Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Key Insights:

  • Solana (SOL) tumbled by 40% to leave the crypto top ten, with BNB and XRP seeing heavy losses.
  • Binance walked away from the FTX deal, citing the mishandling of customer funds and regulatory scrutiny as the reasons to withdraw.
  • The crypto market cap slumped by $122.7 billion to end the day at $753.9 billion.

It was a bearish Wednesday session for the crypto top ten. SOL tumbled by 38.6% to leave the top ten, with BNB and XRP leading the crypto top ten losses. BTC saw red for a fourth consecutive session. Notably, BTC tumbled to sub-$16,000 for the first time since November 2020.

The US economic calendar and the mid-term elections took a back seat on Wednesday. The market focus remained on the FTX and Binance deal following news of Binance signing a Letter of Intent (LOI) on Tuesday.

However, following company due diligence, Binance announced it would not proceed with the acquisition.

In withdrawing from the deal, Binance stated,

“As a result of corporate due diligence, as well as the latest news reports regarding the mishandling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

According to Bloomberg, FTX CEO Sam Bankman-Fried told investors that there is a shortfall of up to $8 billion and that without a cash injection, the company would need to file for bankruptcy.

Binance CEO Changpeng Zhao (CZ) summarized the lay of the land, saying,

“FTX going down is not good for anyone in the industry. DO not view it as a “win for us”. User confidence is severely shaken. Regulators will scrutinize exchanges even more. Licenses around the globe will be harder to get. And people now think we are the biggest and will attack us more. We must significantly increase our transparency, proof-of-reserves, insurance funds, etc. A lot more to come in this area. We have a lot of tough work ahead of us. Not to mention prices swinging wildly.”

With FTX facing bankruptcy, contagion risk and increased regulatory scrutiny will be focal points over the near term.

SEC Chairman Gary Gensler commented on the events of the last 48 hours, saying,

“Investors get hurt when we don’t rely upon the time-tested public policy guardrails.”

The crypto market events of the last 48 hours led to a further decoupling from the NASDAQ Composite Index. While the NASDAQ fell by 2.48%, the crypto market slumped by 14% on Wednesday.

For the day ahead, the crypto market will remain in the hands of the news wires. Expect any domino effect to hit the crypto market for a third consecutive day. However, investors may hold onto the hope of a last-minute deal to save FTX from bankruptcy.

NASDAQ decoupling continues.
Total Market Cap – NASDAQ – 101122 Daily Chart

Crypto Market Sees Largest Single-Day Fall Since June 13

It was a bearish Wednesday session. The crypto market rose to an early morning high of $883.4 billion before sliding to a low of $736.4 billion.

On the day, the crypto market slumped by $122.7 billion to end the day at $753.9 billion. The day’s losses were the most marked since June 13, when investors responded to Celsius freezing withdrawals. On June 13, the crypto market tumbled by $130.6 billion.

Crypto market slides to sub-$800bn.
Total Market Cap 101122 Daily Chart

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

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

SOL tumbled out of the crypto top ten after a 38.6% slump, with polygon (MATIC) taking its place. MATIC fell by 22.04%.

BNB and XRP led the rest of the top ten into the red, with losses of 18.61% and 18.14%, respectively.

However, things were no better for the rest.

ADA (-14.78%), BTC (-14.20%), DOGE (-16.35%), and ETH (-17.956%) all saw heavy losses.

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

FTX token (FTT) responded to Binance pulling the plug, tumbling by 58.74%, with SOL close behind. Lido DAO (LDO) was among the worst performers, sliding by 28.80%.

No cryptos ended the day in positive territory on Wednesday.

24-Hour Crypto Liquidations Ease Back Despite Binance Withdrawal

Over 24 hours, total liquidations eased back, despite another crypto meltdown. At the time of writing, 24-hour liquidations stood at $585.05 million, down from $854.42 million on Wednesday morning.

Liquidated traders over the last 24 hours also eased back but remained elevated. At the time of writing, liquidated traders stood at 329,379 versus 403,858 on Wednesday morning. Liquidations were down over one and four hours and over 12 hours.

Crypto liquidations ease.
Total Crypto Liquidations 101122

According to Coinglass, 12-hour liquidations fell from $544.12 million to $391.49 million, with four-hour liquidations down from $482.13 million to $186.75 million. One-hour liquidations slid from $280.40 million to $23.65 million, reflecting chaotic market conditions.

The chart below shows market conditions throughout the session.

Crypto market settles.
Total Market Cap 101122 Hourly Chart

Crypto Market Daily Highlights – SOL and DOGE Lead Top Ten South

Key Insights:

  • Solana (SOL) and dogecoin (DOGE) led the crypto top ten into the deep red.
  • News of FTX facing a liquidity crunch, followed by Binance agreeing to acquire FTX, sent the crypto market into a tailspin.
  • The crypto market cap fell by $98.4 billion to end the day at $876.5 billion.

It was a bearish Tuesday session for the crypto top ten, with SOL and DOGE leading the top ten down. BTC saw red for a third consecutive session. Notably, BTC tumbled to a two-year low of $16,950 before steadying. BTC last visited sub-$17,000 in November 2020.

There were no US economic indicators to influence, leaving the investors to react to the collapse of FTX and the SEC’s win over LBRY.

On Tuesday, news hit the wires of FTX facing a liquidity crunch. FTX token (FTT) tumbled to $2.54, its lowest level since May 2020. News of Binance agreeing to acquire FTX eased some of the pain. FTT ended the day down 75.11% to $5.49.

Adding to the bearish mood was news of the SEC winning its case against LBRY. LBRY may be insignificant in size, but the ruling could raise concerns over the likely outcome of the SEC v Ripple case.

While the crypto market went into a tailspin, the NASDAQ Composite Index rose for a third consecutive session. Decoupling from the NASDAQ leaves the crypto market in the hands of regulator news and investor fears of contagion from the FTX collapse.

On Tuesday, the NASDAQ Composite Index rose by 0.49%. This morning, the NASDAQ mini was up 3.75 points.

NASDAQ uncouples.
Total Market Cap – NASDAQ – 091122 Daily Chart

Crypto Market Sees Largest Single-Day Fall Since August Fed Policy Pivot

It was a bearish Tuesday session. The crypto market rose to a late afternoon high of $993.7 billion before sliding to a low of $812.8 billion.

The crypto market fell by $180.9 billion, from peak to trough, before a partial recovery to end the day at $876.5 billion.

The bearish session left the crypto market down $98.4 billion for the session, the largest fall since August 19. (See chart below).

Crypto market tumbles to sub-$900bn.
Total Market Cap 091122 Daily Chart

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

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

SOL and DOGE led the way down, tumbling by 20.36% and 20.68%, respectively.

BTC (-9.95%), ETH (-14.93%), and XRP (-12.74%) also saw heavy losses

ADA (-7.92%) and BNB (-2.76%) fared better than their peers.

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

BinaryX (BNX) bucked the top 100 trend, rising by 2.71%.

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

FTX token (FTT) tumbled by 75.11%, sending the broader crypto market into a tailspin on news of a liquidity crunch and Binance buyout.

EthereumPoW (ETHW) and lido DAO (LDO) were among the worst performers, sliding by 24.21% and 22.59%, respectively.

24-Hour Crypto Liquidations Spike on Crypto Market Meltdown

Over 24 hours, total liquidations surged in response to the collapse of FTX. At the time of writing, 24-hour liquidations stood at $854.42 million, up from $137.65 million on Tuesday morning.

Liquidated traders over the last 24 hours also surged. At the time of writing, liquidated traders stood at 403,858 versus 72,793 on Tuesday morning. Liquidations were up over one and four hours and over 12 hours.

Crypto liquidations spike.
Total Crypto Liquidations 091122

According to Coinglass, 12-hour liquidations jumped from $77.08 million to $544.12 million, with four-hour liquidations up from $53.96 million to $482.13 million. One-hour liquidations surged from $1.06 million to $280.40 million, reflecting chaotic market conditions.

The chart below shows market conditions throughout the session.

Crypto market sees heavy losses.
Total Market Cap 091122 Hourly Chart

Crypto Market Daily Highlights – SOL Leads a Mixed Top Ten Session

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with SOL leading the way while XRP joins ETH and BNB in the red.
  • News of Google Cloud link with Solana delivered an SOL breakout.
  • The crypto market cap is up $4.1 billion to $1,014 billion, with 90 minutes (UTC) of the session remaining.

It is a mixed Saturday session for the crypto top ten. SOL leads the way. However, XRP joins BNB and ETH in negative territory. BTC is up for a third consecutive session, holding onto the $21,000 handle and set to avoid sub-$21,000 for the first time since September 12.

