Bitcoin Tests the Strength of Support

Market Picture

Bitcoin has lost 4% in the past 24 hours, once again testing the strength of the $16K area. Ethereum is down 7.8% overnight to $1120. Other leading altcoins in the top 10 were down 5.5% (BNB) to 10.6% (Dogecoin).

Bitcoin 4 hour chart

Total cryptocurrency market capitalisation, according to CoinMarketCap, sank to $795bn, losing 4.9% overnight and 5.6% for the week. The cryptocurrency fear and greed index is down to 21 points by Monday versus 24 just over a week ago.

Bitcoin failed to develop a rebound last week, facing an intensified sell-off near $17K and about 23.6% of the move down from 5 to 10 November. Such a weak rebound indicates solid bearish pressure, forcing us to expect another move towards the lower boundary at $15.8K.

A consolidation below that level could start a new downside wave with a potential target of $12K. However, this is a very distant target, while round levels of $15K and $14K could be the intermediate ones.

News Background

Bitcoin’s mining difficulty continues to increase, rewriting an all-time high. The falling price has resulted in the first cryptocurrency being mined at a loss on average. The falling price and high interest rates make us expect miner activity to drop and a subsequent decrease in difficulty. However, there could likely be a brief struggle for market share amongst miners: with bankruptcies and takeovers. This will be interesting.

According to the Nansen report, the collapse of FTX was directly linked to Terra’s failure in May. The unrealised loss of the “average” long-term bitcoin investor reached 33%, according to Glassnode’s calculations.

The impact of the FTX collapse will still be evident for the foreseeable future, according to a statement to investors from venture capital firm Multicoin Capital. Many players will cease to exist, putting pressure on the liquidity of the crypto market.

Some major crypto exchanges have suspended accepting deposits and withdrawals in Stablecoins, which are hosted on the Solana blockchain. The decision was made due to Solana‘s association with the collapsed FTX exchange, which used the blockchain’s power.

The Australian unit of consultancy firm KPMG has said that meta-universes have the real potential to change many areas of life. In doing so, large companies will contribute to the technology’s adoption.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

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

Key Insights:

  • It was a mixed Thursday for the crypto top ten. Bitcoin (BTC) and binance coin (BNB) bucked the top ten trend with modest gains.
  • The US CPI report delivered a choppy afternoon session, with the broader crypto market tumbling deep into the red before a late recovery.
  • The crypto market cap rose by $2.0 billion to $887.1 billion.

It was a mixed Thursday session for the crypto top ten. BTC and BNB bucked the top ten trend, while SOL and XRP led the way down. Notably, BTC fell short of $20,000 for a sixth consecutive session while falling to an October low of $18,161.

US economic indicators delivered market volatility on Thursday. The US CPI report sent the crypto market deep into negative territory. However, a NASDAQ rally provided much-needed support throughout the US session.

The US annual inflation rate softened from 8.3% to 8.2% in September, raising bets of 75-basis point rate hikes in November and December.

In response to the CPI report, the probability of a 75-basis point rate hike in November increased from 84.5% to 96.3%. Significantly, the chances of a 75-basis point Fed rate hike in December jumped from 28.6% to 71.5%.

Market reaction to the CPI number and the FedWatch Tool’s interest rate predictions suggest that investors are willing to accept front loading until the end of the year. On Thursday, the NASDAQ 100 rallied by 2.23%, while the NASDAQ Mini was down 24 points this morning.

Economic indicators will continue to draw interest throughout today’s session. Trade data from China and US retail sales and consumer sentiment numbers will influence.

NASDAQ correlation.
Total Market Cap – NASDAQ – 141022 5 Minute Chart

Crypto Market Avoided the Red for a Second Consecutive Session

On Thursday, the crypto market tumbled to a mid-day low of $832.7 billion before rising to a late high of $895.9 billion. Despite the afternoon rebound, the crypto market cap fell short of $900 billion for a third consecutive session.

Rising by $2.0 billion, the market cap is down $19 billion to $887.1 billion for the week.

Crypto market sees modest increase in market cap.
Total Market Cap 141022 Daily Chart

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

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

BTC led the way, rising by 1.17%, with BNB (+0.33%) also bucking the top ten trend.

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

SOL and XRP led the way down, with losses of 2.14% and 1.91%, respectively.

