August low of $4.3230.

EMAs bullish.
HTUSD 280822 4 Hourly Chart

Nexo (NEXO)

For the week, NEXO is up a modest 0.38% to $0.9246. A bearish start to the week saw NEXO fall to a Monday low of $0.8824. However, steering clear of the August low of $0.6749, NEXO struck a Wednesday high of $1.0625 before easing back.

There were no apparent news updates to support the breakout week.

Looking at the trends, a NEXO move through the August high of $1.0914 would give the bulls a run at the June high of $1.3118. From the June high, NEXO would then have a free run at the May and 2022 high of $3.5866.

However, a fall through the August low of $0.6749 would bring the June and the current year low of $0.5440 into play.

NEXO finds support.
NEXOUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. NEXO sat above the 100-day EMA, currently at $0.9162.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

NEXO would need to break out from the 50-day EMA to support a move through the August high of $1.0914. However, a fall through the 100-day EMA would give the bears a look at the August low of $0.6749.

EMAs bullish
NEXOUSD 280822 4 Hourly Chart

Theta Fuel (TFUEL)

For the week, TFUEL is up 4.95% to $0.06069. A bearish start to the week saw TFUEL fall to a Tuesday and an August low of $0.05321 before making a move. Bullish mid-week, TFUEL surged to a Friday high of $0.07416 before revisiting sub-$0.060.

Network news updates delivered the new August high, with the Theta Network sharing updates on the progress towards the Theta Metachain.

Looking at the trends, a TFUEL move through the August high of $0.08382 would support a run at the May high of $0.1465. A breakout from $15 would then give the bulls a run at the March and 2022 high of $0.2449.

However, a fall through the August low of $0.05321 would bring the June and the current year low of $0.03879 into view.

TFUEL finds support.
TFUELUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. TFUEL sat below the 50-day EMA, currently at $0.06159.

Late in the Saturday session, the 50-day pulled back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

A TFUEL move through the 50-day EMA would support a breakout from the 200-day EMA ($0.06216) to target the 100-day EMA ($0.06250). A move through the 100-day EMA would signal a near-term bearish trend reversal to give TFUEL a look at the August high of $0.08382.

However, a pullback from the 50-day EMA would support a fall through the August low to bring the 2022 low ($0.03879) into view.

EMAs bearish
TFUELUSD 280822 4 Hourly Chart

 

Crypto Market Daily Highlights – ETH Leads Top Ten Fed Fueled Sell-Off

Key Insights:

  • It was a bearish Friday session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) leading the slide.
  • Fed Chair Powell’s heavily anticipated Jackson Hole speech sent the equity and the crypto markets into a tailspin.
  • The total crypto market cap tumbled by $67.5 billion to $952.2 billion, with the crypto market now on target for a fourth monthly loss from five.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) has avoided sub-$20,000 while falling short of $22,000 for a seventh consecutive session. ETH visited sub-$1,500, with SOL sliding to $31.

Fed Chair Powell delivered a warning to the markets of the Fed’s commitment to bring inflation to target. Powell talked of the likely fallout from the Fed’s goal, including the impact on labor market conditions. The Fed Chair also removed any hope of a policy reversal by highlighting the need for a period of sustained below-trend growth alongside a weaker labor market to tame inflation.

Investor reaction to Powell’s speech was evident, with the NASDAQ 100 sliding by 3.94% and crypto markets coughing up $78 billion from the start of the Powell speech to the end of the UTC session.

NASDAQ 100 correlation.
Total Market Cap – NASDAQ – 270822 5 Min Chart

Economic indicators provided brief support. However, the positive market reaction to softer inflation numbers was short-lived. The Core PCE Price Index increased by 4.6% year-over-year in July, down from 4.8% in June. Personal spending disappointed, with a modest 0.1% increase after having risen by 1.0% in June.

The Total Crypto Market Cap Tumbles to sub-$950 billion

On Friday, the total crypto market cap rose to a pre-Powell speech day high of $1,032 billion before tumbling to a low of $942 billion.

A modest final hour recovery left the crypto market at $952.2 billion, down $67.5 billion for the session.

The sell-off leaves the total crypto market cap down $107 billion for August.

Crypto market on target for a fourth monthly loss from five.
Total Market Cap 270822 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 SOL led the way down, sliding by 11.05% and 10.11%, respectively.

ADA (-7.10%), BNB (-7.17%), BTC (-6.03%), and DOGE (-7.94%) also struggled, while XRP fell by a more modest 3.25%.

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

Huobi Token (HT) and Theta Fuel (TFUEL) bucked the broader market trend, with gains of 4.77% and 3.66%, respectively.

However, Flow (FLOW) was amongst the worst performers, sliding by 13.34%, with Uniswap (UNI) down 12.43%.

Crypto Liquidations Surged in Response to Fed Chair Powell’s Policy Speech

Over 24 hours, total liquidations jumped as investors reacted to Fed Chair Powell’s speech from Jackson Hole.

At the time of writing, 24-hour liquidations stood at $346.13 million, up from $89.10 million on Friday morning.

Liquidated traders also rose over the last 24 hours. At the time of writing, liquidated traders stood at 113,370 versus 32,156 on Friday morning. Liquidations over 12 hours, 4 hours, and one hour were also down up, with investors unable to take any positives from Powell’s speech.

Crypto liquidations surge.
Total Crypto Liquidations 270822

According to Coinglass, 12-hour liquidations stood at $271.70 million, up from $37.51 million on Friday morning. 4-hour liquidations jumped from $5.87 million to $82.24 million, with one-hour liquidations up from $0.721 million to $68.92 million. The chart below shows market conditions throughout the session.

Powell sends crypto market cap to sub-$950 billion.
Total Market Cap 270822 Hourly Chart

 

Top 3 Trending Coins: ETH Probes $1.6K Support Area, XRP Bears Eye Retest of Annual Lows

Key Points

  • Ethereum is the worst performing top 20 coin of the past 24 hours, according to CoinMarketCap.
  • Huobi Token failed to get a lift on the news that Huobi’s HUSD stablecoin had recovered its peg.
  • XRP was last consolidating around $0.34, having also come under heavy selling pressure recently.

Ethereum (ETH) Probes Key $1,600 Area

ETH, the token that power’s the Ethereum blockchain, is the worst performing cryptocurrency in the top 20 by market capitalization on Saturday, having dropped over 4.0% in the last 24 hours according to CoinMarketCap. Ethereum dumped nearly 13% on Friday, its worst one-day loss since 13 June. The cryptocurrency is now probing a significant area of resistance-turned-support around $1,600, and is eyeing a retest of its 50-Day Moving Average around $1,530.

