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

Crypto Market Daily Highlights – ADA Bucks Bearish Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with Cardano (ADA) bucking the top ten trend.
  • Fed Chair Powell’s speech reverberated, leaving investors on the defensive.
  • The total crypto market cap fell by $7.6 billion to $945 billion, with the crypto market set for a fourth monthly loss from five.

It was a mixed Friday session for the crypto top ten. Bitcoin (BTC) visited sub-$20,000 for the first time since July 14. While ETH fell back to sub-$1,500, ADA bucked the top ten trend.

There was no crypto news to support a shift in investor sentiment, while Vasil hard fork news remained bullish for ADA.

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

On Saturday, the total crypto market cap rose to an early high of $960.38 billion before falling to a low of $928.2 billion. However, a late partial recovery saw the market cap return to $944 billion.

The bearish session left the total crypto market cap down $115 billion for August.

Crypto market cap sees more red.
Total Market Cap 280822 Daily Chart

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

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

ADA rallied by 4.17%, with DOGE ending the day flat to buck the broader market trend.

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

ETH and BTC led the way down, with losses of 1.11% and 1.05%, respectively. BNB (-0.64%), SOL (-0.58%), and XRP (-0.61%) also saw red.

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

Internet Computer (ICP) led the way, rising by 9.77%, with Chiliz (CHZ) and Synthetix (SNX) seeing gains of 6.02% and 6.16%, respectively.

At the other end of the table, Decred (DCR) slid by 12.87% to lead the way down. Quant (QNT) and Lido DAO (LDO) fell by 4.04% and 5.94%, respectively.

Crypto Liquidations Fall Back After Fed Chair Powell’s Fueled Meltdown

Over 24 hours, total liquidations fell back despite Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $113.06 million, down from $346.13 million on Saturday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 38,383 versus 113,370 on Saturday morning. Liquidations over 12 hours, 4 hours, and one hour were also down.

Crypto liquidations ease from Friday spike.
Total Crypto Liquidations 280822

According to Coinglass, 12-hour liquidations stood at $62.45 million, down from $271.70 million on Saturday morning. 4-hour liquidations slid from $82.24 million to $14.45 million, with one-hour liquidations down from $68.92 million to $2.71 million. The chart below shows market conditions throughout the session.

Late partial recovery eased liquidation numbers.
Total Market Cap 280822 Hourly Chart

Crypto Market Daily Highlights – SOL Leads the Top Ten into the Red

Key Insights:

  • It was a bearish end to a bullish month for the crypto top ten, with Solana (SOL) leading the way down.
  • For the second session in a row, there were no cues to give the crypto market direction, leaving investors to lock in profits from the month.
  • A bearish session saw the total crypto market cap fall for a second consecutive session, with $12.6 billion coming off the table.

It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a third consecutive day. Solana (SOL) led the way down after finding strong support on Saturday, with Dogecoin (DOGE) and Ripple (XRP) also struggling.

There were no cues for the crypto market, leaving investors to consider the prospects of a US recession and how it could impact the market.

This week, US economic indicators will continue to provide direction to the NASDAQ 100 and the crypto market. US stats include private sector PMIs for July and the all-important non-farm payrolls.

For the crypto market, the big question will be whether recessionary fears can break the link with the NASDAQ 100. At the time of writing, the NASDAQ 100 Mini was down 61.5 points, while the total crypto market cap was up $2.40 billion

NASDAQ correlation
Total Market Cap – NASDAQ – 010822 Daily Chart

The Total Crypto Market Cap Ends Three-Month Losing Streak

On Sunday, the crypto market rose to a late high of $1,012 billion before falling to a low of $1,053 billion.

However, finding late support, the market cap ended the day at $1,060 billion, down $12.6 billion for the session.

There were no cues for the crypto market during the session, leaving investors to lock in gains from the month.

Despite the bearish end of the month, the crypto market ended a three-month losing streak. For July, the total market cap increased by $194 billion.

Crypto market cap
Total Market Cap 010822 Daily Chart

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

It was a bearish end to the month for the crypto top ten.

SOL slid by 3.41% to lead the way down, with DOGE and XRP (-1.98%) ending the day with losses of 1.71% and 2.21%, respectively.

ADA (-1.71%), BNB (-1.42%), BTC (-1.43%), and ETH (-1.10%) also saw red.

