- It was a bullish Friday session for the crypto top ten, with XRP and SOL leading the way.
- US economic indicators delivered perfect numbers for the NASDAQ Composite Index and the crypto market.
- The crypto market cap surged by $53.5 billion to end the day at $1,010 billion.
US economic indicators delivered the NASDAQ Composite Index and the crypto market support. The all-important US jobs report was perfect for riskier assets.
In October, average earnings rose by 4.7% year-over-year versus 5.0% in September, with the unemployment rate up from 3.5% to 3.7%. The unemployment rate rise came despite the participation rate falling from 62.3% to 62.2% and a 261k increase in nonfarm payrolls.
Notably, the earnings figures showed early signs of easing price pressure that could allow the Fed to take its foot off the gas.
In response, the NASDAQ Composite Index ended the day up 1.28%, with the S&P 500 gaining 1.36%.
Crypto Market Hits $1 Trillion for Second Time Since September 13
It was a bullish Friday session. The crypto market surged from an early low of $953.0 billion to a late high of $1,021 billion before easing back. The US jobs report drove demand for cryptos on hopes that easing wage growth and rising unemployment could allow the Fed to take its foot off the gas.
While coming off the day’s high, the crypto market surged by $53.5 billion to end the day at $1,010 billion. It was only the second visit to $1 trillion since September 13, which coincided with the bearish August US CPI report.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Friday session for the crypto top ten.
From the CoinMarketCap top 100, it was a bullish session.
24-Hour Crypto Liquidations Spike on US Jobs Report
Over 24 hours, total liquidations jumped in response to the US jobs report that hit ETH short positions. At the time of writing, 24-hour liquidations stood at $254.03 million, up from $87.96 million on Friday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 90,998 versus 66,960 on Friday morning. Liquidations were down over one and four hours while up over 12 hours.
According to Coinglass, 12-hour liquidations rose from $42.88 million to $185.40 million. However, four-hour liquidations fell from $16.75 million to $13.58 million, with one-hour liquidations down from $6.86 million to $1.92 million.
The chart below shows market conditions throughout the session.