ADA (-1.05%), DOGE (-0.29%), and ETH (-0.57%) also struggled.

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

Ethereum name service (ENS) surged by 12.99%, with terraclassicUSD (USTC) and Synthetix (SNX) seeing gains of 4.19% and 5.67%, respectively.

However, convex finance (CVX) and klaytn (KLAY) led the way down, sliding by 9.63% and 11.48%, respectively. Terra (LUNA) also struggled, falling by 3.04%.

24-Hour Crypto Liquidations Spike in Response to US CPI Report

Over 24 hours, total liquidations spiked as investors reacted to the US CPI report. At the time of writing, 24-hour liquidations stood at $307.46 million, up from $28.82 million on Thursday morning.

Liquidated traders over the last 24 hours also jumped. At the time of writing, liquidated traders stood at 133,664 versus 31,684 on Thursday morning. Liquidations were up over 12 hours and over one and four hours.

Crypto liquidations spike.
Total Crypto Liquidations 141022

According to Coinglass, 12-hour liquidations were up from $15.62 million to $132.24 million, with four-hour liquidations rising from $3.70 million to $4.87 million. One-hour liquidations increased from $0.584 million to $0.709 million.

The chart below shows market conditions throughout the session.

US CPI Report delivers market volatility
Total Market Cap 141022 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 – DOGE Leads a Top 100 Breakout

Key Insights:

  • It was a bullish Tuesday for the crypto top ten, with dogecoin (DOGE) leading the way.
  • Easing market bets of a 75-basis point Fed rate hike continued to drive demand for riskier assets.
  • The bullish session led the crypto market cap up $25.2 billion to $931.1 billion.

It was a bullish Tuesday session for the crypto top ten. Dogecoin (DOGE) led the way. Notably, BTC ended the day at $20,000 for the first time since September 17.

US economic indicators and soothing Fed chatter delivered riskier assets another bullish session. JOLTs job openings slid from 11.170 million to 10.053 million in August. Economists forecast a fall to 10.775 million.

FOMC member Mary Daly also delivered some comfort, saying that the Fed has the ways and the means to bring inflation under control in the gentlest way possible.

On Tuesday, the NASDAQ 100 rallied by 3.34%, with softer US economic indicators giving the Fed the option to take the foot off the gas. This morning, the NASDAQ 100 Mini was down 23.5 points.

Later today, US ADP nonfarm employment and ISM Non-Manufacturing PMI numbers will be the key stats of the day. Soft numbers could deliver further support, though we could see investor jitters over a global economic recession resurface.

NASDAQ correlation.
Total Market Cap – NASDAQ – 051022 5 Minute Chart

Crypto Market Enjoys a Bullish Session Supported by Weak US Stats

On Tuesday, the crypto market slipped to an early low of $900.8 billion before surging to a late high of $938.0 billion. While easing back from the high, the market cap rose by $25.2 billion to end the day at $931.1 billion.

Easing bets of a hawkish Fed rate hike in November pushed the market cap back towards the $1 trillion mark.

Crypto market inches back towards $1 trillion.
Total Market Cap 051022 Daily Chart

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

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

DOGE led the way, surging by 9.16%. BNB (+3.20%), BTC (+3.63%), ETH (+2.93%), SOL (+3.67%), and XRP (+3/77%) also enjoyed breakout sessions.

ADA (+1.87%) trailed the front runners, however.

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

Convex Finance (CVX) and DOGE led the way, with gains of 8.28% and 9.16%, respectively. Helium (HNT) was also a front runner, rallying by 6.24%.

However, Reserve Rights (RSR), Terra Classic (LUNC), and Chiliz (CHZ) were among several to buck the broader market trend. RSR slid by 5.96%, with LUNC and CHZ seeing losses of 3.17% and 1.05%, respectively.

24-Hour Crypto Liquidations Inch Higher on BTC Return to $20,000

Over 24 hours, total liquidations increase on Tuesday, with a BTC return to $20,000 likely catching the bears off guard. At the time of writing, 24-hour liquidations stood at $70.43 million, up from $45.45 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 24,358 versus 20,263 on Tuesday morning. Liquidations were up over four and twelve hours while down over the last hour.