The cryptocurrency is for now holding above earlier monthly lows, but has unwound of a substantial of its recent “merge” optimism upside and is now around 20% below last week’s highs above $2,000, having seemingly snapped out of its near-term uptrend. The near-term technical picture for Ethereum isn’t very clear. To the upside, bulls will target a retest of resistance just above $2,000, while to the downside, bears will target support in the $1,300 area.

ETH/USD
ETH/USD Chart. Source: FX Empire

Huobi Token (HT) Bears Eye Test of Record Lows

HT, the utility token for Huobi Global’s cryptocurrency exchange, has stabilized on Saturday in the $4.40s per token, having dumped around 25% lower from last week’s highs in the $5.80s. HT has been battered in tandem with broader cryptocurrency markets in the last few days and bears are eyeing a breakout below annual lows in the $4.30 area.

News that Huobi’s stablecoin HUSD has managed to recover its 1:1 peg to the US dollar hasn’t given HT any meaningful boost.

If the cryptocurrency does break out to fresh annual lows, a test of late 2020 lows under $4.0 is possible.

HT/USD
HT/USD Chart. Source: FX Empire

XRP Stabilizes in $0.34s as Bears Eye Test of Annual Lows Under $0.30

XRP, the token that powers Ripple’s blockchain global payments network, is stabilizing in the $0.34 area in tandem with consolidation in broader cryptocurrency markets on Saturday. XRP came under heavy selling pressure amid a broader cryptocurrency sell-off on Friday, dumping from around $0.37, with technical selling exacerbating things after the cryptocurrency broke to the south of an uptrend from the mid-July lows around $0.30. Traders will now target a retest of annual lows just below $0.30.

XRP/USD
XRP/USD Chart. Source: FX Empire

According to FX Empire’s head of cryptocurrency analysis Bob Mason, there have been no fireworks to deliver XRP volatility in the ongoing Ripple vs SEC lawsuit.

5 Things to Know in Crypto Today: BTC Recovers Slightly to Low-$21Ks After Friday’s Rout

Key Points

  • Cryptocurrency markets are stabilizing on Saturday after Friday’s beating.
  • Bitcoin was last trading near $21,250, up around 2.0% on Saturday after dropping 10% on Friday.
  • Concerns about Fed hawkishness have been cited as weighing on cryptocurrency prices this week.

Cryptocurrencies Stabilize After Friday Rout

After the worst sell-off in over two months on Friday, cryptocurrency markets are licking their wounds on Saturday. Bitcoin tumbled 10% on Friday to at one point fall below $21,000 but has since rebounded about 2.0% on Saturday back into the $21,250 area. Ethereum, meanwhile, has stabilized in the low-$1,600s after dumping nearly 13% on Friday. The likes of XRP, BNB, ADA, SOL and DOGE are all between 1-4% higher in the past 24 hours, according to CoinMarketCap, after all experiencing significant losses on Friday.

Traders cited concerns about Fed tightening in wake of hawkish commentary from Fed officials this week that boosted the US dollar and US bond yields as weighing on sentiment in cryptocurrency markets. While officials differed in their opinion as to how fast and high interest rates should be lifted, they were unanimous in their agreement that the battle against inflation remains far from won and remains their utmost priority. That triggered some concerns that markets might be underestimating the Fed’s resolve to lift interest rates and hold them at elevated levels in 2023.

Fed Chair Jerome Powell’s speech at next week’s Jackson Hole symposium event will be massive for cryptocurrency markets.

Tether’s New Auditor Confirms Drop in Commercial Paper Holdings

BDO Italia, stablecoin issuer Tether’s new auditor confirmed that, as of 30 June, Tether held $66.4 billion in reserve assets. The new audit showed that Tether’s holdings of commercial paper is down 58% to $8.5 billion as of the end of last quarter. Tether says these holdings will be down to $200 million by the end of this month and zero by the end of the year.

Tether CTO Paolo Ardoino said in a company blog post that “the utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy”.

Huobi’s HUSB Stablecoin Recovers 1:1 US Dollar Peg

HUSD, Huobi Global stablecoin with a market cap of around $160 million, has recovered its 1:1 peg with the US dollar after falling to as low as $0.85 on Thursday. HUSD explained on Twitter that there had been a “short-term liquidity problem”, which has since been “resolved”.

US FDIC Orders Crypto Exchange FTX US, 4 Others to Cease ‘Misleading’ Claims

The US Federal Deposit Insurance Corporation (FDIC) sent five cease and desist letters on Friday, including to FTX’s US subsidiary FTX US, lambasting the exchange for making misleading claims suggesting that their products might be insured by the agency. In the event of bank failure, the FDIC will reimburse the customers of regulated banks their deposits worth up to $250,000 per account, a powerful incentive to prevent bank runs.

Cryptocurrencies and cryptocurrency products are not covered by FDIC insurance. FTX US President Brett Harrison had previously hinted in a tweet that deposits from employers would be stored in FDIC-insured bank accounts.

Protests Planned in Amsterdam Following Tornado Cash Creator’s Arrest

Activists will take to in Amsterdam this weekend to protest the recent arrest by Dutch law enforcement of Tornado Cash developer Alex Pertsev. Xenia Malik, Pertsev’s wife, stated in an email that “the accusations against Alex threaten to greatly harm the entire segment of open-source software… This is a major issue as it can affect every open-source developer and many other people in future”.

Malik hopes the protests this weekend will bring publicity to Pertsev’s arrest. Dutch officials, as well as the US Treasury, which recently blacklisted the Tornado Cash anonymous payments service, have received significant criticism from members of the cryptocurrency community over their recent moves to clampdown on Tornado Cash, as well as arrest its creator.

Critics say that the crackdown is an attempt to violate the right to privacy and that Pertsev is not responsible for any of the potential crimes committed by those using his anonymous payments platform. Arresting a software developer for the crimes of its future users sets a bad precedent, they argue.

Crypto Market Daily Highlights – ETH Makes a Move while DOGE Struggles

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with Ethereum (ETH) leading the way while Dogecoin (DOGE) struggles.
  • US economic indicators and sentiment towards Fed monetary policy deliver a mixed crypto session.
  • The mixed session leaves the total crypto market cap up $2.95 billion to $1,093 billion.

It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) is currently in positive territory but could fall short of $24,000 for the first time since August 9. However, DOGE leads the way down.