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

Bitcoin Standard Hashrate Token (BTCST) and Filecoin (FIL) led the way, surging by 30% and 22%, respectively. Internet Computer (ICP) was a distant third, rising by 8.2%.

At the other end of the table, Ravencoin (RVN), Lido DAO (LDO), and Bitcoin Gold (BTG) saw the heaviest losses. RVN slid by 11.4%, with LDO and BTG declining by 7.6% and 7.0%, respectively.

Total Crypto Liquidations Highlight Bearish Final Hours of July

On Monday, 24-hour liquidations eased back further despite the bearish end to Jul.

At the time of writing, 24-hour liquidations stood at $133 million, down from $168 million on Sunday morning.

Liquidated traders fell marginally over the last 24 hours. At the time of writing, liquidated traders stood at 62,484 versus 68,567 on Sunday morning.

However, the one and four-hour liquidation figures reflected the bearish end to the Sunday session.

Crypto liquidations
Total Crypto Liquidations 010822

According to Coinglass, four-hour liquidations stood at $35.37 million, up from $34.29 million on Sunday. One-hour liquidations were at $4.81 million, up from $3.80 million (see hourly crypto market cap chart below).

market cap pullback
Total Market Cap 010822 Hourly Chart

Crypto Price Analysis July 21: CRV, ETC, GALA, EGLD, ICP

Key Insights:

  • Elrond was one of the biggest losers of the day, declining by 9%.
  • Curve Finance’s token countered this bearishness with 17.36%.
  • Bitcoin declined slightly today, trading at $22.9k, while Ethereum stood still at $1.5k.

As some of the altcoins noted depreciation today, most of the other cryptocurrencies rallied ahead instead. This kept the entire crypto market capitalization unchanged at $1.022 Trillion.

Ethereum followed the broader market cues changing hands at $1.5k, while Bitcoin dipped slightly, trading at $22.9K.

Curve DAO (CRV)

CRV led the altcoins, which continue rising today against the broader market bearishness. Rising by 17.36%, CRV could be seen trading at $1.35, bringing the altcoin’s recovery from its lows to 133.47%.

The Awesome Oscillator is still highlighting bullishness for the altcoin, which has been beneficial for the altcoin in recovering from the June crash of almost 58%.

Ethereum Classic (ETC)

The Ethereum hard fork has been one of the top gainers this week, rising by 80.19%. Today’s 6.7% rise invalidated yesterday’s drop, keeping ETC at $24.94.

The Bollinger Bands divergence does indicate high volatility, but since the candlestick is above the basis, the price swing will be positive.

Gala (GALA)

The altcoin is one of the only few cryptocurrencies that haven’t recovered at all in over a month. Still trading at the same lows it was at in June, GALA is serving no incentive for investors right now.

Although the fluctuation noted on the Chaikin Money Flow does indicate an uptick, in actuality, there haven’t been many inflows recently.

Elrond (EGLD)

Elrond fell by 9% today amid mixed market cues, which brought the coin down to $56.05, the consolidation level it has been stuck at since mid-June.

Although the altcoin hasn’t made any significant recovery yet, the MACD continues to remain bullish, which is vital for EGLD to recover the June dip of 51.74%.

Internet Computer (ICP)

Following EGLD’s lead, ICP also sunk by 8.5% over the last 24 hours to trade at $6.848. Although the altcoin was on track to recover its 45.58% June losses, today’s dip might delay the same.

The Relative Strength Index (RSI) is still somehow above the neutral line in the bullish zone, which is a positive sign for ICP going forward.

Crypto Market Daily Highlights – Tesla Inc. Sends the Market South

Key Insights:

  • It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.
  • News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.
  • The total crypto market cap fell by $17 billion to end the day at $1,018 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.

Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.

Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.

On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.

According to the announcement,

“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single  ZK validity proof.”

Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.

On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.

At the time of writing, the NASDAQ 100 Mini was down 39 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 210722 5 Min Chart

The Total Crypto Market Cap Sees Tesla Driven Loss

A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.

Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.

Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.

Crypto market cap
Total Market Cap 210722 Daily Chart

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

Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.

It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.

ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.

LDO rose by 3.45%, with XMR gaining 3.42%.

Leading the way down, however, were Quant (QNT), Arweave (AR), and Polygon (MATIC).

AR slid by 10.89%, with QNT and MATIC seeing losses of 9.87% and 9.22%, respectively.