Crypto liquidations rise on BTC return to $20,000.
Total Crypto Liquidations 051022

According to Coinglass, 12-hour liquidations stood at $35.28 million, up from $29.66 million on Tuesday morning, with four-hour liquidations up from $5.00 million to $11.41 million. However, one-hour liquidations were down from $1.64 million to $0.568 million, reflecting a bullish end to the session.

The chart below shows market conditions throughout the session.

Crypto market sees bullish end to the session.
Total Market Cap 051022 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 – DOGE and BNB Bucked the Top Ten Trend

Key Insights:

  • It was a mixed Friday for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
  • The crypto market recoupled from the NASDAQ 100, which fell for a third consecutive quarter on Fed and recession fears.
  • A mixed session left the total market cap down $48 billion for the session while up $40 billion for the quarter.

It was a mixed Friday session for the crypto top ten. DOGE bucked the top tend trend. However, BTC extended its losing streak to four quarters with a bearish Friday session. Despite the bearish session, BTC revisited $20,000 for just the second time in twelve sessions.

On Friday, the crypto market tracked the NASDAQ 100 into the red, with US inflation weighing.

NASDAQ correlation
Total Market Cap – NASDAQ – 011022 5 Minute Chart

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss.

Fed fear resurfaced at the end of the week, with US inflationary pressures picking up in August. The Core PCE Price Index increased by 4.9%, up from 4.7% in July.

Softer consumer sentiment figures for September provided brief relief before the crypto market and the NASDAQ reversed session gains. In September, the Michigan Consumer Sentiment Index rose from 58.2 to 58.6, down from a prelim 59.5.

Fed Fear and market jitters over a recession led the NASDAQ 100 to a third consecutive quarterly loss, the longest losing streak since the Global Financial Crisis. The correlation between the crypto market and the NASDAQ was evident throughout the three quarters of the year.

However, a brief post-Fed policy decision decoupling from the NASDAQ 100 delivered the quarterly rise for the broader crypto market.

Post-Fed decoupling.
Total Market Cap – NASDAQ – 011022 Daily Chart

Crypto Market Ends the Third Quarter on a Bearish Note

On Friday, the crypto market fell to a mid-day low of $893.3 billion before rising to a high of $933.13 billion. However, a bearish end to the Friday session saw the market cap slide back to sub-$900 billion before steadying.

Market reaction to the US inflation numbers reignited Fed fear, leaving the market in the red for the session. The bearish Friday session left the crypto market cap down $48.4 billion for September. However, the market cap rose by $39.8 billion in the third quarter.

Crypto market cap sees bearish Friday.
Total Market Cap 011022 Daily Chart

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

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

DOGE and BNB rose by 1.29% and 0.21%, respectively, to buck the top ten trend.

However, SOL reversed Thursday’s 2.11% gain with a 2.00% loss to lead the way down.

XRP (-1.42%) also struggled while ADA (-0.68%), BTC (-0.81%), and ETH (-0.53%) saw relatively modest losses.

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

Terra Classic (LUNC) led the way, rallying by 9.58%, with Quant (QNT) and Helium (HNT) seeing gains of 5.78% and 5.30%, respectively.

However, Chainlink (LINK) led the way down, falling by 4.03%, with Celsius (CEL) and Pancake Swap (CAKE) seeing losses of 3.72% and 3.21%, respectively.

24-Hour Crypto Liquidations Holds Steady Despite Bearish Session

Over 24 hours, total liquidations held steady during the Friday session, despite a pickup in US inflationary pressure. At the time of writing, 24-hour liquidations stood at $92.79 million, up from $91.62 million on Friday morning.

Liquidated traders over the last 24 hours also inched higher. At the time of writing, liquidated traders stood at 28,614 versus 28,061 on Friday morning. Liquidations were down over twelve hours and the final hour of the day (UTC) while up over four hours.

Crypto liquidations hold steady.
Total Market Cap 011022 Hourly Chart

According to Coinglass, 12-hour liquidations stood at $66.05 million, down from $70.50 million on Friday morning, with one-hour liquidations down from $1.97 million to $0.563 million. However, four-hour liquidations were up from $10.46 million to $14.90 million.

The chart below shows market conditions throughout the session.