US economic indicators provided direction through the US session. Philly Fed Manufacturing and jobless claims figures delivered support to riskier assets. However, the stats also created more uncertainty over what to expect at the next Fed meeting.

The crypto market found support from the NASDAQ 100, which ended the day with a modest 0.21% gain.

NASDAQ delivers support.
Total Market Cap – NASDAQ – 190822 5 Min Chart

The Total Crypto Market Cap on Target to End Four-Day Losing Streak

On Thursday, the total crypto market cap fell to an early low of $1,080 billion before rising to a high of $1,107 billion. The return to $1,100 billion coincided with the release of the US economic indicators that supported riskier assets. However, bearish late in the session left the market cap at sub-$1,100 billion.

Up by $2.95 billion, the total crypto market cap is up by $34 billion for August.

Crypto market cap holds modest gain.
Total Market Cap 190822 Daily Chart

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

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

DOGE leads the way down, sliding by 3.19%, with ADA (-1.30%), BNB (-1.11%), and XRP (-0.22%) also seeing red.

However, ETH and SOL are up 1.85% and 1.15%, respectively, with BTC (+0.11%) also bucking the top ten trend.

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

Gnosis (GNO) leads the way, rallying by 7.91%, with Celsius (CEL) and EOS (EOS) seeing gains of 7.91% and 5.56%, respectively.

However, Huobi Token (HT) leads the way down, falling by 6.59%. Trust Wallet Token (TWT) and Lido DAO (LDO) are down 6.02% and 5.71%, respectively.

Total Crypto Liquidations Slide in a Mixed Crypto Session

This morning, total liquidations hit reverse, with US economic indicators easing fears of a recession. Liquidations declined despite the US economic indicators supporting a more hawkish Fed at the next policy meeting.

At the time of writing, 24-hour liquidations stood at $57 million, down from $239 million on Thursday morning.

Liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 30,221 versus on Thursday morning. Liquidations over 12 hours, 4 hours, and the last hour also indicate improving market conditions.

crypto liquidations ease.
Total Crypto Liquidations 190822

According to Coinglass, 12-hour liquidations stand at $36.43 million, down from $147.41 million, with 4-hour liquidations falling from $31.97 million to $7.12 million. One-hour liquidations are down from $15.42 million to $1.33 million.

The liquidation figures reflected improving market conditions over the Thursday session, with the one-hour numbers suggesting steady conditions ahead of the Friday session. (See hourly crypto market cap chart below).

Crypto market cap steady in the final hour.
Total Market Cap 190822 Hourly Chart

Daily News Highlights

  • CME announced plans to launch ETH futures ahead of the Merge.
  • The Australian Football League sells out limited edition NFT drop.

Top 3 Trending Coins: CEL Surges in Volatile Trade, HT Lags on HUSD Depeg Worries

Key Points

  • CEL is the best-performing top 100 coin as it continues to experience wild intra-day swings amid the ongoing short-squeeze.
  • HT is the worst performing top 100 coin amid concerns about HUSD’s recent depeg from the dollar.
  • SHIB has slipped back under $0.000015 as bears continue unwinding last Sunday’s pump.

Celsius Network Token (CEL) Rallies as Volatile Trade Continues

CEL, the native utility token of bankrupt cryptocurrency lending platform Celsius Network that has experienced something resembling a short-squeeze in recent weeks, continues to see elevated volatility on Thursday. The cryptocurrency is the best performer in the top 100 coins by market cap and is trading higher by over 16% in the last 24 hours.

CEL/USD was last changing hands close to $2.90 per token, up sharply from its Tuesday lows in the $2.20 area, but still way down from the annual highs it printed on Monday above $4.50 per token. The lack of fundamental justification for CEL’s rebound in recent weeks, which instead seemed triggered by technical buying after it broke above a key long-term downtrend, suggests that the cryptocurrency could well fall from current levels.

Bears will be eyeing a test of support in the $2 area, a break below which could signal a swift drop back to $1.50, another area of support.

CEL/USD
CEL/USD rallies in continued volatile trade after recent burst higher. Source: FX Empire

Huobi Token (HT) Weighed Amid HUSD Depeg Concerns

HT, the utility token of the cryptocurrency exchange Huobi Global, is the worst performer in the top 100 coins by market cap on Thursday. Over the last 24 hours, the cryptocurrency has shed over 9% of its value, with traders concerned about the depegging of the Huobi USD stablecoin from its 1:1 peg with the US dollar, despite the issuer of the token’s claims that it is backed 1:1 with US dollars.

HT/USD bears are eyeing a retest of annual lows in the $4.30 area, with the cryptocurrency last changing hands in the $4.60s, down some 20% from last week’s highs in the $5.80s.

HT/USD
HT/USD slides back towards key $4.30 support amid HUSD depeg worries. Source: FX Empire

Shiba Inu (SHIB) Falls Under $0.000015 as Bears Regain Control

Shiba Inu is the worst performing of the top 20 coins by market cap over the last 24 hours. During this time, the cryptocurrency has shed around 8% of its value, having fallen recently fallen back below the $0.000015 level after rallying nearly as high as $0.000018 over the weekend.

SHIB is still substantially above the $0.000012-13 levels it was trading in prior to last Sunday’s market pump, but with broader cryptocurrency risk appetite looking a little more fragile this week, bears will be targeting a retest of these levels. That may present an opportunity for the SHIB bulls to reload on long positions.

But SHIB’s longer-term technicals are not looking good, with the cryptocurrency seemingly still in a downtrend going all the way back to late 2022. In that regard, a 50% drop to annual lows in the $0.000007 area is currently looking more likely that a more than 100% rally to resistance in the $0.000030 area.

SHIB/USD
SHIB/USD downside looking likely amid bearish long-term technicals. Source: FX Empire

5 Best Performing Coins of the Week – CEL Leads OKB, NEXO, HT, and ANKR

Key Insights:

  • It is a bullish Monday to Friday for the crypto market, supported by US economic indicators.
  • Celsius (CEL) leads the way, surging by 86%.
  • Ankr (ANKR), Huobi Token (HT), OKX (OKB), and Nexo (NEXO) also had breakout weeks.

Monday to Friday, August 12, the total crypto market cap was up $63.3 billion. The crypto market is on target for a sixth consecutive weekly gain.

Crypto market cap on the rise
Crypto Market Cap Weekly 120822

The crypto market remained focused on US economic indicators in the week, with US inflation the main driver for riskier assets.