Nexo (NEXO), Internet Computer (ICP), and Ethereum Classic (ETC) also struggled.

Total Crypto Liquidations Fall Further to Suggest a Bullish Session

On Thursday, 24-hour liquidations eased again, pointing to more favorable market conditions. While down from levels seen earlier this week, 24-hour liquidations remained elevated.

This morning, 24-hour liquidations stood at $338 million, down from $582 million on Wednesday.

Liquidated traders also eased over the last 24 hours, suggesting better market conditions. At the time of writing, liquidated traders stood at 98,758 versus 104,735 on Wednesday morning.

While 24-hour liquidation levels eased back, one-hour and four-hour liquidations were up from Tuesday.

According to Coinglass, one-hour liquidations stood at $6.90 million, up from $2.84 million on Wednesday. Four-hour liquidations stood at $101.16 million, up from $45.66 million on Wednesday.

Crypto liquidations
Total Crypto Liquidations 210722

The one-hour and four-hour liquidation levels reflected the post-US market close sell-off and the final hour partial recovery. (See hourly total crypto market cap chart below).

Hourly Chart
Total Market Cap 210722 Hourly Chart

Daily News Highlights

  • Tesla Inc. sold 75% of its bitcoin holdings in the second quarter.
  • The UK announced a new financial bill to regulate stablecoins.
  • 21Shares unveiled S&P risk-controlled Ethereum and Bitcoin ETPs.

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

Key Insights:

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

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

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

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

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

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

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

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

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

The Total Crypto Market Cap Bounces Back Despite NASDAQ Loss

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

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

Crypto market cap
Total Market Cap 140722 Daily Chart

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

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

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

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

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

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

Total Crypto Liquidations Spike in Response to US Inflation

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

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

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

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

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

Crypto liquidations
Total Crypto Liquidations 140722

Daily News Highlights

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

Crypto Market Daily Highlights – BNB and XRP Hit Reverse

Key Insights:

  • It was a bearish end of the week for the crypto top ten, with XRP leading the way down.
  • Following a relatively range-bound Saturday, market uncertainty weighed ahead of several key economic indicators due this week.
  • The total crypto market cap slid by $29 billion to record the third decline in nine sessions.

It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third consecutive day, with XRP leading the way down.

Following the Fed meeting minutes and US nonfarm payrolls, the market focus shifts to US inflation figures this week.

With the numbers due out on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.

Last week, the FOMC meeting minutes highlighted member concerns over the possible impact of rate hikes on the US economy. The uncertainty over Fed monetary policy and the economic outlook likely contributed to some profit-taking.

Through the early part of this week, we expect the crypto market to take its cues from the NASDAQ 100, with no decoupling likely near term.

Crypto - NASDAQ
Crypto – NASDAQ – 110722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was down by 38 points.

The Total Crypto Market Cap Revisits Sub-$900bn

The bearish Sunday session saw the crypto market cap fall from a high of $935.7 billion to a low of $895.8 billion.

While late support limited the damage, the total market cap slid by $28.9 billion to $905.2 billion.

Crypto market cap
Total Market Cap 110722 Daily Chart

The Sunday pullback left the market cap up by $54 billion for the week ending July 10.

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

XRP  slid by 5.66%, with ETH seeing a 4.04% loss.

ADA (-3.35%), BNB (-3.62%), BTC (-3.41%), DOGE (-3.18%), , and SOL (-3.53%) also saw heavy losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) led the way, rising by 4.04%.

IOTA ( MIOTA), Monero (XMR), Amp (AMP), Chiliz (CHZ), and Tezos (XTZ) also bucked the broader market trend.

Leading the way down, however, was Internet Computer (ICP) and THORChain (RUNE), which slid by 8.7% and 8.9%, respectively.

Total Crypto Liquidations Reflect Improving Market Conditions

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

This morning, 24-hour liquidations stood at $111 billion, up from $59.5 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 39,241 versus 23,346 on Sunday.

However, four-hour and One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $0.586 million, down from $1.60 million on Sunday.

Crypto liquidations
Total Crypto Liquidations 110722

Daily News Highlights

  • In the second quarter, crypto ATM installation growth slowed dramatically.
  • Polygon (MATIC) CEO Ryan Wyatt talked of Terra-based projects migrating to the Polygon network.