US Economic Indicators Influence.
Total Market Cap 011022 Hourly Chart

Crypto Market Daily Highlights – XRP Led the Top Ten into the Red

Key Insights:

  • It was a bearish Tuesday for the crypto top ten, with XRP leading the way down for a second consecutive session.
  • Risk aversion hit the crypto market, which had enjoyed a bullish morning session before succumbing to external market forces.
  • The total crypto market cap fell by $7.1 billion to $895.9 billion.

It was a bearish Tuesday session for the crypto top ten. XRP led the way down for a second session. Waning investor optimism towards a favorable outcome to the SEC v Ripple case weighed. BTC visited $20,000 for the first time in nine sessions before ending the day in the red.

US economic indicators likely contributed to the afternoon sell-off. In September, the CB Consumer Confidence Index increased from 103.6 to 108.0. Economists forecast a rise to 104.5. The increase came despite the current inflation environment, the Fed’s policy moves, and the economic outlook.

The consumer confidence figures support the Fed’s policy goals, which likely contributed to the risk-off session. Jobs and wages were the driving force behind the pickup in consumer confidence. The survey cut-off date was before last week’s interest rate hike.

On Tuesday, the NASDAQ 100 rose by 0.25%, while the S&P500 and the Dow fell by 0.21% and 0.43%, respectively. This morning, the NASDAQ 100 Mini was up 23.75 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 280922 5 Minute Chart

Crypto Market Fell Back to sub-$900bn in Risk-Off Session

On Tuesday, the crypto market cap surged to a mid-day high of $944.9 billion before sliding to a late low of $882.4 billion. The afternoon sell-off left the market cap at $895.9 billion, down $7.1 billion for the session.

Crypto market cap falls back to sub-$900 billion.
Total Market Cap 280922 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.

XRP and SOL led the way down, sliding by 4.68% and 3.54%, respectively.

ADA (-1.34%), BNB (-1.38%), and DOGE (-1.02%) also struggled, while BTC (-0.72%) and ETH (-0.65%) saw modest losses.

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

Quant (QNT), Reserve Rights (RSR), and Uniswap (UNI) led the way. RSR surged by 12.41%, with QNT and UNI seeing gains of 10.55% and 7.47%, respectively.

However, Terra Classic (LUNC), Terra (LUNA), and Chiliz (CHZ) were among the worst performers. LUNC and LUNA slid by 9.05% and 9.93%, respectively, with CHZ falling by 3.37%.

24-HourCrypto Liquidations Spike as Market Conditions Turn Bearish

Over 24 hours, total liquidations saw a sharp increase on Tuesday, returning to a more normal level.

At the time of writing, 24-hour liquidations stood at $154.14 million, up from $79.89 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 49,758 versus 42,166 on Tuesday morning. Liquidations were up over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations rise.
Total Crypto Liquidations 280922

According to Coinglass, 12-hour liquidations stood at $86.08 million, up from $25.84 million on Tuesday morning, with four-hour liquidations up from $3.31 million to $4.38 million. One-hour liquidations rose from $0.612 million to $1.92 million.

The chart below shows market conditions throughout the session.

US Consumer confidence hits the crypto market.
Total Market Cap 280922 Hourly Chart

Crypto Market Daily Highlights – XRP and DOGE Buck the Top Ten Trend

Key Insights:

  • It was a mixed start to the week for the crypto top ten, with XRP and DOGE bucking the top ten trend for the wrong reasons.
  • Significantly, the crypto market decoupled from the NASDAQ 100 for a third consecutive session.
  • The total crypto market cap rose by $17.2 billion to $903.0 billion.

It was a mixed Monday session for the crypto top ten. XRP and DOGE bucked the top ten trend, while SOL led the way. BTC fell short of $20,000 for an eighth consecutive session but ended the day at $19,000 for the first time in three sessions.

It was a quiet Monday session, with no US economic indicators to draw investor interest. While investor jitters over the Fed and the economic outlook continued to weigh on the NASDAQ 100, there were no crypto news events to test the crypto market.

Following Thursday’s post-Fed decoupling, crypto investors appear to have moved on from the Fed and the gloomy economic outlook. Major fiat currency pairings, the crosses, and the exotics have suffered at the hands of the Fed and the dollar, increasing the allure of cryptos as an alternative store of value.

On Monday, the NASDAQ 100 fell by 0.60%, while the NASDAQ 100 Mini was up 20.25 points this morning.