It was a quiet Saturday session, with no crypto event providing the broader market with direction. The lack of events left investors to consider the events and economic indicators from the week.

Hawkish Fed Chair Powell chatter from Wednesday was met with a crypto-friendly US jobs report on Friday, providing support into the weekend. However, SOL led the way on news of Google Cloud working with Solana. Google Cloud made the announcement on Twitter, saying,

“Google Cloud is working with Solana to bring Blockchain Node Engine to the Solana chain next year, so it will be easy for anyone to launch a dedicated Solana node in the cloud.”

In contrast, XRP struggled through the session as investors considered the latest extensions that officially take the SEC v Ripple case into 2023.

With the US markets closed over the weekend, the continued crypto correlation with the NASDAQ Composite Index will leave the crypto market under the influence of the NASDAQ Mini in the final hour of today’s session (UTC).

Crypto Market Holds onto the $1 Trillion Handle for a Second Session

It is a bullish Saturday session. The crypto market slipped to an early low of $1,000 billion before rising to a mid-morning high of $1,030 billion.

Bullish sentiment from Friday spilled over to the Saturday session, delivering another bullish day with 90 minutes remaining.

Despite an afternoon pullback, the crypto market is up $4.1 billion (+0.41%) to $1,014 billion.

Crypto market on target for third consecutive gain.
Total Market Cap 061122 Daily Chart

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

It is a mixed Saturday session for the crypto top ten, with 90 minutes (UTC) of the day remaining.

SOL leads the way, surging by 9.91%, with ADA up by 2.13%.

While BTC (+0.85%) and DOGE (+0.71%) also find support, BNB (-0.96%), ETH (-0.80%), and XRP (-1.73%) are in the red.

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

Apecoin (APE) and solana (SOL) lead the way, with gains of 9.96% and 9.91%, respectively. Axie infinity (AXS) is also a front-runner rising by 9.77%.

However, FTT token (FTT) and Elrond (EGLD) lead the way down, with losses of 4.25% and 3.33%, respectively. Lido DAO (LDO) is also struggling, falling by 2.59%.

24-Hour Crypto Liquidations Fall Back on Range-Bound Session

Over 24 hours, total liquidations eased to normal levels as the crypto market consolidated Friday’s breakout session. At the time of writing, 24-hour liquidations stood at $81.40 million, down from $254.03 million on Saturday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 49,950 versus 90,998 on Saturday morning. Liquidations were down over one and four hours and over 12 hours.

A screenshot of a computer screen Description automatically generated with medium confidence
Crypto liquidations slide back.

According to Coinglass, 12-hour liquidations fell from $185.40 million to $29.41 million, with four-hour liquidations down from $13.58 million to $3.89 million. One-hour liquidations slipped from $1.92 million $0.415 million, reflecting steady market conditions.

The chart below shows market conditions throughout the session.

Crypto market consolidates Friday's breakout.
Total Market Cap 061122 Hourly Chart

 

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

Key Insights:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crypto liquidations slide.
Total Crypto Liquidations 311022

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

The chart below shows market conditions throughout the session.

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

Crypto Market Daily Highlights – SOL Led a Bullish Top Ten Session

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with solana (SOL) leading the way.
  • UK government updates on the mini-budget and upbeat US corporate earnings delivered a bullish Monday session.
  • The crypto market cap increased by $12.9 billion to $898.4 billion, leaving the market down $7 billion for the month.

It was a bullish Monday session for the crypto top ten. Solana (SOL) led the way. However, despite the bullish session, BTC fell short of $20,000 for a tenth consecutive session while also avoiding a return to sub-$19,000.

There were no crypto events to influence, leaving the crypto market in the hands of the US markets and the UK government.

On Monday, UK Chancellor Jeremy Hunt shredded the UK Government’s mini-budget, restoring order in the gilt market to drive demand for riskier assets. US corporate earnings also delivered support. Bank of America (BAC) and Bank of New York Mellon (BK) released positive earnings results.

The upswing in interest rates led to a boost in net interest income. The NASDAQ 100 led the way, rallying by 3.43%, with the Dow and S&P 500 seeing gains of 1.86% and 2.65%, respectively. This morning, the NASDAQ Mini was up 97 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 181022 5 Minute Chart

Crypto Market Rises for a Fourth Time in Eight Sessions

A bearish start to the day saw the crypto market fall to an early low of $878.4 billion. However, finding support from UK government news and US corporate earnings, the crypto market rallied to a high of $905.6 billion before easing back to sub-$900 billion.

The bullish session saw the market cap rise by $12.9 billion to $898.4 billion, reducing the deficit for October to just $7 billion.

Crypto market cap revisits $900 billion.
Total Market Cap 181022 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.

SOL led the way, rallying by 3.52%, with BTC (+1.49%), DOGE (+1.80%), and ETH (+1.95%) finding support.

ADA (+0.81%), BNB (+1.14%), and XRP (+0.75%) trailed the front runners.

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

Huobi Token (HT) led the way, surging by 15.51%, with lido DAO (LDO) and maker (MKR) seeing gains of 13.50% and 8.88%, respectively.

However, casper (CSPR) led the way down, falling by 7.58%, with Ethereum name services (ENS) and dash (DASH) seeing losses of 2.23% and 0.87%, respectively.

24-Hour Crypto Liquidations Held Steady for a Third Session

Over 24 hours, total liquidations held steady in a relatively range-bound but bullish Monday session. At the time of writing, 24-hour liquidations stood at $32.87 million, down from $39.69 million on Monday morning.

Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 17,420 versus 17,659 on Monday morning. Liquidations were down over 12 and four hours and over one hour.

Crypto liquidations ease back.
Total Crypto Liquidations 181022

According to Coinglass, 12-hour liquidations fell from $22.50 million to $20.16 million, with four-hour liquidations down from $17.67 million to $3.59 million. One-hour liquidations fell from $6.17 million to $0.612 million.

The chart below shows market conditions throughout the session.

Crypto market sees bullish end to the session.
Total Market Cap 181022 Hourly Chart

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

Key Insights:

  • It was a mixed Wednesday for the crypto top ten. Solana (SOL) and ethereum (ETH) led the way, while cardano (ADA) struggled.
  • US wholesale inflation and the FOMC meeting minutes delivered a choppy Wednesday session.
  • The crypto market cap rose by $3.8 billion to $885.1 billion.

It was a mixed Wednesday session for the crypto top ten. Solana (SOL) and ethereum (ETH) led the top ten, with cardano (ADA) leading the way down. While avoiding sub-$19,0000, BTC fell short of $20,000 for the fifth consecutive day.

US economic indicators and the FOMC meeting minutes were the main focal points. In September, the Producer Price Index rose by 0.4%, reversing a 0.2% decline from August. Economists forecast a 0.2% rise. However, the annual wholesale inflation rate softened from 8.7% to 8.5%. Economists forecast a rate of 8.4%.

The softer numbers provided comfort ahead of today’s all-important US CPI report. From the FOMC meeting minutes, there were few surprises. The minutes reiterated the commitment to bring inflation to target. However, the minutes provided riskier assets with late support. One section of the minutes suggested that the Fed could take its foot off the gas. The minutes stated,

“Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook.”

The minutes went on to say,

“Participants observed that, as the stance of monetary policy tightened further, it would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation.”

Crypto market reaction to the minutes was evident (see hourly chart). However, the NASDAQ 100 slipped by 0.09%, with the US CPI report in focus. This morning, the NASDAQ Mini was up 19.5 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 131022 5 Minute Chart

Crypto Market Avoided the Red for the Second Time in Eight Sessions

On Wednesday, the crypto market fell to an early low of $875.5 billion before rising to a late morning high of $892.5 billion. However, a bearish start to the afternoon saw the market cap fall back to $880.6 billion before ending the day up $3.8 billion to $885.1 billion.

For the week, the market cap is down $20.5 billion.

Crypto market cap avoids the red.
Total Market Cap 131022 Daily Chart

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

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

ETH and SOL led the way, with gains of 1.12% and 1.19%, respectively, with BTC (+0.51%) and XRP (+0.74%) also avoiding the red.

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

ADA led the way down, sliding by 2.56%, with BNB (-0.18%) and DOGE (-0.69%) also seeing losses.

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

Huobi token (HT) led the way, surging by 27.93%, with OKB (OKB) and hedara (HBAR) seeing gains of 5.86% and 8.11%, respectively.