Following the US nonfarm payroll and ISM Non-Manufacturing PMI numbers from the week prior, US inflation figures eased bets of a percentage point rate hike in September.

In July, the US annual rate of inflation softened from 9.1% to 8.5%. Economists forecast a softening to 8.7%. Wholesale inflationary pressures also eased, with the annual wholesale rate of inflation easing from 11.3% to 9.8%.

Investors responded to the US CPI numbers, with the total crypto market cap surging by $43 billion in the hour immediately after the release. However, the markets continued to bet on another sizeable Fed rate hike, which resulted in a moderate pullback from Thursday highs. The hawkish bets came despite the softer inflation and positive economic indicators.

On Friday, US economic sentiment and inflation expectation numbers delivered another market boost.

According to prelim figures, the Michigan Consumer Sentiment Index jumped from 51.5 to 55.1 in August. Looking at the sub-components, the Michigan Inflation Expectations Indicator slipped from 5.2% to 5.0%.

The US equity markets responded in a similar fashion, with the NASDAQ 100 – crypto correlation remaining in place.

Monday through Friday, the NASDAQ 100 rose by 3.8% to end the week at 13,047.19.

NASDAQ correlation
Crypto – NASDAQ Daily Chart 120822

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Celsius (CEL) leads the way, with OKX (OKB), Nexo (NEXO), Huobi Token (HT),  and Ankr (ANKR) among the front runners.

Celsius (CEL)

For the week, CEL is up 86% to $2.705, Monday through Friday. Bullish throughout the week, CEL rallied from a Monday low of $1.426 to a Friday high of $2.812 before easing back.

CEL hit its highest level since 2.768 on April 12. News of creditors planning to investigate Celsius CEO Alex Mashinsky delivered support early in the week. Through the second half of the week, reports of Ripple Lab showing interest in acquiring Celsius assets added to the upside.

Looking at the trends, a move through the current week’s high of $2.812 to $3.00 would give CEL a run at the April high of $3.342. From $3.35, CEL would need to break through the February high of $3.665 to target the January high of $4.458.

However, a fall to sub-$2.00 would bring the August low of $1.060 into view.

CEL bullish
CELUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CEL sat above the 50-day EMA, currently at $1.9268.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CEL price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on August 4.

However, a fall through the 50-day EMA would leave sub-$1.75, the 100-day EMA, currently at $1.6007, and the current week low of $1.426 in play.

EMAs bullish
CELUSD 130822 4 Hourly Chart

Ankr (ANKR)

For the week, ANKR is up 43.2% to $0.0474. A mixed start to the week saw ANKR fall to a Tuesday low of $0.0308 before making a move. A bullish Wednesday and a breakout Thursday saw ANKR surge to a high of $0.0580 before easing back.

The news of Ankr launching ANKR token staking and Binance Labs investing in Ankr delivered the upside.

Looking at the trends, ANKR would need to avoid a fall back to sub-$0.0400 and the current week low of $0.0308 to support the bullish trend. A breakout from this week’s high of $0.0580 would give the bulls a look at the May high of $0.0681. From there, ANKR would have a free run at the April high of $0.1028.

A fall back to sub-$0.0400 would bring the August low of $0.0296 and the June 18 current year low of $0.023 back into play.

ANKR on the move
ANKRUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. ANKR sat above the 50-day EMA, currently at $0.0378.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ANKR price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after last testing support at the 100-day EMA on August 9 and August 10.

However, a fall through the 50-day EMA could bring sub-$0.0350 and the 100-day EMA, currently at $0.0346, into play.

EMAs bullish
ANKRUSD 130822 4 Hourly Chart

Huobi Token (HT)

Monday through Friday, HT is up 18.45% to $5.20. HT slipped to a Monday low of $4.23 before a Friday breakout to a high of $5.63. A pullback from the $5.63 left HT at $5.20 going into the weekend.

News of Huobi Global founder Leon Li looking to sell 60% of the exchange, with Tron and FTX interested parties, delivered support.

Looking at the trends, HT would need to avoid a fall back to sub-$4.50 and the current week low of $4.23 to support the bullish trend. A move through this week’s high of $5.63 would bring the June high of $7.79 into play. From $7.80, HT would have a free run at the April high of $9.95 to target $10.00.

A fall back to sub-$4.50 would bring the August 3 current year low of $4.22 into view.

HT on the move
HTUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. HT sat above the 200-day EMA, currently at $4.5966.

The 50-day closed in on the 200-day EMA, with the 100-day EMA narrowing the 200-day EMA, both bullish HT price signals.

A bullish cross of the 50-day EMA through the 200-day EMA would signal upward momentum to bring the June high into play.

However, a fall through the 200-day EMA would bring the 50-day EMA, currently at $4.5332, and sub-4.50 into view.

EMAs bullish
HTUSD 130822 4 Hourly Chart

Nexo (NEXO)

Monday through Friday, NEXO is up 26.84% to $0.9509. A bullish week saw NEXO rise from a Monday low of $0.7495 to a Thursday high of $1.0200.

News of an upswing in customer liabilities has delivered NEXO price support.

Looking at the trends, NEXO would need to avoid a fall back to sub-$0.80 and the current week low of $0.7495 to support the bullish trend.

A breakout from this week’s high of $1.0200 would bring the June high of $1.2920 into play. From there, NEXO would have a free run at the May high of $2.429 to target $3.00. NEXO last stood at $3.00 in April.

A fall back to sub-$0.80 would bring the June 18 and current year low of $0.5320 into view.

NEXO finds support.
NEXOUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. NEXO sat above the 50-day EMA, currently at $0.8353.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA. Both are bullish NEXO price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 7 bullish cross of the 100-day EMA through the 200-day EMA.

However, a fall through the 50-day EMA would bring sub-$0.80 and the 100-day EMA, currently at $0.7850, into play.

EMAs bullish
NEXOUSD 130822 4 Hourly Chart

OKX (OKB)

Monday to Friday, OKB is up 16.07% to $21.16. A choppy start to the week saw OKB fall to a Tuesday low of $17.00 before surging to a Friday high of $21.45.

There were no directly OKB-linked news stories to support the breakout Friday session.

Looking at the trends, a breakout from the week high of $21.45 would support a run at the March high of $23.68 to bring $25.00 into view. OKB last stood at $25 in January. A return to $25 would give the bulls a run at the January and the current year high of $29.95.

However, market sentiment across the broader crypto market will need to remain bullish, to support a breakout from $25.00.