Top 3 Trending Coins: ICP, UNI Surge As Key Levels Broken, XRP Lags

Key Points

  • Cryptocurrency prices look set to end the week near highs despite strong US jobs data underpinning Fed tightening expectations.
  • Bitcoin was last trading just above $21,500, while Ethereum found support above $1,200.
  • ICP and UNI are the best performers in the crypto top 50 while XRP is the laggard.

Market Update

It’s been a strong week for most major cryptocurrencies. Total crypto market capitalization is up by nearly $85 billion on the week and is currently around $935 billion. That’s an approximately 10% gain.

Bitcoin broke out to near four-week highs and at current levels in the mid-$21,000s, is on course to post weekly gains of around 12%. Ethereum, meanwhile, looks on course to post weekly gains of nearly 14%. ETH/USD is currently trading well supported to the north of the $1,200 level.

Technically speaking, cryptocurrency markets look on the verge of a fresh bullish breakout. Total crypto market cap run into resistance in the $960 billion area on Friday. But total crypto market cap appears to have formed an ascending triangle structure over the past few weeks.

These patterns often proceed a bullish breakout. A decisive push above $960 billion could see total crypto market cap quickly push beyond the $1 trillion mark and have a run at early-May lows around $1.08 trillion.

Strength Despite Fed Tightening Bets

The cryptocurrency market’s strong performance so far this week comes amid strength in US equities, particularly the tech sector. Crypto has developed a close correlation to US tech stocks in recent months, given the speculative nature of both investments.

The Nasdaq 100 ended the trading week over 4.5% higher. Strength in US tech and crypto came despite strong US jobs data for June on Friday that spurred a pickup in US yields and rebuilding of Fed tightening bets.

There seems to be a growing conviction that the US and global economy is weakening towards recession and this will bring inflation back under control. This conviction is already in the early stages of becoming a self-fulfilling prophecy, with commodity prices down sharply in recent weeks nearly across the board.

This may be attracting investors back into speculative assets, despite still elevated concerns about Fed tightening and the macroeconomic backdrop.

Internet Computer (ICP)

The native token to the Internet Computer blockchain ICP is the best performing cryptocurrency in the top 50 by market capitalization in the last 24 hours with gains of above 17%, according to CoinMarketCap. ICP/USD was last changing hands near $7.10 per token, having at one point nearly hit $7.50 on Friday.

ICP’s latest rally takes its on-the-week gains to around 35%. That would mark the cryptocurrency’s best weekly performance since August 2021. ICP/USD’s bullish momentum really got kicking when the cryptocurrency rallied above a key level of resistance at $6.50.

$6.50 has been capping the price action since early June and is also where the 50-Day Moving Average resides. But since mid-June ICP/USD has been posting higher lows, resulting in the creation of an ascending triangle. This pattern often proceeds a bullish breakout, which has been the case for ICP.

With Internet Computer having also surpassed a key level of resistance in the $6.75 area and the $7.0 level, the door is open for a run higher towards the next area of resistance at $8.0. Should broad cryptocurrency sentiment remain robust going forward as has been the case this week, a test of June highs at $9.80 is possible.

ICP/USD
ICP/USD breaks above $6.50 resistance, pushes into $7.0s. Source: FX Empire

Uniswap (UNI)

Uniswap is the next best performer in the top 50 cryptocurrencies by market cap over the last 24 hours, according to CoinMarketCap. Over that time period, the cryptocurrency has rallied nearly 10%.

UNI/USD broke out to fresh nearly two-month highs on Saturday in the $6.20s per token. The pair was last trading higher by around 7.5% on Saturday alone, taking weekly gains to nearly 27%.

The latest push above $6.0 is significant, as it means UNI/USD has broken out of a $3.50-$6.0ish range that had been in play since mid-May. The next level of major resistance for UNI/USD is a late-April low at $6.35.

If the pair can break above this level, it stands a very good chance of testing the $8.0 area. $8.0 was an important level of support in Q1 2022 before turning into resistance in early May.

UNI/USD
UNI/USD pushes above $6.0, breaks out of recent range. Source: FX Empire

Ripple (XRP)

Ripple’s XRP token is the most subdued performer in the crypto top 50 over the last 24 hours. According to CoinMarketCap, the token was trading around 2.4% lower over this time period. Ripple has failed to benefit from the broader market rally in recent days amid nerves about an upcoming ruling in the Ripple vs SEC case.