However, TerraClassicUSD (USTC) tumbled by 17.77% to lead the way down. Maker (MKR) and Lido DAO (LDO) were also among the worst performers, falling by 5.55% and 3.93%, respectively.

24-Hour Crypto Liquidations Retreat on FOMC Meeting Minutes Support

Over 24 hours, total liquidations slipped further back as investors brace themselves for today’s US CPI report. At the time of writing, 24-hour liquidations stood at $28.82 million, down from $98.62 million on Wednesday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 31,684 versus 52,221 on Wednesday morning. Liquidations were down over 12 hours while up modestly over one and four hours.

Crypto liquidations fall ahead of US CPI report.
Total Crypto Liquidations 131022

According to Coinglass, 12-hour liquidations were down from $28.13 million to $15.62 million. However, four-hour liquidations increased from $3.07 million to $3.70 million, with one-hour liquidations up from $0.319 million to $0.584 million.

The chart below shows market conditions throughout the session.

Crypto hourly chart reflects market influences.
Total Market Cap 131022 Hourly Chart

Crypto Market Daily Highlights – XRP Resumes Upswing to Lead the Top Ten

Key Insights:

  • It is a bullish end to the week for the crypto top ten on Sunday. Ripple (XRP) leads the way with 100 minutes of the session remaining.
  • There are no major crypto news stories, leaving investors to take a breather from the four-session sell-off fueled by US economic indicators and hawkish Fed bets.
  • The crypto market cap is up by $4.3 billion to end the week at $905.6 billion.

It is a bullish Sunday session for the crypto top ten, with 100 minutes (UTC) of the Sunday session remaining. XRP leads the way, marking a sixth session gain from seven. Despite the bullish session, BTC has fallen short of $20,000 for the second time in six sessions.

There are no crypto news stories to provide direction, leaving investors to take a breather after a four-session pullback. However, Fed fear will continue to influence the week ahead, with US inflation a market focal point. Another spike in US inflation could cement 75-basis point Fed rate hikes in November and December.

With a 75-basis point Fed rate hike for November baked in, the markets are looking toward the December policy decision.

The FedWatch tool gives a 65.0% probability of the Federal Funds Rate ending the year at 4.5% and a 21.8% chance of ending the year at 4.75%. One week ago, the probability of the Federal Funds Rate rising to 4.75% in December was 0%.

Following the NASDAQ 100’s 3.80% tumble on Friday, the NASDAQ 100 Mini will likely influence the final hour (UTC).

NASDAQ correlation.
Total Market Cap – NASDAQ – 101022 Daily Chart

Crypto Market on Target to End Four-Day Losing Streak

On Sunday, the crypto market fell to an early morning low of $896.3 billion before rising to an evening high of $911.4 billion. However, a late pullback leaves the crypto market up $4.3 billion to $905.6 billion, with 100 minutes of the session remaining.

Despite four consecutive days in the red, the crypto market remains on target to end the week in positive territory. With 100 minutes of the session remaining, the crypto market is up $21.3 billion (+2.41%).

Crypto market cap on target for a weekly gain.
Total Market Cap 101022 Daily Chart

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

It is a bullish Sunday session for the crypto top ten, with 100 minutes (UTC) of the session remaining.

XRP leads the way, rallying by 4.13%, with DOGE and SOL seeing gains of 0.90% and 0.81%, respectively.

However, gains are modest for the rest of the pack.

ADA (+0.24%), BNB (+0.51%), BTC (+0.14%), and ETH (+0.43%) trailed the front runners.

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

TerraClassicUSD (USTC) leads the way, rallying by 15.63%, with bitcoin gold (BTG) and Quant (QNT) seeing gains of 7.49% and 5.63%, respectively.

However, Huobi Token (HT) leads the way down, falling by 4.00%, with Convex Finance (CVX) and Lido DAO (LDO) seeing losses of 1.42% and 2.09%, respectively.

24-Hour Crypto Liquidations Fall Further as Market Steadies

Over 24 hours, total liquidations declined as the crypto market steadied after a four-day losing streak. At the time of writing, 24-hour liquidations stood at $15.62 million, down from $32.16 million on Sunday morning.

Liquidated traders over the last 24 hours also fell. At the time of writing, liquidated traders stood at 7,550 versus 12,566 on Sunday morning. Liquidations were down over one, four, and 12 hours.

Crypto liquidations
Total Crypto Liquidations 101022

According to Coinglass, 12-hour liquidations were down from $27.29 million to $11.24 million, with four-hour liquidations down from $23.19 million to $5.33 million. One-hour liquidations have fallen from $0.712 million to $0.223 million, hovering well below normal levels.

The chart below shows market conditions throughout the session.

Crypto market steadies after four day pullback.
Total Market Cap 101022 Hourly Chart

Crypto Market Daily Highlights – XRP Bucked a Bearish Top Ten Session

Key Insights:

  • It was a mixed Wednesday for the crypto top ten, with ripple (XRP) extending its winning streak to three sessions.
  • US economic indicators hit appetite for riskier assets, with ADP nonfarm employment change and ISM Non-Manufacturing PMI numbers raising bets of a hawkish Fed move.
  • The mixed session left the crypto market cap down $5.5 billion to $925.7 billion.

It was a mixed Wednesday session for the crypto top ten. XRP saw green to buck the top ten trend. However, DOGE led the way down, as investors locked in Twitter driven profits from Tuesday. Despite a bearish session, BTC held onto the $20,000 handle for a second consecutive day.

US economic indicators raised bets of another 75-basis point Fed rate hike in November.

According to the ADP, nonfarm employment increased by 208k in September, up from 185k in August. In September, the ISM Non-Manufacturing PMI slipped from 56.9 to 56.7. Notably, the ISM Non-Manufacturing Employment sub-index increased from 50.2 to 53.0, with new orders rising at a solid clip.

The employment numbers reversed views that labor market conditions were loosening, supporting a more hawkish Fed. FOMC member Mary Daly delivered a hawkish message on Wednesday by reemphasizing the Fed’s commitment to bringing inflation to target.

On Wednesday, the NASDAQ 100 fell by 0.25% to end a mini two-day winning streak. This morning, the NASDAQ 100 Mini was up 67.5 points.

Later today, US jobless claims and Fed chatter will influence as the markets prepare for the nonfarm payroll numbers on Friday.

NASDAQ correlation
Total Market Cap – NASDAQ – 061022 5 Minute Chart

Crypto Market Enjoys a Bullish Session Supported by Weak US Stats

On Wednesday, the crypto market fell to an early afternoon low of $905.9 billion before rising to an early evening high of $936.51 billion. However, a bearish send to the day left the crypto market cap down by $5.5 billion to $925.7 billion.

Crypto market sees red.
Total Market Cap 061022 Daily Chart

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

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

XRP bucked the trend, rising by 1.78%.

However, DOGE and ADA saw losses of 1.64% and 1.15%, respectively, to lead the way down. BNB (-0.71%), BTC (-0.92%), ETH (-0.70%), and SOL (-0.18%) also saw red.

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

Helium (HNT) and ethereum name service (ENS) led the way, with gains of 8.68% and 8.58%, respectively. Trust wallet token (TWT) rose by 7.70%.

However, XDC network (XDC) led the way down, with a 4.49% loss. Lido DAO (LDO) and ravencoin (RVN) ended the day down by 3.28% and 3.15%, respectively.

24-Hour Crypto Liquidations Slip Despite a Choppy Wednesday

Over 24 hours, total liquidations declined, with BTC holding onto $20,000 easing liquidations. At the time of writing, 24-hour liquidations stood at $62.65 million, down from $70.43 million on Wednesday morning.

Liquidated traders over the last 24 hours inched higher. At the time of writing, liquidated traders stood at 24,837 versus 24,358 on Wednesday morning. Liquidations were up over twelve hours while down over four hours and the last hour.

Liquidations fall over 24-hours.
Total Crypto Liquidations 061022

According to Coinglass, 12-hour liquidations stood at $43.04 million, up from $35.28 million on Wednesday morning. Four-hour liquidations fell from $11.41 million to $3.83 million, with one-hour liquidations down from $0.568 million to $0.414 million.

The chart below shows market conditions throughout the session.

Hourly chart reflects choppy session.
Total Market Cap 061022 Hourly Chart

Crypto Market Daily Highlights – ETH and XRP Led the Top Ten Breakout

Key Insights:

  • It was a bullish Monday for the crypto top ten, with ethereum (ETH) leading the way.
  • Weak ISM Manufacturing PMI and components delivered the NASDAQ 100 and the crypto market much-needed support.
  • The bullish session led the crypto market cap up $21.3 billion to $906.0 billion.