OKBUSD
OKBUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. OKB sat above the 50-day EMA, currently at $18.78

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish OKB price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on Friday.

However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $18,00, and the current week low of $17.00 into play.

EMAs bullish
OKBUSD 130822 4 Hourly Chart

Crypto Market Daily Highlights – SOL Leads Top Ten in Bullish Session

Key Insights:

  • It is a bullish Friday session for the crypto top ten, with Solana (SOL) leading the way.
  • The NASDAQ 100 delivered support, with hopes of a peak in inflation driving appetite for riskier assets.
  • The total crypto market cap is up by $23.4 billion to $1,141 billion.

It is a bullish Friday session for the crypto top ten. While bitcoin (BTC) came up short of $25,000, Ethereum (ETH) and Solana (SOL) lead the top ten going into the weekend.

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

Following the softer US inflation figures, US consumer confidence was the key stat of the day. According to prelim figures, the Michigan Consumer Sentiment Index jumped from 51.5 to 55.1 in August. Looking at the sub-components, the Michigan Inflation Expectations Indicator slipped from 5.2% to 5.0%.

Bitcoin and the broader market responded to the numbers, which were crypto-positive.

US consumer sentiment and components deliver crypto support.
BTC reaction to US Consumer Sentiment

The NASDAQ 100 enjoyed a bullish session, delivering the broader crypto market with support. On Friday, the NASDAQ 100 rallied by 2.09% to end the week up 3.8%.

NASDAQ correlation
Total Market Cap – NASDAQ – 130822 5 Min Chart

The Total Crypto Market Cap on the Rise after the Thursday Consolidation

On Friday, the total crypto market cap fell to a late morning low of $1,101 billion before surging to a final hour high of $1,145 billion. Following softer US inflation figures, US consumer sentiment and inflation expectation figures delivered the breakout session.

With 30 minutes of the Friday session left, the total crypto market cap was up $23.4 billion to $1,141 billion. A bullish week has seen more than $63 billion pour in.

Crypto market enjoys a Friday breakout
Total Market Cap 130822 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.

With 30 minutes of the session remaining, ETH and SOL lead the way, with gains of 3.93% and 5.77%, respectively.

ADA (+1.88%), BNB (+1.14%), BTC (+2.07%), and DOT (+1.01%) are also on the move, while XRP was flat.

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

Huobi Token (HT) leads the way, rallying 17.76% on news of Huobi Global founder Leon Li looking to sell 60% of the exchange, with Tron and FTX interested parties.

OKB (OKB) and Celsius (CEL) are up 12.99% and 9.8%, respectively.

However, Ankr (ANKR) leads the way down, sliding by 6.94%, with Flow (FLOW) and Zcash (ZEC) seeing losses of 1.86% and 1.64%, respectively.

Total Crypto Liquidations Slide Amidst Bullish Crypto Sentiment

This morning, total liquidations subsided as the crypto market responded to a bullish US session, supported by the US economic indicators.

At the time of writing, 24-hour liquidations stood at $169 million, down from $343 million on Friday morning.

Liquidated traders have fallen over the last 24 hours. At the time of writing, liquidated traders stood at 44,239 versus 58,688 on Friday morning. While liquidation numbers are down over 24 hours and 12 hours, one-hour and four-hour liquidations have spiked. The spike is likely due to the liquidation of short positions.

Crypto liquidations ease over 24-hours.
Total Crypto Liquidations 130822

According to Coinglass, four-hour liquidations stood at $52.55 million, up from $7.83 million on Friday morning. One-hour liquidations have increased from $1.54 million to $45.36 million (see hourly crypto market cap chart below).

Going into the weekend, a final hour breakout bodes well.
Total Market Cap 130822 Hourly Chart

Crypto Market Daily Highlights – Bitcoin Extends Losing Streak to Five

Key Insights:

  • It was another bearish session for the crypto top ten, with Ethereum (ETH) leading the way down.
  • Bearish sentiment from the US equity markets continued to spill over to the crypto market, which tracked the NASDAQ 100 into the red.
  • The total crypto market cap slid by a further $25 billion to record a third consecutive daily fall.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) fell for a fifth consecutive day, while ETH led the way down.

There were no economic indicators from the US for the crypto market to consider. With the crypto news wires having a muted impact on bitcoin and the broader market, market risk sentiment delivered direction on the day.

Investor apprehension ahead of US inflation figures due later today continued to test support.

On Tuesday, the NASDAQ 100 fell by 0.95%, following a 2.26% loss on Monday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 130722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 4.5 points, with the markets now looking ahead to the US inflation figures that could dictate the size of the next Fed rate hike.

The Total Crypto Market Cap Slides to Sub-$850bn

A bearish Tuesday session led the crypto market cap to a day low of $839 billion before ending the day at $842 billion. A third consecutive day in the red saw another $25 billion come off the table.

Crypto market cap
Total Market Cap 130722 Daily Chart

For July, the total market cap was down $24 billion, with the crypto market facing a fourth consecutive monthly decline.

While a likely shift in the crypto regulatory landscape and the SEC v Ripple case remain crypto drivers, investor sentiment towards the economic outlook and Fed monetary policy continue to influence.

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

ETH slid by 5.31% to lead the way down, with ADA (-3.92%), BTC (-3.18%), and DOGE (-3.18%) also struggling.

BNB (-2.26%), SOL (-2.19%), and XRP (-1.14%) saw relatively modest losses.

From the CoinMarketCap top 100, Quant (QNT) and Huobi Token (HT) were among a handful of cryptos to buck the trend.

QNT and HT rose by 0.92% and by 0.56%, respectively.

However, TerraClassicUSD (USTC) slid by 12.7% to lead the way down, with Tezos (XTZ) falling by 8.8%.

Total Crypto Liquidations Remained Elevated on Tuesday

24-hour liquidations remained on the higher side through Tuesday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $175 billion, down from $177 billion on Tuesday while up from $111 billion on Monday.

Liquidated traders over the last 24 hours eased. At the time of writing, liquidated traders stood at 54,212 versus 69,448 on Tuesday.

Four-hour liquidations reflected a sharp increase in liquidations, while one-hour liquidations reflected improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $4.69 million, down from $13.81 million on Tuesday. Four-hour liquidations stood at $89 million.

Crypto liquidations
Total Crypto Liquidations 130722

Daily News Highlights

  • G20 announced plans to propose a robust crypto regulatory framework by October.
  • The Central Bank of Russia talked about the digital Ruble and the risks associated with private stablecoins.
  • US Treasury sought input on risks and opportunities linked to cryptos.
  • The SEC delayed a decision on bitcoin ETF requests after a string of rejections.

