- It is a bearish Tuesday session for the crypto top ten, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) taking big hits.
- Following a bullish Monday, a shift in investor focus towards US inflation and Wednesday’s CPI numbers sent riskier assets into the red.
- The total crypto market cap is down $25 billion, leaving the market cap up by $17 billion for the month.
It is a bearish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) failed to revisit the $24,000 handle for the eighth time in nine sessions. Cardano (ADA), Ethereum (ETH), and Solana (SOL) lead the way down.
Easing fears of a US economic recession took a backseat on Tuesday. The investor focus returned to inflation and Fed monetary policy. Investor jitters ahead of the US inflation numbers on Wednesday sent riskier assets into the red.
The NASDAQ 100 fell for a third consecutive day. A 1.19% decline weighed on the broader crypto market, with cryptos failing to break free from central bank monetary policy expectations.
On Wednesday, US consumer price index figures will be the key stats of the week. Following impressive nonfarm payroll and better-than-expected services PMI numbers, another spike in inflation could force the Fed into a percentage point move. A more aggressive path towards normalization would be crypto price negative.
At the time of writing, the NASDAQ 100 Mini was up 14 points.
The Total Crypto Market Cap Tumbles on US Inflation Jitters
On Tuesday, the total crypto market cap rose to an early high of $1,113 billion before sliding to an early afternoon low of $1,036 billion. However, finding late support, the crypto market cap has reduced the deficit, with a return to $1,073 billion.
Down by $25.2 billion on Tuesday, the total crypto market cap is up by $17 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a bearish Tuesday session for the crypto top ten.
From the CoinMarketCap top 100, it is a mixed session.
Total Crypto Liquidations Rise in Bearish Tuesday Session
This morning, 24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.
At the time of writing, 24-hour liquidations stood at $203 million, up from $187 million on Tuesday morning.
Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 82,754 versus 57,332 on Tuesday morning.
However, one-hour and four-hour liquidations declined, reflecting a partial recovery late in the session.
According to Coinglass, four-hour liquidations stood at $9.05 million, down from $19.75 million on Tuesday morning. One-hour liquidations are down from $8.71 million to $3.59 million (see hourly crypto market cap chart below).