The SEC is suing Ripple over its issuance of XRP tokens to raise capital, which it claims was an unregistered security offering. Uncertainty is for now keeping XRP/USD contained in the low-$0.30s per token.

The pair was last changing hands around $0.3450, up just under 7.5% on the week. XRP nearly made it as high as $0.36 on Friday. But selling pressure in wake of the latest US jobs data and ahead of the 21DMA saw it reverse lower.

Recent price action is consistent with XRP continuing to consolidate within a pennant structure. This pennant has been in formation since mid-May. A favorable Ripple vs SEC lawsuit ruling combined with further upside for broader crypto markets could trigger a bullish breakout.

A bullish break could see XRP swiftly rally back above late-June highs near $0.39 and push above $0.40.

XRP/USD
XRP/USD still stuck in a consolidation pattern, but the potential for a future bullish break is there. Source: FX Empire

Crypto Market Daily Highlights – ADA and DOGE Struggle

Key Insights:

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

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

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

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

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

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

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

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

The Total Crypto Market Cap Sees Modest Decline

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

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

Crypto market cap
Total Market Cap 090722 Daily Chart

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

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

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

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

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

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

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

Total Crypto Liquidations Reflect Poorer Market Conditions

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

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

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

One-hour liquidations reflected a late crypto market pullback.

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

Crypto liquidations
Total Crypto Liquidations 090722

Daily News Highlights

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

Crypto Market Daily Highlights – Bitcoin (BTC) Eyed a Return to $22,000

Key Insights:

  • It was a bullish Thursday for the crypto to ten, with bitcoin (BTC) leading the way with a breakout to a day high of $21,840.
  • A sharp pickup in demand for riskier assets supported a 2.28% NASDAQ rally fueled by hints from the Fed of a less aggressive rate path trajectory.
  • The total crypto market cap rose by $35 billion to record the fifth increase in six sessions.

It was a bullish Thursday session for the crypto top ten. Bitcoin (BTC) led the way, with SOL and ETH close behind.

Investors brushed aside fears of a global economic recession, with the FOMC meeting minutes from Wednesday driving demand for riskier assets.

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

NASDAQ - Crypto
Total Market Cap – NASDAQ – 080722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 32.5 points.

The Total Crypto Market Cap Jumps on Fed Minutes

A bearish start to the session saw the crypto market cap fall to a low of $889 billion before jumping to a high of $945 billion.

Total Market Cap 080722 Daily Chart

NASDAQ 100 support was the key to the move back toward $1,000 billion levels. While bullish on the day, crypto market headwinds linger.

The threat of a global economic recession remains real, as does a likely shift in the crypto regulatory landscape. From a monetary policy perspective, while Fed concern over the impact of policy on economic growth prospects delivered relief, the Fed has stated its commitment to bringing inflation to target at any cost.

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

BTC rallied by 5.19% to lead the way, with SOL (+3.88%) and ETH (+4.35%) close behind.

ADA (+3.46%), BNB (+1.26%), DOGE (+3.13%), and XRP (+3.13%) also found strong support.

From the CoinMarketCap top 100, Storj (STORJ), Aave (AAVE), and Internet Computer (ICP) led the way. STORJ rallied by 15%, with AAVA and ICP gaining 13% and 11%, respectively.

Maker (MKR) and KuCoin Token (KCS) were among a handful of cryptos to buck the trend. MKR fell by 0.53%, with KCS falling by 0.60%.

Total Crypto Liquidations Reflect Improving Market Conditions

Despite the bullish session, 24-hour liquidations rose through the Thursday session.

This morning, 24-hour liquidations stood at $169 million, up from $101 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 42,406 versus 30,986 on Thursday.

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

According to Coinglass, one-hour liquidations stood at $1.36 million, down from $24.4 million on Thursday. A fall back to sub-$1 million levels would suggest another bullish day ahead.

Crypto liquidations ease
Total Crypto Liquidations 080722

Daily News Highlights

  • Crema Finance hacker returned $8 million for a $1.6 million bounty.
  • The US banned crypto-owning government officials from working on regulations.
  • Polygon is set to deliver a DeFi Overhaul with the launch of Avail.
  • SEC filed a motion to limit Ripple Lab expert testimony.