It was a bullish Monday session for the crypto top ten. ETH led the way, with XRP also finding strong support. However, BTC fell short of $20,000 despite the bullish session.

US economic indicators delivered much-needed support. In September, the ISM Manufacturing PMI fell from 52.8 to 50.9. While the sector continued to expand, the employment and new order sub-components eased bets of another 75-basis point Fed rate hike.

The Employment Index fell from 54.2 to 48.7, with the New Orders Index sliding from 51.3 to 47.1.

On Monday, the NASDAQ 100 rallied by 2.27%, supported by the market reaction to the ISM survey-based numbers. This morning, the NASDAQ 100 Mini was up 84.75 points.

Later today, US JOLTs job openings for August and Fed member chatter will provide the NASDAQ and the crypto market with direction.

NASDAQ correlation.
Total Market Cap – NASDAQ – 041022 5 Minute Chart

Crypto Market Ends a Four-Day Losing Streak

On Monday, the crypto market slid to an early low of $877.1 billion before surging to a high of $911.3 billion. While easing back from the day’s high, the market cap rose by $21.3 billion to end the day at $906.0 billion.

Importantly, a three-day losing streak came to an end, as investors eased bets of a hawkish Fed rate hike in November.

Crypto market ends 3-day losing streak.
Total Market Cap 041022 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.

ETH led the way, rising by 3.62%, with XRP (+3.21%), BTC (+2.96%), and SOL (+2.62%) close behind.

ADA (+2.15%), BNB (+0.84%), DOGE (+1.77%) trailed the front runners, however.

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

THORChain (RUNE) led the way, rising by 6.56%, with Lido DAO (LDO) and Uniswap (UNI) seeing gains of 6.41% and 6.04%, respectively.

Terra Classic (LUNC) fell by 4.93%, with Stellar’s Lumen (XLM) and Reserve Rights (RSR) seeing losses of 1.42% and 1.49%, respectively.

24-Hour Crypto Liquidations Slide on Bullish Session

Over 24 hours, total liquidations slid on Monday, with the US ISM Manufacturing PMI delivering strong crypto market support. At the time of writing, 24-hour liquidations stood at $45.45 million, down from $76.05 million on Monday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 20,263 versus 31,321 on Monday morning. Liquidations were down over one hour, four, and twelve hours.

Crypto liquidations subside.
Total Crypto Liquidations 041022

According to Coinglass, 12-hour liquidations stood at $29.66 million, down from $43.47 million on Monday morning, with four-hour liquidations down from $32,47 million to $5.00 million. One-hour liquidations were down from $28.73 million to $1.64 million.

The chart below shows market conditions throughout the session.

Crypto market bullish session eases liquidation numbers.
Total Market Cap 041022 Hourly Chart

Crypto Market Daily Highlights – Solana (SOL) Led the Top Ten South

Key Insights:

  • It was a bearish Saturday for the crypto top ten, with solana (SOL) leading the way down.
  • There were no external market forces to influence, leaving Friday’s US inflation figures and the NASDAQ’s worst losing streak since 2008 to resonate.
  • The bearish session left the crypto market cap down $7.1 billion to $898.5 billion.

It was a bearish Saturday session for the crypto top ten. DOGE and SOL led the way down. However, despite the bearish session, BTC avoided sub-$19,000 for just the second time in twelve sessions.

On Friday, US economic indicators supported the Fed’s aggressive policy goals to curb inflation and return inflation to target. The Core PCE Price Index increased by 4.9% in August, up from 4.7% in July.

Hawkish Fed chatter and the Friday numbers from the US remained crypto market negatives on Saturday. The influence from the US also supported the ongoing crypto correlation with the NASDAQ 100.

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss. More importantly, the NASDAQ 100 extended its quarterly losing streak to three, its worst run since 2008.

NASDAQ correlation
Total Market Cap 021022 Daily Chart

Crypto Market Starts the Fourth Quarter on a Bearish Footing

On Saturday, the crypto market rose to an early high of $909.6 billion before an extended decline to a late low of $891.5 billion. Despite the bearish session, the loss was modest by more recent standards.

The crypto market cap fell by $7.1 billion to $898.5 billion.

With the US markets closed through the weekend, the crypto market may take its cues from the NASDAQ 100 Mini in the final hour (UTC). A bearish start to the Monday session would test crypto investor resilience.

Crypto market has bearish first session of the quarter.
Total Market Cap 021022 Daily Chart

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

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

DOGE and SOL led the way down, with losses of 2.42% and 1.75%, respectively, with ADA (-1.15%), ETH (-1.29%), and XRP (-1.03%) also struggling.

BNB (-0.67%) and BTC (-0.59%) saw relatively modest losses on the day.

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

Reserve Rights (RSR) and Terra Classic (LUNC) led the way, rallying by X% and U%, respectively, with stellar’s lumen (XLM) gaining X%.

However, Pancake Swap (CAKE), Helium (HNT), and Lido DAO (LDO) led the way down. CAKE and HNT slid by X% and Y%, respectively, with LDO falling by X%.

24-Hour Crypto Liquidations Slide in Range-Bound Session

Over 24 hours, total liquidations fell below normal levels, with the crypto market moving within a tight range at the start of the quarter. At the time of writing, 24-hour liquidations stood at $29.26 million, down from $92.79 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 14,570 versus 28,614 on Saturday morning. Liquidations were down over four and twelve hours while up for the final hour of the day (UTC).

According to Coinglass, 12-hour liquidations stood at $23.11 million, down from $66.05 million on Saturday morning, with four-hour liquidations down from $14.90 million to $4.25 million. However, one-hour liquidations were up from $0.563 million to $1.83 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish final hour.
Total Market Cap 021022 Hourly Chart

Crypto Market Daily Highlights – XRP Bucks the Top Ten Trend

Key Insights:

  • It was a mixed end of the week for the crypto top ten, with XRP bucking the top ten trend.
  • Following a bearish end to the week for the NASDAQ 100, the broader crypto market saw red for a second consecutive session, reversing the Thursday and Friday decoupling.
  • The total crypto market cap fell by $7.6 billion to $885.9 billion.

It was a mixed Sunday session for the crypto top ten. XRP bucked the top ten trend, while SOL and DOGE led the way down. BTC fell short of $20,000 for a seventh consecutive session and ended the day at sub-$19,000 for the fourth time in the week.

It was a quiet Sunday session, with no crypto news stories to weigh on investor sentiment. On Thursday and Friday, the crypto market decoupled from the NASDAQ 100, rising for two consecutive sessions. However, a bearish weekend prevailed, with investor angst over Fed monetary policy and the economic outlook testing investor resilience.

However, this morning, the NASDAQ 100 Mini was down 34 points, while the crypto market cap is up $1.12 billion (0.13%).

NASDAQ decoupling
Total Market Cap – NASDAQ – 260922 Daily Chart

Crypto Market Falls for a Second Consecutive Week to Sub-$900 billion

On Sunday, the crypto market cap rose to a mid-afternoon high of $908.1 billion before sliding to a low of $875.9 billion. A late partial recovery left the crypto market cap down $7.6 billion to $885.9 billion for the session.

The crypto market cap fell by $9.51 billion in the week, leaving the market cap down $72 billion for September.

Crypto market cap sees red.
Total Market Cap 260922 Daily Chart

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

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

XRP bucked the top ten trend, rising by 0.50%. However, it was a bearish session for the rest of the top ten.

DOGE and SOL slid by 3.09% and 3.16%, respectively, to lead the way down

ADA (-1.11%), BTC (-0.62%), BNB (-0.18%), and ETH (-1.72%) also saw red.

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

ApeCoin (APE) led the way, gaining 5.59%, with Chainlink (LINK) and Maker (MKR) rising by 3.21% and 4.59%, respectively.

However, ravencoin (RVN) slid by 7.10% to lead the way down, with Terra Classic (LUNC) and Lido DAO (LDO) both seeing losses of 6.34%, respectively.

24-HourCrypto Liquidations Inched Higher in a Bearish Session

Over 24 hours, total liquidations rose on Sunday but remained low despite the crypto market falling for a second consecutive session.

At the time of writing, 24-hour liquidations stood at $74.63 million, up from $63.12 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 34,027 versus 27,917 on Sunday morning.

Liquidations were also up over four hours while down over the last hour and 12 hours.

Crypto liquidations
Total Crypto Liquidations 260922

According to Coinglass, 12-hour liquidations stood at $62.62 million, down from $63.12 million on Sunday morning, with one-hour liquidations down from $6.45 million to $0.901 million.