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

Key Insights:

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

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

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

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

Crypto - NASDAQ correlation
Crypto – NASDAQ – 100722 Daily Chart

The Total Crypto Market Cap Sees Modest Decline

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

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

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

Crypto market cap
Total Market Cap 100722 Daily Chart

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

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

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

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

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

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

Total Crypto Liquidations Reflect Improving Market Conditions

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

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

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

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

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

Crypto liquidations
Total Crypto Liquidations 100722

Daily News Highlights

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

Crypto Market Daily Highlights – June 10 – ADA, BNB, GMT, and MATIC

Key Insights:

  • It was a bearish Friday, with the broader crypto market declining for a fourth consecutive day.
  • US inflation figures for May sent the crypto majors into freefall after inflation hit another 40-year high.
  • Among the top ten, Binance Coin (BNB) faired better than most, falling by just 1.0%.

After a mixed Thursday session, the crypto market recoupled with the NASDAQ 100 to see deep red.

Cardano (ADA) reversed Vasil hard fork-driven gains from earlier in the week.

US inflation figures for May did the damage on Friday. The NASDAQ 100 tumbled by 3.52% in response to US inflation hitting a new 40-year high.

In May, the US annual rate of inflation accelerated from 8.3% to 8.6%. A modest decline in crude oil prices provided little comfort at the end of the week.

While the inverse correlation between bitcoin (BTC) and WTI Crude weakened, the correlation with the NASDAQ 100 strengthened on Friday. The correlation reflected investor sentiment towards inflation and Fed monetary policy ahead of next week’s FOMC meeting.

BTC correlation with the NASDAQ strengthens.
NASDAQ BTC WTI 110622 5 Minute Chart

Crypto Market Cap Gives Up $60 Billion Before Steadying

After having avoided sub-$2,000 billion for a second consecutive day, the total crypto market cap slumped to a day low of $1,157 billion on Friday.

A $58 billion tumble came in response to the US inflation figures. A modest recovery to $1,16 billion levels was of little consolation late in the day.

From the top ten cryptos, ADA slid by 9.2%. BNB faired the best among the top ten, falling by just 1.2%.

BTC (-3.4%), DOGE (-5.0%), ETH (-7.1%), and XRP (-4.7%) all reacted to the inflation numbers.

From the top 100, Chainlink (LINK) was among the worst performers, tumbling by 13.3%.

MATIC (-6.3%) and GMT (-8.5%) also saw heavy losses alongside the broader market.

Several cryptos bucked the trend on Friday.

UNUS SED LEO (LEO) (+1.5%), Bitcoin SV (BSV) (+3.1%), and Huobi Token (HT) (+1.0%) found support.

Total Crypto Liquidations Spiked on Friday

Total liquidations spiked on Friday, as the broader market reacted to the latest US inflation numbers.

According to Coinglass, 24-hour liquidations stood at $298.31 million, up from $103.50 million on Thursday. More significantly, liquidations over 12 hours stood at $239.70 million, taking 24-hour liquidations to levels seen last week.

1-hour liquidations suggested a steadying in market conditions.

At the time of writing, total liquidations over one hour stood at $8.35 million.

Crypto liquid spike after US inflation numbers.
Total Crypto Liquidations 110622

Crypto Daily News Highlights

  • The SEC is investigating Terraform and founder Do Kwan.
  • Following news of the Lummis and Gillibrand bill, the CFTC and the SEC will battle it out for oversight of digital currencies.
  • Bloomberg expanded the Bloomberg Terminal coverage to include 50 cryptocurrencies.
  • In the SEC v Ripple case, a court ruling went against the SEC ahead of a major court ruling next week.
  • Global bitcoin (BTC) adoption could be up by a further 10% by 2030.

Gemini, Chainalysis, and Robinhood Join Crypto Market Integrity Coalition

Key Insights:

  • A total of 30 companies have joined the Crypto Market Integrity Coalition (CMIC).
  • CMIC signatories have signed a pledge to combat market manipulation.
  • Deltec, Chainalysis, and Robinhood are among the new joiners.

The Crypto Market Integrity Coalition (CMIC) was founded two months ago by 17 cryptocurrency exchanges, firms, and industry associations across the globe. Recently, another 13 firms joined CMIC, making it a 30 member body.

CMIC’s Onboards New Members

Risk-monitoring software company Solidus Labs convened the CMIC. CMIC has been urging digital currency companies to sign a ‘market integrity’ pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.

Recently, 13 major players in the crypto industry have joined forces with the CMIC intending to prevent market manipulation. By joining CMIC, crypto institutions provide regulators with additional assurances that investment in the crypto markets is safe.

The new signatories include crypto analytics firms Chainalysis, TRM, Elliptic, and exchanges like Gemini, Robinhood Markets, Nexo, and Bitpanda. These firms have joined CMIC’s 17 original members, including Coinbase, BitMEX, and Solidus Labs, bringing the total number of members to 30.

Solidus Labs Vice President of regulatory affairs Kathy Kraninger said that membership is open to all industry participants in an introductory video. Kraninger further added,

“To enable the promise of crypto and DeFi, we must as an industry be vocal about our commitment to address and mitigate the risks.”

The Need For A Safer Crypto Space

Participants and firms alike have voiced the need for a secure and protected crypto space. Hacks and security breaches have been more commonplace now. Ola Finance saw over $3.6 million siphoned off the protocol in an exploit in early April.

CMIC was formed to crack down on market manipulation to instill trust in the burgeoning digital asset industry. Founding members include prominent industry players such as Coinbase, BitMEX, Huobi Tech, Anchorage Digital, the Chamber of Digital Commerce, and CryptoUK.

The group aims to unite the disparate crypto groups behind its business principles. The coalition plans to advance training programs and encourage a dialog with regulators.

Apart from CMIC, other crypto industry advocacy groups include GoodFi, launched by Radix in 2021. GoodFi focuses on decentralized finance (DeFi) education, research, and best practices. It has 55 member organizations and hopes to get 100 million people to put at least a dollar into DeFi by 2025.

Another one is the Crypto Open Patent Alliance launched in 2020 by Square, now known as Block. This group has 33 members and shares a patent library to defend the crypto community against patent trolls and aggressors.