Crypto Price Analysis July 7: ETH, STORJ, ICP, FTT, EGLD

Key Insights:

  • Storj led the rally today with a 13.5% rise.
  • EGLD was one among the few altcoins to close in red.
  • Bitcoin and Ethereum consolidated at $20.4k and $1.1k, respectively.

With the altcoins still calling the shots of the market, most cryptocurrencies noted a rise, Ethereum being among them. The total value of all the cryptocurrencies rose to $900 billion once again, but Bitcoin still continued to linger around $20k.

Ethereum (ETH)

The altcoin king was trading above the $1200 mark at the time of writing after struggling to close above it for the last ten days. The 6.79% rise in the previous 24 hours also brought ETH closer to recovering from the 46.5% loss of June.

The Awesome Oscillator indicated rising bullishness however, the indicator is yet to flip into the bullish zone. Should it do, the 22.24% rally would be carried forward, pushing ETH towards $1500, its next critical stop.

Storj (STORJ)

The altcoin shot up by 21.28% in the last 24 hours and was trading at $0.77 at press time. The crypto has been charting its own path, having risen by 166.4% in mid-June.

The converging Bollinger Bands currently indicate a decline in volatility which will make it difficult for STORJ to recover from the 34.86% crash it faced recently.

Internet Computer (ICP)

ICP, after rising by 10.99% during trading hours today, rose above $6.1, recovering the 17.28% losses it observed towards the end of June. However, it is yet to rise above the 45.58% crash ICP noted at the beginning of June.

The Chaikin Money Flow (CMF) climbed into the positive zone after almost a month this week, indicating organic growth born out of consistent inflows from investors.

FTX Token (FTT)

The cryptocurrency exchange’s token FTT once again recovered to the $27.1 mark after the 7.8% rise in the last 24 hours, the same level it has been lingering around for almost 40 days now.

The MACD indicator, although it points towards a bullish momentum building up, might observe a reversal in trend if the broader market rallies.

Elrond (EGLD)

Elrond did not make any significant move in either direction but instead started at the $55 mark it has been at since yesterday. The path of recovery seems to be difficult for the altcoins, and retrieving what they lost during the 51% June crash could take some time.

As it is at the moment, the Relative Strength Index (RSI) is still stuck under the neutral mark in the bearish zone, making a recovery more challenging.

Crypto Market Daily Highlights – June 2 – NASDAQ Delivers Support

Key Insights:

  • It was a bullish Thursday for bitcoin (BTC) and the broader market, with bitcoin returning to $30,000.
  • The upside came despite hawkish FOMC member chatter, with a NASDAQ 2.69% rally delivering support.
  • On Friday, we can expect market sensitivity to US nonfarm payrolls, with solid numbers likely to test support levels.

It was a bullish Thursday session for the crypto market, with the crypto top ten seeing volatility from May continuing into June.

There were no major news updates from regulators to spook investors, leaving the crypto market to take its cues from the US equity markets.

For bitcoin (BTC), it was a fifth day in the green from six sessions, with a return to $30,000 the key for the broader market.

Crypto Market Cap Avoids Sub-$1,200 Billion but Remains Down

Following a $100 billion slump in the total crypto market cap on Wednesday, the total market cap increased by $22 billion on Thursday.

Crypto market cap up modestly
Total Crypto Market Cap Daily Chart 030622

24-hour crypto liquidations fell back from Wednesday highs, reflecting improving market conditions.

According to Coinglass, 24-hour total liquidations stood at $196.57 million, down from $500 million levels. Liquidations over the last hour were also market-friendly at $2.31 million.

Crypto liquidations ease.
Total Liquidations 030622

ADA partially recovered Wednesday’s 11.98% tumble, rising by 6.53% to lead the way.

BNB (+2.63% ), BTC (+2.18%), ETH (+0.90%), DOGE (+2.18%), SOL (+1.86%), and XRP (+1.83%) also found support.

Looking at the top 100, Internet Computer (ICP) led the way, surging by 23.7% supported by investors buying on the dip. ICP slumped by 33.4% in May and is down 66% year-to-date.

Bitcoin Tracked the NASDAQ 100 in a Relief Rally

Economic data from the US was more market-friendly on Thursday. Nonfarm payroll figures from the ADP disappointed, with similar numbers today likely to deliver crypto market support.