However, four-hour liquidations increased from $12.63 million to $23.32 million. The chart below shows market conditions throughout the session.

Hourly crypto market cap chart
Total Market Cap 260922 Hourly Chart

Crypto Market Daily Highlights – DOGE Bucks the Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with DOGE bucking the top ten trend.
  • Following two bullish sessions, a lack of external market forces left investors to lock in profits.
  • The total crypto market cap is down $9.4 billion to $896.2 billion, with 120-minutes of the session remaining.

It is a mixed Saturday session for the crypto top ten. DOGE leads the way, while XRP hits reverse as investors lock in profits from a bullish week. BTC fell short of $20,000 for a sixth consecutive session and faces the prospect of ending the day at sub-$19,000 for the third time this week.

There were no crypto news stories to test investor sentiment, leaving investors to take profit before the start of a new week. After decoupling from the NASDAQ 100 on Thursday and Friday, the final hour (UTC) of today’s session could dictate the influence of the NASDAQ 100 in the week ahead.

A recoupling with the NASDAQ 100 Mini would put the US economic calendar back in focus.

NASDAQ correlation
Total Market Cap – NASDAQ – 250922 Daily Chart

Crypto Market Falls to Sub-$900bn as Investors Lock in Profits

On Saturday, the crypto market cap rose to an early afternoon high of $916.7 billion before falling to a low of $889.9 billion. A lack of external forces left investors to lock in profits following Thursday’s breakout session and Friday’s consolidation.

The crypto market cap is down by $9.4 billion to $896.2 billion, with two hours of the Saturday session remaining. For September, the crypto market is down $57 billion.

Crypto market cap back below $900bn.
Total Market Cap 250922 Daily Chart

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

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

XRP leads the way down, falling by 3.21% with 2-hours of the Saturday session remaining.

ADA (-1.52%) and BTC (-1.85%) are also struggling, with BNB (-0.18%), ETH (-0.29%), and SOL (-0.68%) in the red.

However, DOGE bucks the top ten trend, rising by 0.11%.

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

Reserve Rights (RSR), Quant (QNT), and Shiba Inu Coin (SHIB) lead the way. RSR is up 7.51%, with QNT and SHIB seeing gains of 3.19% and 3.79%, respectively.

However, Helium (HNT) leads the way down, sliding by 11.51%, with Terra Classic (LUNC) and Lido DAO (LDO) falling by 6.15% and 4.25%, respectively.

24-HourCrypto Liquidations Fall in a Range-Bound Session

Over 24 hours, total liquidations hit reverse in a relatively range-bound but bearish Saturday session.

At the time of writing, 24-hour liquidations stood at $63.12 million, down from $147.92 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 27,917 versus 63,896 on Saturday morning.

Liquidations were also down over four and twelve hours while up over the last hour.

Liquidations are up over the last hour.
Total Crypto Liquidations 250922

According to Coinglass, 12-hour liquidations stood at $63.12 million, down from $81.53 million on Saturday morning, with four-hour liquidations falling from $32.29 million to $12.63 million.

However, one-hour liquidations increased from $4.52 million to $6.45 million, reflecting a late pullback. The chart below shows market conditions throughout the session.

Crypto market under pressure in the last hour.
Total Market Cap 250922 Hourly Chart

Crypto Market Daily Highlights – XRP Leads a Bullish Thursday Session

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with XRP leading the way.
  • Following Wednesday’s Fed rate hike and projections, the crypto market decoupled from the NASDAQ 100, which ended the day in negative territory.
  • The total crypto market cap is up by $42.0 billion to $904.3 billion, with 40-minutes of the session remaining.

It is a bullish Thursday session for the crypto top ten. XRP is the trailblazer, supported by investor optimism toward a favorable outcome to the SEC v Ripple case. The successful hard fork of the Cardano (ADA) mainnet was another crypto market positive event.

However, despite the bullish session, BTC fell short of $20,000 for a fourth consecutive session. The US economic calendar was on the lighter side, with better-than-expected US jobless claims having a muted impact on crypto investor sentiment.

The lack of stats supported a crypto decoupling from the NASDAQ 100, which fell by 1.37% on Thursday. Market reaction to the Fed policy decision and FOMC projections continued to pressure tech stocks, with the markets having few distractions to shift sentiment.

Later today, we could see US economic indicators influence the crypto market. Prelim private sector PMI numbers for September are due. However, another divergence from the NASDAQ 100 could raise hopes of an end to the crypto winter. An SEC loss in the case against Ripple, or a settlement, could ease fears of the SEC gaining the authority to oversee the entire digital asset space.

Crypto market decoupling.
Total Market Cap – NASDAQ – 230922 5 Minute Chart

Crypto Market Cap Rises on a Decoupling from the NASDAQ

On Thursday, the crypto market cap fell to an early low of $856.7 billion before rising to a final hour high of $913.6 billion. With 40 minutes of the Thursday session remaining, the crypto market cap is up $42.0 billion to $904.3 billion.

However, the crypto market is down $49 billion for September.

Crypto market bounces back from Fed woes.
Total Market Cap 230922 Daily Chart

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

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

With 40 minutes of the session remaining, XRP leads the way, surging by 22.75%. While trailing XRP, BTC (+5.02%), ETH (+6.55%), and SOL (+5.64%) are also on the move.

However, ADA (+4.78%), BNB (+4.01%), and DOGE (+3.92%) trailed the front runners.

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

XRP also leads the crypto top 100, with Chiliz (CHZ) and UNUS SED LEO (LEO) rallying by 17.63% and 13.48%, respectively.

Terra Classic (LUNC) and Lido DAO (LDO) bucked the broader market trend, with losses of 3.15% and 0.82%, respectively.

24-HourCrypto Liquidations Slide Back Bullish Crypto Session

Over 24 hours, total liquidations tumbled as the crypto market decoupled from a bearish NASDAQ 100 session. At the time of writing, 24-hour liquidations stood at $110.35 million, down from $318.09 million on Thursday morning.

Liquidated traders over the last 24 hours also fell. At the time of writing, liquidated traders stood at 38,827 versus 88,169 on Thursday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.

Liquidations slide.
Total Crypto Liquidations 230922

According to Coinglass, 12-hour liquidations stood at $65.30 million, down from $291.50 million on Thursday morning, with four-hour liquidations falling from $148.65 million to $24.70 million.

However, one-hour liquidations increased from $2.78 million to $6.44 million, reflecting the pullback from the high of the session. The chart below shows market conditions throughout the session.

Crypto market cap eases back from session high.
Total Market Cap 230922 Hourly Chart

Crypto Market Daily Highlights – ETH and XRP Sink in Fed Sell-Off

Key Insights:

  • It is a bearish Wednesday session for the crypto top ten, with ETH and XRP leading the top ten into the red.
  • The Fed rate hike, FOMC projections, and Fed Chair Powell’s press conference sent the NASDAQ 100 and the crypto market south.
  • The total crypto market cap is down by $22.0 billion to $862.4 billion.

It is a bearish Wednesday session for the crypto top ten. ETH and XRP lead the crypto top ten into the red as investors responded to the Fed policy decision, projections, and Powell’s press conference. BTC fell short of $20,000 for a third consecutive session.

The Federal Reserve sent riskier assets into negative territory, with a 75-basis point rate hike and the talk of more to come. Downward revisions to growth forecasts and upward revisions to inflation and median interest rates for 2022 and 2023 were also crypto market negative.

On Wednesday, the NASDAQ 100 slid by 1.79%, with the crypto market closely tracking the NASDAQ throughout the US session. This morning, the NASDAQ 100 Mini was down 90 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 220922 5 Minute Chart

Crypto Market Slides as Investors Respond to the Federal Reserve

On Wednesday, the crypto market cap rose to a pre-Fed high of $927.1 billion before sliding to a post-Fed low of $847.0 billion. A late partial recovery leaves the market cap down $21.7 billion to $862.4 billion, with 40 minutes of the session remaining.

Crypto market cap hits reverse.
Total Market Cap 220922 Daily Chart

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

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

With 40 minutes of the session remaining, ETH and XRP lead the way down, with losses of 5.61% and 4.79%, respectively.

BTC (-2.00%), DOGE (-2.14%), and SOL (-2.27%) are also struggling, while ADA (-0.90%) and BNB (-0.86%) have recovered from heavier losses.

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

EOS (EOS) and Helium (HNT) are among the worst performers, sliding by 11.78% and 10.08%, respectively. Curve DAO Token (CRV) is down 8.86%.

At the top end of the table, Celsius (CEL), Compound (COMP), and Lido DAO (LDO) lead the way. COMP is up 4.62%, with CEL and LDO seeing gains of 3.83% and 2.18%, respectively.