Huobi Tech Plans To Launch Crypto ETF in Hong Kong

Key Insights:

  • Huobi Tech plans on furthering its ETF business in Hong Kong.
  • This crypto ETF will be for retail investors in the country.
  • The lack of crypto ETF is driving the demand higher for one.

In a report from South China Morning Post, it has been revealed that Huobi Tech, is planning on widening its ETF reach in Hong Kong.

The company operates as an independent entity and is not owned or controlled by the Huobi Group, the parent company of the sixth biggest crypto exchange in the world, Huobi Global.

By launching a cryptocurrency tracking investment fund, Huobi Tech intends on bringing the opportunity of safely investing in crypto to retail investors.

Huobi Brings Crypto ETF to Hong Kong

The planned crypto ETF will be in accordance with the existing regulations for investment vehicles in the country. As described by the senior vice-president of Huobi Tech, Romeo Wang,

“all the trading and redemption done directly in Hong Kong … would give better protection to investors, as the fund will be regulated under Hong Kong law. We will keep close and positive communications with regulators including the SFC (sic).”

As currently, cryptocurrency-based exchange-traded funds are considered risky assets, The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in February barred retail investors from accessing them. Only ‘professional’ investors were allowed to trade these ETFs.

The motive behind this was to protect investors from the risks that come with digital assets. Thus, investors with portfolios smaller than HKD $8 million ($1 million) cannot participate in these ETFs. 

Huobi Tech intends on changing that with this ETF. 

The ETF Fever

Many crypto advocates also believe that as the demand for an ETF grows from investors, existing crypto ETF providers would themselves look at finding a way to fulfill said demand.

Commenting on the same, Chris Pigott, the head of Asia ETF services in Hong Kong at Brown Brothers Harriman, said,

“More innovative products in the form of ETFs is a natural next step.”

Earlier today, FXEmpire reported about Grayscale’s CEO Michael Sonneshein’s commitment to bring a spot Bitcoin ETF to the United States.

As the decision on the approval of said GBTC ETF remains pending, Michael stated that the company is prepared even to file a lawsuit against the SEC if their ETF is rejected.

Thus it seems like the confidence in centralized systems over decentralized systems is taking over investors as well as investment vehicle providers.

Polygon, Solana, Terra Founders Invest $50 Million in web3 Venture Fund

Key Insights:

  • OP Ventures Fund 1 received $50 million in funding.
  • The investors also included Animoca Brands Corp and Bill Ackman.
  • The company intends on cross-border investments between USA and Asia.

While crypto projects usually observe investments coming in from seasoned vets of the crypto space, we see a change in the list every once in a while.

In a similar case, the venture fund founded last year obtained significant funding from multiple investors.

Support for OP

According to a report from Bloomberg, OP Ventures Fund 1 announced yesterday that it had closed a $50 million funding round.

Supporting the web3 venture fund were some big players of the crypto and the financial industry. Solana co-founder Raj Gokal, Terra founder Do Kwon and Polygon co-founder Sandeep Nailwal took part in the funding.

Furthermore, CEO of Pershing Square Capital Management and hedge fund manager Bill Ackman also back OP Ventures Fund 1. Additionally, billionaire Alan Howard and Asian gaming giant Animoca Brands also made investments.

The hype for web3 and the interest arising from the audience has placed such companies in big wallet investors’ targets. This is also why OP Venture Fund 1 witnessed an influx of investment.

Using this money, the venture fund plans on focusing on cross-border investments between USA and Asia. OP Venture Fund has invested in over ten web3 projects, including Merit Circle and Aurory.

In September, the company had already received a $25 million investment from Huobi, Galaxy Digital, and electronic duo Chainsmokers.

Good Time To Invest?

OP Ventures is focused on metaverse, decentralized finance (DeFi), social media, and gaming. 

Although not surprisingly, its crypto investors are not witnessing the best of the market at this time.

MATIC (Polygon) during this rally has already lost its entire October rally in the span of these three months. Trading at $1.46, the altcoin has lost over 14.29% within this week and is potentially looking at a downtrend for now.

Similarly, SOL (Solana), too, has been keeping itself consolidated in a downtrend with prices testing $100 as support and resistance.

Currently trading at $84, SOL is in the same state as MATIC.

However, LUNA (Terra), on the other hand, made a significant rise this month. Rallying by 88.35%, the coin was not too far away from its $99 all-time high.

Sadly, before it could do that, the bears dragged it down by 15.58%, and the altcoin is sitting at $81 at the moment.

LUNA recently rallied by 88.35% within 10 days

Huobi Launches Crypto OTC Services in Hong Kong

Key Insights:

  • Huobi Technology launched an over-the-counter (OTC) service for cryptocurrencies.
  • Investors can trade cryptocurrencies using crypto block trading services and fiat currencies.
  • Hong Kong is coming up with its crypto regulatory body by July.

In addition to having the world’s sixth-largest cryptocurrency exchange, Huobi Technologies is now aiming for another crypto service. In details shared with Cointelegraph, the company announced its new OTC crypto services. 

Huobi’s New Crypto OTC

As over-the-counter services go, Huobi technology will enable investors to trade crypto simply using fiat currencies and crypto block trading services. In the announcement, Huobi also specified that for the moment, the only acceptable fiat currency is the US dollar.

However, the company will be expanding the same to Euro, British Sterling Pound, and the Hong Kong Dollar in the future. 

There is already a strong presence of the company in the crypto market. Transactions on the Huobi exchange amount to more than $1.6 billion. Huobi Token has a market cap of almost $2 billion as well.

This service will now access more mainstream non-crypto audiences than ever. 

The Effects of China

Hong Kong is a Special Administrative Region of the People’s Republic of China. While Hong Kong is a part of China, it is autonomous to China’s rules and regulations. The same autonomy extends to crypto regulation as well. 

China’s ban on crypto mining and trading does not affect the legal status of crypto in Hong Kong.

Although, the country is trying to bring regulation into effect in the country. Last month, Hong Kong’s central bank announced its new crypto regulatory regime plans. 

As per the bank, the regulatory authority will be ready by July. It will focus on stablecoins, investor protection, and institutions’ practices with digital assets.

Hong Kong is indeed very crypto positive as it has not applied any tax on crypto in the country. Furthermore, no long-term capital gains taxes are applicable to the profits gained from cryptocurrency selling.

However, the regular movement of money will turn crypto into a means of income. And then Income Tax would be levied on the citizen.