NASDAQ correlation weakens.
Total Market Cap – NASDAQ – 270922 5 Minute Chart

Crypto Market Claws Its Way Back to $900 billion Despite NASDAQ Fall

On Monday, the crypto market cap tumbled to a mid-morning low of $877.0 billion before rising to a late high of $910.0 billion. As a result of a bullish afternoon session, the crypto market cap increased by $17.2 billion to end the day at $903.0 billion.

Despite the bullish Monday session, the crypto market is down $106 billion for the current month.

Crypto market cap returns to $900 billion.
Total Market Cap 270922 Daily Chart

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

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

XRP and DOGE bucked the top ten trend, with losses of 4.61% and 0.07%, respectively.

However, it was a bullish session for the rest of the top ten, with SOL rallying by 4.80% to lead the way.

BTC (+2.22%) and ETH (+3.24%) also found strong support, while ADA (+0.22%) and BNB (+0.66%) trailed.

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

Terra Classic (LUNC), Terra (LUNA), and TerraClassicUSD (USTC) led the way. LUNA surged by 57.64%, with LUNC and USTC rallying by 33.34% and 14.08%, respectively.

Leading crypto exchange Binance delivered the breakout session after announcing it would begin burning LUNC trading fees.

However, Algorand (ALGO) led the way down, sliding by 5.09%, with XRP and apecoin (APE) seeing losses of 4.61% and 3.67%, respectively.

24-HourCrypto Liquidations Reflect Bullish Afternoon Session

Over 24 hours, total liquidations rose on Monday but remained low following the bullish Monday crypto session.

At the time of writing, 24-hour liquidations stood at $79.89 million, up from $74.63 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 42,166 versus 34,027 on Monday morning. However, liquidations were down over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations remain on lower side.
Total Crypto Liquidations 270922

According to Coinglass, 12-hour liquidations stood at $25.84 million, down from $62.62 million on Monday morning, with four-hour liquidations down from $23.32 million to $3.31 million. One-hour liquidations fell from $0.901 million to $0.612 million.

The chart below shows market conditions throughout the session.

Crypto hourly chart reflects bullish afternoon session.
Total Market Cap 270922 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 – DOGE Leads Bullish Top Ten Session

Key Insights:

  • It was a mixed Friday session for the crypto top ten, with DOGE leading XRP and SOL.
  • The crypto market decoupled from the NASDAQ 100 for a second consecutive session, despite fears of a global recession.
  • The total crypto market cap rose by $1.16 billion to $905.6 billion.

It was a mixed Friday session for the crypto top ten. DOGE led the way, with XRP and SOL close behind. However, BTC bucked the top ten trend to join the NASDAQ in the red. Significantly, BTC fell short of $20,000 for a fifth consecutive session.

The breakout session for DOGE came on news of a jump in DOGE addresses holding between 100 million and 1 billion over 7-days. Investors also responded favorably to Ethereum co-founder Vitalik Buterin saying that Dogecoin should move to the Proof-of-Stake (PoS) protocol.

For the broader crypto market, better-than-expected US private sector PMI numbers initially sent the market into the red before a post-stat rebound.

In September, the Manufacturing PMI rose from 51.5 to 51.8, with the Services PMI up from 43.7 to 49.2. Significantly, the numbers showed the US economy diverging from the Eurozone and the UK economies. The US composite PMI rose from 43.7 to 49.2. By contrast, the Eurozone composite fell from 48.9 to 48.4 and the UK composite from 49.6 to 48.4.

Weakening currencies amidst a gloomy economic backdrop may have fueled demand for cryptos as the Dollar’s dominance strengthens.

However, despite the better-than-expected US PMIs, the NASDAQ 100 fell by 1.80%. PMIs from the Eurozone and the UK raised fears of a global recession. The weak numbers and central banks committed to bringing inflation to target remain the bearish theme, which could thaw the crypto market out of the Crypto Winter.

NASDAQ decoupling.
Total Market Cap – NASDAQ – 240922 5 Minute Chart

Crypto Market Decouples from the NASDAQ for a Second Session

On Friday, the crypto market cap rose to a pre-Eurozone and member state PMI high of $921.21 billion. The PMIs from Europe and the US sent the crypto market cap to a low of $870.6 billion before a late rebound.