24-HourCrypto Liquidations Slide Back on Hawkish Fed Move

Over 24 hours, total liquidations spiked in response to the Fed policy decision, projections, and press conference.

At the time of writing, 24-hour liquidations stood at $318.09 million, up from $121.53 million on Wednesday morning. Liquidated traders over the last 24 hours also spiked. At the time of writing, liquidated traders stood at 88,169 versus 37,436 on Wednesday morning.

Liquidations over twelve and four hours were up, while one-hour liquidations decreased.

Crypto liquidations spike.
Total Crypto Liquidations 220922

According to Coinglass, 12-hour liquidations stood at $291.50 million, up from $82.23 million on Wednesday morning, with four-hour liquidations rising from $16.13 million to $148.65 million.

However, one-hour liquidations declined from $11.61 million to $2.78 million, reflecting the late Wednesday partial recovery. The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 220922 Hourly Chart

5 Things to Know in Crypto Today: ETH Merge Sinks the Market

Key Insights:

  • The heavily anticipated Ethereum (ETH) Merge took place today, with no reports of any immediate hiccups
  • Despite the crypto event of the year, investors are bearish, with the crypto market cap down by $41.8 billion to $922 billion.
  • However, Celsius (CEL) was in breakout mode on news of restructuring plans before succumbing to crypto market forces.

The Ethereum (ETH) Merge Took Place Seamlessly

On Thursday, the Ethereum (ETH) Merge took place, with Ethereum seamlessly moving to a Proof-of-Stake (PoS) protocol.

Market anticipation of the crypto event of the year saw ETH return to $2,000 in August before settling at a pre-Merge $1,650.

However, investors jumped ship post-Merge, with ETH down 9.5% to $1,484.

ETH slides post-Merge
ETHUSD 150922 Daily Chart

Other Merge-linked coins were also deep in negative territory. Ravencoin (RVN) was down 21.8%, with ethereum classic (ETC) down 8.31%. Things were not much better for Lido DAO (LDO), which was down 7.20% with 60 minutes of the Thursday session remaining.

The post-Merge sell-off left the total crypto market cap down $41.8 billion to $922.13 billion.

Crypto market resumes bearish trend.
Crypto Market Cap Daily Chart 150922

Celsius Plans a Business Resuscitation

After freezing withdrawals and filing for bankruptcy in July, Celsius has been in restructuring mode. Since the filing, Celsius received Court permission to generate revenue via crypto mining facilities to support withdrawal demands.

The latest news is a plan to shift from lender to crypto custodian. Celsius plans to introduce a fee structure to drive revenue streams from different types of transactions.

Market reaction to the news was bullish, with Celsius (CEL) rallying 35.8% to a Thursday and September high of $2.50 before falling into the red.

CEL sees bullish response to restructuring news.
CELUSD 150922 Daily Chart

South Korea Issue Terra Labs Founder Arrest Warrant

This week, news hit the wires of South Korea issuing a warrant for the arrest of Terra Labs founder Do Kwon. Investors’ reaction to the news was brutal, with LUNA (LUNA) and Terra Classic (LUNC) paying the price. In addition to the arrest warrant, there was news of the authorities applying to invalidate Do Kwon’s passport.

In recent weeks, LUNA and LUNC had found strong support before a retrace from September highs.

Late in the Thursday session, LUNA and LUNC were down 15% and 12%, respectively.

LUNC and LUNA sink on Do Kwon news.
LUNC 150922 Daily Chart

Fed Fear Subsides Following US Wholesale Inflation Figures for August

Following Tuesday’s US CPI report, market angst over a percentage point Fed rate hike eased ahead of the Friday session.

Softer US wholesale inflation figures and disappointing Philly Fed Manufacturing PMI and retail sales figures appear to have shut the door on a more hawkish move.

The shift in sentiment provided pre-Merge crypto market support.

Currently, the split between a 75-basis point and percentage point rate hike is 80% to 20% in favor of a 75-basis point hike. Ahead of Thursday’s retail sales and Philly Fed numbers, the split had stood at 75% to 25% in favor of a 75% basis point hike.

Markets price out percentage point Fed rate hike.
FED Rate Hike Bets 150922

China and Vietnam Show Asia’s Crypto Adoption Footprint

This week, Chainalysis released its latest crypto adoption rankings, and China appeared in the top ten, despite the government crackdown on cryptos.

Vietnam ranked first, the US fifth, and China tenth.

Chainalysis crypto adoption rankings
Chainalysis rankings 160922

According to the September report, global adoption plateaued in the last year after steadily rising since 2019.

Crypto adoption hit by crypto winter.
Global Index Score Quarterly

The movements in the Global Index score reflected the impact of the crypto winter on adoption rates. Adoption rates may become another headwind for the crypto market.

 

Crypto Market Daily Highlights – DOT Leads the Top Ten on Reentry

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with Solana (SOL) and Polkadot (DOT) leading the way while Cardano (ADA) struggles.
  • Market correlation with the NASDAQ 100 was evident throughout the US session, delivering broader market support.
  • The total crypto market cap is up $2.85 billion to $945.2 billion, with 100 minutes of the session remaining.

It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) avoids a visit to sub-$19,000, while DOT and SOL lead the way in a relatively range-bound Thursday session.

US economic indicators failed to impress on Thursday, easing selling pressure on riskier assets. While US initial jobless claims fell from 228k to 222k, the continuing jobless claims rose from 1,437k to 1,473k. There was a muted crypto market reaction to the numbers ahead of the US opening bell.

However, the NASDAQ 100 did provide support, rising by 0.60% to consolidate Wednesday’s 2.14% rally. This week, the crypto market correlation with the NASDAQ 100 strengthened. Riskier assets brushed aside hawkish Fed chatter for a second session. On Thursday, Powell talked of his commitment to fighting inflation. However, there was nothing new from the Fed Chair to spook the markets.

NASDAQ correlation
Total Market Cap – NASDAQ – 090922 5 Min Chart

Crypto Market Finds Support from the NASDAQ 100 for a Second Session

On Thursday, the total crypto market fell to a low of $927.7 billion before rising to a high of $957.0 billion.

While falling back from the day high, the crypto market cap is up $2.85 billion to $945.2 billion. However, the crypto market cap is down $15.6 billion for the current week, with Fed fear lingering.

Crypto market cap holds steady.
Total Market Cap 090922 Daily Chart

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

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

DOT (+2.50%) and SOL (+2.26%) lead the way, with 100 minutes of the session remaining. XRP is up 1.10%.

While BNB (+0.54%), BTC (+0.01%), and ETH (+0.21%) are also in positive territory, ADA is down 0.42%. DOGE fell out of the top ten.

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

OKB (OKB) leads the way with a 16.64% gain, with NEO (NEO) and Bitcoin Cash (BCH) up by 6.52% and 8.27%, respectively.

Helium (HNT) gave up some of Wednesday’s gains, falling by 10.00%, with EOS (EOS) and Lido DAO (LDO) down by 3.84% and 4.26%, respectively.

Crypto Liquidations Fall in a Range-Bound Thursday Session

Over 24 hours, total liquidations eased further back, supported by another bullish day for the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $118.74 million, down from $245.56 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,151 versus 58,782 on Thursday morning. Liquidations over one hour, four hours, and 12 hours are also lower.

Crypto liquidations fall in a range-bound session.
Total Crypto Liquidations 090922

According to Coinglass, 12-hour liquidations stood at $74.59 million, down from $151.18 million on Thursday morning, with one-hour liquidations down from $5.25 million to $1.06 million. 4-hour liquidations are down from $104.84 million to $17.05 million. The chart below shows market conditions throughout the session.

Thursday saw modest moves despite Powell and stats on the docket.
Total Market Cap 090922 Hourly Chart

5 Best Performing Coins of the Week – CEL and LDO Lead ALGO, LTC, and MATIC

Key Insights:

  • It is a bullish Monday to Saturday for the broader crypto market.
  • Fed fear eased over the week, with mixed US economic indicators raising questions over how aggressively the Fed can return inflation to target.
  • Several cryptos stood out from the pack. LDO and CEL lead, with ALGO, LTC, and MATIC also making solid gains.

Monday to Saturday, September 3, the total crypto market cap is up $33.59 billion to $955.11 billion. A bullish start to the week delivered the lion’s share of the gains. However, US economic indicators and sentiment towards Fed monetary policy continued to test the crypto support levels.

Crypto news updates cushioned investor sentiment towards Fed monetary policy, leaving the market cap in positive territory going into the weekend.