Dogelon Mars Found Temporary Respite Amidst the Crypto Chaos

Late last year, Dogecoin (DOGE) competitor Dogelon Mars (ELON) was on the move. News had hit the wires of 2 leading exchanges listing ELON on their platforms. The exchanges were Gemini and Huobi Global.

Dogelon Mars (ELON) and Investor Interest

Dogelon Mars is a dog-themed meme coin on Ethereum (ETH) and Polygon (MATIC), looking to harness the successes of Dogecoin and Shiba Inu Coin (SHIB) amongst others.

In October, ELON had struck an ATH 0.00000253 USDT before sliding back to a November low 0.00000094 USDT. News of ELON’s inclusion on the 2 leading exchanges drove ELON back to 0.0000018 USDT levels before the latest sell-off.

Weighed by crypto market sentiment towards FED monetary policy and global regulatory activity, ELON has fallen back to sub-0.0000010 USDT levels.

In the week ending 23rd January, ELON ended the week down by 33.59% to 0.00000085 USDT. Of significance, however, was a recovery from a week and current month low 0.00000051 USDT.

With a 34.92% breakout on Sunday, ELON outperformed the broader market pointing to strong investor interest in the meme coin.

Touted to be an upgrade to Dogecoin, Dogecoin’s return to the top 10 cryptos by market cap should be another positive for ELON. Investor appetite for meme coins has yet to dissipate when considering that one sits on the CoinMarketCap top 10. At the time of writing, DOGE sat at #10, with a market cap of $18.3bn. By contrast, Dogelon Mars ranked a lowly #122, with a market cap of $448m.

Dogelon Mars had entered the CoinMarketCap top 100 late last year before last week’s sell-off. A move back into the top 100, however, would likely create renewed investor interest.

In the 4th quarter of 2021, ELON surged by 2,500% in spite of the pullback from October’s ATH.

ELON Price Action

At the time of writing, ELON was down by 5.88% to 0.0000080 USDT. A move back through last week’s high 0.000000123 USDT would bring January’s current month high 0.00000170 USDT into play. From 0.0000017 USDT levels, Dogelon Mars would have a clear run at October’s ATH 0.00000253.

Currently sitting well below the 50-day and 100-day EMAs, however, a move through the 50-day EMA 0.00000124 USDT would be needed to support a run at January’s high. With the 50-day EMA sitting at last week’s high, however, we can expect plenty of resistance a 0.0000012 USDT levels.

ELONUSDT 240122

Dogelon Mars on the Move after Exchange Inclusions

Token inclusions onto exchanges continue to deliver strong price support in response to the news. Over the last week, we have seen a number of tokens being included onto exchanges, delivering strong support.

News of Kraken listing one of the market’s favorites Avalanche delivered strong AVAX price support earlier in the week.

This week, DOGE competitor Dogelon Mars (ELON) found strong support following the token’s inclusion on 2 leading exchanges. On Tuesday, Gemini announced support for ELON. The exchange announced that ELON is available for custody and trading on the API/FIX and ActiveTrader applications for USD. On the mobile application, Gemini would also make ELON available for trading. ELON pairings with USD, GBP, EUR, and CAD will also soon be available on the Gemini website.

Following Tuesday’s listing on Gemini, Huobi Global asked its users which cryptos they would like to see supported. A reported 54.5% of respondents selected ELON. Huobi Global announced $ELON’s listing on Thursday.

What is Dogelon Mars (ELON)?

Dogelon Mars is a dog-themed meme coin on Ethereum and Polygon. It looks to harness the successes of Dogecoin, Shiba Inu, and Floki Inu. In spite of the Dogecoin-Elon Musk name and link to a famous moon meme, Dogelon Mars has seen a sharp increase in followers. Twitter followers have reportedly exceeded 300,000 and Telegram followers risen to north of 80,000.

ELON Price Action

At the time of writing, ELON was up 5.33% to $0.00000178, sitting short of October ATH $0.00000253. On Thursday, however, news of the exchange inclusions led to a 30% breakout.

In the final quarter of the year, ELON has surged by more than 2,800%. Technical indicators point to further upside ahead. Following a breakout from the 50 EMA on Monday, ELON revisited $0.0000018 levels before easing back. A break back through to $0.0000020 levels would bring the ATH back into play.

By ranking, the latest price surge has seen ELON move into the top 100 by market cap. At the time of writing, ELON’s market cap stood at $989m.

ELONUSDT 241221 Daily

Huobi Group Vows to ‘Save the Ocean’ Ahead of Blockchain Summit

Huobi Group, a leading blockchain company, recently sponsored crypto experts to attend the Oceans 4.4 retreat held in the British Virgin Islands.

The 5-day retreat took place from October 9-14th. It was hosted by renowned entrepreneur Sir Richard Branson at his home on Necker Island. The event aimed to raise awareness of the water crisis affecting millions of people across the world.

During the retreat, founders, innovators and influential minds presented various solutions that can help conserve the ocean and combat climate change.

The Huobi representatives contributed to the discussion on how to tackle various issues contributing to environmental degradation. They also promised that Huobi would make climate commitments aimed at saving the ocean.

Commenting about the event, Jeff Mei, the Director of Global Strategy at Huobi Group, reiterated his company’s commitment towards improving society:

“As we continue to grow our business presence around the world, we are taking an increasing interest in the communities we operate in. Furthering social impact initiatives will be one of Huobi’s key goals going forward, and we will look to work with like-minded stakeholders that share our values.”

Huobi Group’s Blockchain Summit 2021

The Oceans retreat was a precursor to the upcoming Huobi Summit 2021, which will commemorate the blockchain company’s 8th founding anniversary.

The summit, set to take place on November 8, will host an online industry forum to discuss cutting-edge crypto and blockchain projects. Huobi Group has invited government leaders such as former Federal Reserve head Alan Greenspan and numerous business founders to participate in the event.

Huobi has been at the forefront of creating a more sustainable world. The Seychelles-based blockchain startup is involved in various initiatives geared toward fostering global blockchain development for the benefit of the society and global economy.

Contributing to a Brighter Future

Huobi Group leverages its resources and influence to create a fair and equitable future for all. Through its philanthropic arm, Huobi Charity Limited, the company taps the blockchain and cryptocurrency to tackle societal issues like poverty, healthcare, education, and more.

Huobi is committed to applying blockchain tech towards environmental development and bringing positive change to the world through innovation and social initiatives. Such efforts could help foster blockchain and crypto adoption by proving that the technologies can be a force of good for the environment.

More crypto industry participants need to join efforts to integrate environmental protection measures to silence critics who oppose the emerging sector.