According to the ADP, nonfarm payrolls increased by 128k, down from a 211k increase in April. Economists forecast a 300k rise.

After a bitcoin recoupling with the NASDAQ this week, a 2.69% rally delivered bitcoin and the broader crypto market support.

At the time of writing, the NASDAQ 100 mini was up 25.75 points, with bitcoin down 0.09% to $30,451.

NASDAQ delivers crypto support.
BTC-NASDAQ 030622 Daily Chart

Away from the Crypto Moves,

  • NY Fed President John Williams called it critical for central banks to understand the crypto impact on monetary policy.
  • The US DoJ charged an ex-OpenSea employee with insider trading of NFTs.
  • Goldman Sachs ‘revealed that major insurance companies are slowly warming to crypto investments.’
  • Coinbase announced an extension to its hiring freeze and plans to rescind accepted job offers to navigate the current macroeconomic environment.
  • US CFTC sued crypto exchange Gemini for making false and misleading statements in 2017.

ICP’s 2022 Roadmap Includes Bitcoin and Ethereum Integrations

Dfinity Foundation’s Internet Computer blockchain has laid down its plan for the year 2022 aiming to overcome the limitations of traditional blockchains and smart contracts for better speed, storage costs, security, and scalability.

BTC and ETH Integration Incoming

The Internet Computer is a public blockchain that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. The protocol was launched in May 2021 after years of development by Dfinity, a nonprofit firm based in Zurich.

As per ICP’s 2022 roadmap, the Bitcoin integration is set to be launched as part of Dfinity’s ‘Chromium Satoshi Release,’ in Q1 2022. This upgrade will include the addition of smart contracts to the Bitcoin blockchain using the ‘Chain Key cryptography,’ technology that removes the need to use a bridge.

This will aim to make the network more secure since bridging can open the network up to malicious actors.

That said, a blog by the organization further stated that smart contracts on the Internet Computer ‘will be able to hold, send and receive Bitcoin, without the need for private keys.’

On the other hand, integrations with Ethereum are set to roll out in Q3 2022 with the ‘Vanadium Vitalik Release.’ Further details about the ETH integrations are awaited from Dfinity. 

ICP’s Growth

Just a couple of days back on January 29, ICP completed a record 2 million transactions presenting a more vibrant network. Additionally, the protocol’s burn rate has been going parabolic, with over 18K ICP burned since the Genesis launch in Q2 2021. 

Source: ICP Twitter

In terms of price, however, ICP’s trajectory has been more or less stagnant with the altcoin oscillating at  $19.14 noting close to a 6% price fall over the last day.

Further, ICP was down 96.10% from its all-time-high price of  $491.02 in May 2021. The altcoin’s short-term and mid-short term ROIs vs USD noted negative returns. Notably, ICP’s three-month ROI vs USD at press time was -59.95%.

Binance Increases Crypto Trading Options With Turkish Lira, Adds 11 Other Trading Pairs

In continuation of its listing spree, Binance has listed 12 new trading pairs. This comes only days after the largest exchange in the world by trading volume listed seven new trading pairs.

Binance Adds 12 new Trading Pairs

The new trading options are ATOM/BIDR, FARM/ETH, DYDX/ETH, ICP/TRY, LINA/BNB, JASMY/ETH, ROSE/ETH, OOKI/ETH, XTZ/ETH, UNI/ETH, and UMA/BUSD.

The new additions show how important ETH is in crypto trading. DYDX is the governance token of the Layer 2 protocol with the same name. The token, which in September 2021 was one of the best performing cryptocurrencies, has seen its value rise by 9% in the past 24 hours.

Binance also added one more pair for Cosmos to increase it to 8 on the exchange. It has an unlikely pair in BIDR, a stable digital currency anchored to Indonesia rupiah. ATOM has been performing well in the past weeks, with an 88% rise in the last 30 days.

OOKI is another coin that had a pair in the last listing and this one. It has been on a downtrend for a while now, but more people will be able to buy the dip with a new ETH pair joining the USDT, BUSD, and BNB pairs.

Tezos’ XTZ also gets a nod with an ETH pair. XTZ is the native Token of Tezos, a blockchain network similar to Ethereum but with better infrastructure and scalability features. XTZ has been in existence since 2017, and has a current market cap of close to $4 billion.

The tokens are likely to see an uptick in value with these new pairs. More pairs offer different options for those who want to trade the token and will likely increase overall trading.