Cryptos finds support.
Crypto Market Cap 030922 Weekly Chart

US economic indicators delivered mixed results for the global financial markets. Consumer confidence, JOLTs job openings, private sector PMI, and weekly jobless claims supported the Fed’s aggressive path beyond monetary policy normalization.

However, ADP nonfarm employment change and the all-important nonfarm payroll and wage growth figures raised question marks.

Despite softer nonfarm payroll figures, the headline figure is likely strong enough to support the Fed’s policy mantra. US Treasury Secretary and former Fed Chair Janet Yellen reminded the markets of the Fed’s inflation objective, pressuring riskier assets.

However, network news updates were crypto-positive, with progress towards the Vasil hard fork and the Merge providing market support.

Nonetheless, the influence of the NASDAQ 100 on the broader crypto market was evident throughout the week, though going into the Saturday session, the crypto market remained in positive territory.

NASDAQ 100 tests crypto support.
NASDAQ – Crypto Market Cap – 030922 Daily Chart

Across the CoinMarketCap top 100, several cryptos stood out from the pack.

Lido DAO (LDO), Celsius Network (CEL), Algorand (ALGO), Litecoin (LTC), and Polygon (MATIC) are among the crypto 100 front runners.

Lido DAO (LDO)

For the week, LDO is up 27.51% to $2.0341. Bullish from the start of the week, LDO rallied from a Monday low of $1.5525 to a Friday high of $2.2798. However, bearish through the early hours of Saturday, LDO slid back to test support at $2.00.

Progress towards the Ethereum (ETH) merge was key to LDO’s bullish week. LDO performance is intertwined with ETH price action. Ether staking numbers provided direction, with the ETH return to $1,650 behind the LDO rally.

Looking at the trends, a move through the August high of $3.1044 would give the bulls a run at $3.5.

For the bears, an LDO fall through August low of $1.5525 would bring the June and the current year low of $0.3996 into view.

LDO finds Merge support.
LDOUSD 030922 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. LDO sat above the 50-day EMA, currently at $1.9866.

The 50-day narrowed to the 100-day EMA, with the 100-day EMA converging on the 200-day EMA, delivering bullish price signals.

A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from this week’s high of $2.2797 to target the August high of $3.1044. However, a pullback from the 50-day EMA ($1.9866) would bring sub-$1,00 levels into view. A fall to sub-$1.00 would bring sub-$0.50 and the August low of $0.1725 into view.

EMAs bullish.
LDOUSD 030922 4 Hourly Chart

Celsius Network (CEL)

For the week, CEL is up 28.03% to $1.4374. Bullish from the start of the week, CEL rallied from a Monday low of $1.12267 to a Friday high of $1.59100.

News of an incoming loan repayment to cover fund operations and plans to return $50 million to clients delivered support.

Looking at the trends, a fall through the August low of $0.5817 would bring the June current year low of $0.15 into view. For now, a return to $1.00 will be the key to bringing the August and 2022 high of $4.4000 into view. Failure to return to $1.00 would leave the current year’s low of $0.15 in play.

CEL on the move.
CELUSD 030922 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday. CEL sat above the 50-day EMA at $1.42368.

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

A CEL breakout from the 100-day ($1.64229) and 200-day ($1.66068) EMAs would support a run at the August high. However, CEL news updates will need to remain favorable for a return to $2.00.

A slide back from the 50-day EMA would bring the August low of $0.5817 back into play.

EMAs bearish.
CELUSD 030922 4 Hourly Chart

Algorand (ALGO)

For the current week, ALGO is up 6.91% to $0.30287. Tracking the broader market, ALGO rose from a Monday low of $0.28035 to a Friday high of $0.30700 before easing back.

While ALGO found support from the broader crypto market, crypto market news updates were also ALGO price positive. This week, FIFA announced plans to launch an NFT platform on the ALGO blockchain. The announcement follows Algorand’s partnership with FIFA.

Looking at the trends, an ALGO move through the August high of $0.38459 would give the bulls a free run at the May high of $0.75591. An Algo return to $0.80 would support a run at the March high of $0.98784 to bring $1.00 and the January and 2022 high of $1.84287 into view.

ALGO finds FIFA support.
ALGOUSD 030922 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday. ALGO sat below the 100-day EMA, currently at $0.30494.

A breakout from the 100-day EMA ($1.30494) would support a move through the 200-day EMA ($0.31692) to target the August high of $0.38359. However, a fall through the 50-day EMA ($0.32537) would bring the August low of $0.27920.

EMAs bearish.
ALGOUSD 030922 4 Hourly Chart

Litecoin (LTC)

For the week, LTC is up 12.02% to $59.82. A choppy start to the week saw LTC fall to a Tuesday low of $51.85 before rallying to a Friday high of $62.41. However, despite a bullish week, LTC came up short of the August high of $65.83.

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

Looking at the trends, an LTC move through the August high of $65.83 would give the bulls a free run at the May high of $107.03. From the May high, the March high of $134.11 would come into play. LTC struck a 2022 high of $153.91 on January 17.

However, a fall through the August low of $51.69 would bring the June and the current year low of $40.32 into view.

LTC eyes August high.
LTCUSD 030922 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. LTC sat above the 200-day EMA, currently at $57.23.

The 50-day closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish price signals. A bullish cross of the 50-day EMA through the 100-day EMA would support a run at the August high of $65.83.

However, a fall through the 200-day EMA ($57.23) would bring sub-$55.00 and the August low of $51.59 into view.

EMAs bearish.
LTCUSD 030922 4 Hourly Chart

Polygon (MATIC)

For the week, MATIC is up 12.66% to $0.881. Bullish throughout the week, MATIC rallied from a Monday low of $0.762 to a Friday high of $0.913 before easing back.

This week, Robinhood (HOOD) announced the inclusion of MATIC. According to the announcement, Robinhood supports the sending and receiving of MATIC tokens via Polygon and Ethereum.

Looking at the trends, a MATIC move through the August high of $1.055 would support a run at the May high of $1.187 and a return to $1.50. A breakout from $1.50 would give the bulls a run at the March high of $1.752. MATIC struck a 2022 high of $2.665 on January 1.

However, a fall through the August low of $0.754 would bring the June and the current year low of $0.317 into view.

MATIC gets Robinhood support.
MATICUSD 030922 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. MATIC sat above the 100-day EMA, currently at $0.842. Significantly, the 100-day EMA crossed through the 200-day EMA, with the 50-day EMA converging on the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA and the 100-day EMA would support a bearish trend reversal and a run at the August high.

However, a pullback from the EMAs would support a fall through the August low to bring the 2022 low ($0.317) into view.

EMAs turning bullish.
MATICUSD 030922 4 Hourly Chart

Crypto Market Daily Highlights – ETH Led the Top Ten in a Mixed Session

Key Insights:

  • It was a mixed Wednesday session and end to the month for the crypto top ten,
  • Ethereum (ETH) led the way, supported by investor sentiment towards the Merge, while Cardano (ADA) saw red despite progress towards the Vasil hard fork.
  • The total crypto market cap rose by a modest $2.0 billion to $956.5 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) revisited sub-$20,000 for a fifth consecutive session before wrapping up the day in positive territory. However, ETH led the way, supported by investor sentiment towards the Merge.

US economic indicators and hawkish Fed chatter delivered a testy session. In August, the ADP reported a 132k increase in employment, down from 268k in July and 380k in June. While the numbers have a limited influence on the Fed, the markets consider the ADP numbers as a precursor to the nonfarm payroll figures due tomorrow.

The weaker August figure was crypto-friendly. However, Fed chatter tested buyer demand.

Voting member Loretta Mester reportedly said that the Fed would need to hike rates above 4% and hold to bring inflation to target. Mester added that she did not expect the Fed to cut rates in 2023 and will base her September decision on inflation rather than the jobs report.

Mester’s comments supported Fed Chair Powell’s stance on monetary policy that sent the market into a tailspin last Friday.

Disappointing economic data from the US and hawkish FOMC member chatter left the NASDAQ 100 down 0.56% on Wednesday. It was also a bearish month, with the NASDAQ 100 sliding by 4.64%. The bearish mood tested buyer demand for the cryptos through the second half of the day.

NASDAQ pressures the crypto market.
Total Market Cap – NASDAQ – 010922 5 Min Chart

Crypto Market Cap Ends August on High Despite Hawkish Fed Chatter

On Wednesday, the total crypto market cap fell to an early low of $952.3 billion before striking a high of $960.0 billion. However, late in the session, the market cap fell back to sub-$950 billion before a late recovery.

The total market cap rose by $2.0 billion on Wednesday. For August, the market cap slid by $105.2 billion to $956.5 billion.

Crypto market cap sees red in August.
Total Market Cap 010922 Daily Chart

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

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

ETH led the way, rising by 1.91%, with BTC (+1.18%), SOL (+0.02%), and XRP (+0.36%) also finding support.

However, ADA fell by 1.55%, with BNB (-0.82%) and DOGE (-0.30%) also in the red.

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

Chiliz (CHZ) led the way, rallying by 10.81%, with Lido DAO (LDO) and Curve DAO Token (CRV) seeing gains of 10.56% and 7.79%, respectively.

Helium (HNT) led the way down, however, falling by 5.37%, with Elrond (EGLD) and Dash (DASH) seeing losses of 3.09% and 2.47%, respectively.

Crypto Liquidations Ease Back over 24-Hours but Climb Over the Hour

Over 24 hours, total liquidations slipped back, supported by the weaker-than-expected ADP employment change figures. Fed Fear lingered, however, leading to a choppy end to the Wednesday session.

At the time of writing, 24-hour liquidations stood at $164.73 million, down from $239.14 million on Wednesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 40,952 versus 60,258 on Wednesday morning. Liquidations over 12 hours and four hours fell, while one-hour liquidations increased, reflecting the bearish end to the Wednesday session.

One hour liquidations climb in testy end to the Wednesday session.
Total Crypto Liquidations 010922

According to Coinglass, 12-hour liquidations stood at $75.84 million, down from $167.66 million on Wednesday morning. 4-hour liquidations declined from $37.78 million to $12.42 million, while one-hour liquidations were up from $1.72 million to $3.60 million. The chart below shows market conditions throughout the session.

Crypto market cap under pressure late in the Wednesday session.
Total Market Cap 010922 Hourly Chart

Crypto Market Daily Highlights – ETH Leads a Bullish Top Ten Session

Key Insights:

  • It is a bullish Monday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • Network news updates shifted investor sentiment away from the Fed, with the crypto market decoupling from the NASDAQ 100.
  • The total crypto market cap is up $37 billion to $959 billion, with 90 minutes of the session remaining.

It is a bullish Monday session for the crypto top ten. Bitcoin (BTC) bounced back to $20,000. However, ETH leads the bullish session, with a return to $1,500.

Network news updates delivered the broader crypto market with support. After a NASDAQ 100 Mini forced crypto slide in the final hour of the Sunday session, the crypto market decoupled from the NASDAQ 100 going into the Monday US session.

A 1.02% NASDAQ 100 fall failed to send the crypto market into reverse. There were no US economic indicators or FOMC member chatter to test buyer demand, leaving crypto news updates to draw dip buyers from the sidelines.

NASDAQ - Crypto Decouple
Total Market Cap – NASDAQ – 300822 5 Min Chart

Crypto Market Cap Falls to an August Low Before a Return to $960 billion

On Monday, the total crypto market cap fell to a new August low of $917.11 billion before jumping to a high of $967.55 billion. Despite easing back, the crypto market is set to end a Fed Chair Powell-fueled 3-day losing streak.

With 90 minutes remaining of the Monday session, the market cap is up $37 billion to $958.87 billion. The start of the week rally leaves the total crypto market cap down $100 billion for August.

Crypto market cap recovers.
Total Market Cap 300822 Daily Chart

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

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

ETH is up 7.88%, with ADA (+4.43%) and SOL (+5.38%) close behind.

However, BNB (+2.68%), BTC (+3.18%), DOGE (+2.64%), and XRP (+2.81%) trailed the front runners.

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

Synthetix (SNX) leads the way for a second consecutive session, rallying by 17.30%, with Lido DAO (LDO) up 14.01%. Flow (FLOW) was also in recovery mode, gaining 11.85%.

However, Klaytn (KLAY) leads the way down, sliding by 16.3%.

Crypto Liquidations Reflect Market Conditions, with One Hour Numbers Down

Over 24 hours, total liquidations inched higher, with a bearish start to the Monday session bringing new August lows before the rebound.

At the time of writing, 24-hour liquidations stood at $177.00 million, up from $56.57 million on Monday morning.

Liquidated traders also spiked over the last 24 hours. At the time of writing, liquidated traders stood at 60,062 versus 28,463 on Monday morning. While liquidations over 12 hours have risen, four-hour and one-hour liquidations are down.

One-hour liquidations send positive signal.
Total Crypto Liquidations 300822

According to Coinglass, 12-hour liquidations stood at $92.10 million, up from $37.37 million on Monday morning. 4-hour liquidations are down from $11.21 million to $8.59 million, with one-hour liquidations down from $6.50 million to $0.709 million. The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 300822 Hourly Chart

Top 3 Trending Coins: SNX and LDO Surge, with ETH Returning to $1,500

Key Insights:

  • Lido DAO (LDO) and Synthetix (SNX) lead the crypto top 100.
  • A crypto market decoupling from the NASDAQ 100 took place ahead of the US opening bell, with investors refocusing on crypto network news.
  • An Ethereum (ETH) return to $1,500 has delivered support to LDO and the broader crypto market.

Lido DAO (LDO) Stands Out in NASDAQ Decoupling

After ending last week down 26.5%, Lido DAO (LDO) is on target to end a four-day losing streak. Reversing a 2.77% loss from Sunday, LDO is up 16.2% to $1.8446 with 3 hours of the Monday session remaining.

A shift in investor focus away from the NASDAQ 100 and the Fed brought about a broad-based relief rally. There were no US economic indicators to test investor resilience.

For LDO, an Ethereum (ETH) return to $1,500 supported the breakout session, as investors returned their attention to the upcoming Merge.

LDO is intertwined with ETH price action, Ether staking numbers provided direction. The staking numbers dictate the LDO correlation with ETH, which leaves LDO in the hands of the Merge news and ETH price action.

Today’s ETH price rally and an uptrend in ETH staked with Lido contributed to the breakout session.

Ether staking on the rise.
LDO Ether Staking 290822

Looking at the trends, a move through last week’s high of $2.3468 would bring the August high of $3.1044 into play. A return to $3.00 would then give the bulls a run at $3.5.

For the bears, an LDO fall through Monday’s August low of $1.5525 would bring the June and the current-year low of $0.3996 into view.

LDO in breakout mode.
LDOUSD 290822 Daily Chart

Synthetix (SNX) Leads the Crypto Top 100 on Network News Updates

Last week, Synthetix (SNX) fell by a relatively modest 4.82% to record a third consecutive weekly loss. The loss came despite a bullish weekend, with a Fed Chair Powell-fueled 9.90% slide on Friday leaving SNX in the red.

However, SNX currently leads the crypto top 100, rallying by 18.06% to $3.5025 with three hours of the session remaining. Network news updates have delivered the three-day winning streak.

On Friday Synthetix founder Kain Warwick announced a new proposal to end SNX inflation at 300 million tokens in ten weeks. Warwick tweeted,

“Just proposed a SIP to end SNX inflation at 300m tokens in ten weeks. After informal discussions today, it seems like it has a decent chance of passing. A formal presentation is planned for next week. Inflation was designed to bootstrap the network and it has done the job.”

Market reaction to the 300 million token upper limit was positive. Warwick is of the opinion that they can generate sufficient fee yields from atomic swaps.

Looking at the trends, an SNX move through the August high of $4.4067 would give the bulls a run at the May high of $5.2782. From the May high, it would be a free run at the April and 2022 high of $8.1960.

However, a fall through the August low of $2.6140 would bring the June and the current year low of $1.4296 into view.

SNX leads the top 100.
SNXUSD 290822 Daily Chart

Ethereum (ETH) Leads the Crypto Top Ten as the Focus Returns to the Merge

Last week, Ethereum (ETH) slid by 11.80% to end the week at $1,424. An 11.05% Fed Chair Powell-induced slump left ETH in the deep red for the week. However, on Monday ETH looks to end a three-day losing streak, with investor focus returning to the Merge. ETH is up by 8.19% to $1,544.

While sentiment towards the September Merge remained ETH price positive, news of CME Group launching Ether Euro futures was also bullish. On Monday, ETH fell to a new August low of $1,421 before the return to $1,500.

Looking at the trends, a breakout from the August high of $2,013 and a return to $2,500 would target the May high of $2,968. A move through to $3,000 would give the bulls a run at the April high of $3,582.

However, a fall through the August low of $1,424 would bring the June and the current year’s low of $880 into view.

ETH returns to $1,500.
ETHUSD 290822 Daily Chart