Binance Increases Crypto Pairing With Turkish Lira

If these new listings reflect customers’ desire, it appears that Binance customer base in Turkey is growing as the number of pairs with the Turkish Lira continues to increase. With this new addition, there are now two new Turkish Lira (TRY) trading pairs on Binance within the past week.

It is important to note that several reports have revealed that Turkey’s inflation rate has hit over 36%, which is a 19-year high. This collapse has forced many of its citizens to use digital assets like Bitcoin, USDT, and others to hedge against the rising inflation.

Binance appears to be taking advantage of this by increasing the pairing of the country’s fiat currency with more digital asset pairing.

Internet Computer (ICP) Rises by 20% in 24 Hours

The Internet Computer (ICP) token has grown by around 20% in the past 24 hours. With this has also come a rise in market cap as it now has around $6.8 billion in market cap pushing it into the top 30 crypto assets by market cap.

Internet Computer Protocol Value Rises by 20% in 24 Hours

The digital asset, ICP, is the native token of the Internet Computer blockchain. This public network provides smart contracts with limitless power that’ll enable them to operate at web speed and scale while reducing computing costs. 

Created by Dfinity, the blockchain claims to be the third iteration after Bitcoin, the flagship digital asset, and Ethereum, which powers DeFi.

According to the founder, Dominic Williams, Internet Computer blockchain will be the next big thing for Web 3.0. It will reduce the dominance of big tech companies while creating a free and open internet with limitless capabilities. 

But the network is yet to live up to its promise since its launch in 2016 and has also had its fair share of controversies. 

In May 2021, its token reached an all-time high of $750.73, but it would later plunge, losing more than 90% of its value within days. Many community members accused the Dfinity team of wrongdoing, claiming that they were complicit in the rapid drop in price. 

This led to a hard fork in the Internet Computer Protocol to create the Internet Computer Reboot (ICPR), which is more decentralized and seeks to ensure early contributors and seed investor allocation of tokens based on their initial contributions.

ICP Bold Moves in Recent Times

Notwithstanding the massive drop in value that had the ICP token trading under $50 by late June last year, the project has continued to soldier on and even announced some developments in late 2021. 

Last year’s September, it announced an integration with Bitcoin that’ll make it possible for its smart contracts to operate directly on Bitcoin balances. In November, Origyn Foundation, an NFT project on ICP, raised $20 million in a funding round, and in December, it integrated with the hardware wallet, Ledger.

It appears all those developments are now paying off as the price has recorded some level of progress in recent days. Per data on Coingecko, its value has increased by over 18% in the last 30 days and by 55% within the last 14 days. 

As of press time, the token is currently trading at $36 on Coingecko, which is still far from its ATH but still some good news for those that are bullish about the project.

Internet Computer: Fast-Rising Crypto Challenging Amazon and Microsoft

Internet Computer at the time this report was drafted, is currently the eighth-most valuable crypto with a market value of about $43 Billion.

Though recent price actions reveal the token has suffered some pullbacks some hours ago, investors are however betting high on the crypto because it enables anyone publish anything they want onto the internet with so much ease without going through cloud service providers like Microsoft and Amazon with the main objective of reducing operational costs.

The Internet Computer traded at $346.91 with a daily trading volume of $1.3 Billion. The Crypto founded by Dominic Williams is down 22% for the day.

The project’s token is already listed on a number of high-profile crypto exchanges that includes Binance, Coinbase, OKEx

The newly listed crypto asset is the first blockchain that operates on web speed with unrestricted capacity with a capability of scaling contract computation and data, processes and keeps data adequately, and most importantly facilitates powerful software frameworks to developers.

The Internet Computer’s functionality is similar to Ethereum, taking to account it depends on the use of smart contracts, or software programs in carrying out instructions, thereby competing with other related networks that include Binance Coin Polkadot fighting hard to steal Ethereum’s market share.

The company has been able to raise about $121 million from leading venture capital firms that include, SV Angel, Aspect Ventures, ZeroEx, Scalar Capital, Andreessen Horowitz, Polychain Capital, Electric Capital, Multicoin Capital, and several Ethereum fans.

Internet Computer officially went open-source on Monday a move that will permit developers in building the code and affirm that it derives from the same binary image that is referenced in upgrade proposals issued via the Network Nervous System