Market reaction to PMIs.
Total Market Cap 240922 Hourly Chart

On Friday, the crypto market cap increased by $1.16 billion to $905.64 billion. However, the crypto market was down $48 billion for September.

Crypto market cap rises for a second session.
Total Market Cap 240922 Daily Chart

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

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

DOGE led the way, rallying by 6.31%, with XRP and SOL seeing gains of 4.66% and 5.76%, respectively.

ADA (+0.87%), BNB (+0.47%), and ETH (+0.03%) also ended the day in positive territory, while BTC bucked the trend, falling by 0.59%.

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

Reserve Rights (RSR), Cronos (CRO), and Helium (HNT) led the way. RSR rallied by 14.37% to join the top 100, with CRO and HNT seeing gains of 13.68% and 8.89%, respectively.

However, UNUS SED LEO (LEO) led the way down, sliding by 14.07%, with Toncoin (TON) and Terra Classic (LUNC) falling by 8.08% and 10.32%, respectively.

24-HourCrypto Liquidations Rise on Recession Fears

Over 24 hours, total liquidations increased despite the crypto market decoupling from the NASDAQ 100 for a second session.

At the time of writing, 24-hour liquidations stood at $147.92 million, up from $110.35 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 63,896, up from 38,827 on Friday morning.

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

Crypto liquidations rise.
Total Crypto Liquidations 240922

According to Coinglass, 12-hour liquidations stood at $81.53 million, up from $65.30 million on Friday morning, with four-hour liquidations rising from $24.70 million to $32.29 million. However, one-hour liquidations decreased from $6.44 million to $4.52 million, reflecting late support. The chart below shows market conditions throughout the session.

Crypto market steadies in the final hour.
Total Market Cap 240922 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 – XRP Rallies While ETH Sees Red

Key Insights:

  • It was a mixed Friday session for the crypto top ten. XRP led the way, while ETH continued to struggle post-Merge.
  • Resurfacing market jitters of a US recession pegged the crypto market back, with the NASDAQ 100 falling by 0.90% to end the week deep in negative territory.
  • The total crypto market cap rose by a modest $0.626 billion to $925.34 billion.

It was a mixed Friday session for the crypto top ten. ETH led the way down, as investors continued to jump ship in the wake of the Ethereum Merge. However, XRP led the top ten, while (BTC) fell short of $20,000 for the first time since September 8, despite ending the day in positive territory.

Market reaction to the Ethereum Merge continued to weigh, with ETC and RVN continuing to slide. However, investors brushed aside recession fears, which weighed on the NASDAQ 100.

On Friday, the NASDAQ 100 fell by 0.90%. Bearish sentiment hit following the release of FedEx (FDX) earnings and news of FedEx withdrawing its financial forecasts on expectations of weakening economic conditions. FedEx shares tumbled by 21.44% on Friday.

NASDAQ correlation.
Total Market Cap – NASDAQ – 170922 5 Minute Chart

Crypto Market Avoids the Red Despite Continued Ethereum Merge Fallout

On Friday, the crypto market cap rose to a late morning high of $936.6 billion before falling to a low of $903.7 billion. Downward pressure came as jitters over a US recession resurfaced, and investors responded further to the Ethereum Merge.

Better-than-expected consumer sentiment figures failed to deliver support. According to prelim figures, the Michigan Consumer Sentiment Index rose from 58.2 to 59.5 in September.

However, the expectation of a one percentage point Fed rate hike was crypto-positive. According to the CME FedWatch Tool, the chance of a 75-basis point rate hike rose from 77% to 82% in the last 24 hours. The chances of a percentage point hike fell from 23% to 18%.

Following Thursday’s Ethereum Merge-fueled sell-off, the crypto market cap increased by $0.626 billion to $925.34 billion. For the current week, the market cap is down $101 billion.

Crypto market sees a choppy session.
Total Market Cap 170922 Daily Chart

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

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

XRP rallied by 9.23%, with DOGE gaining 3.17% to return to the crypto top ten. ADA (+1.93%), BNB (+1.44%), BTC (+0.50%) also avoided the red.

However, ETH and SOL bucked the trend, falling by 2.64% and 2.47%, respectively.

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

Terra Classic (LUNC) and Terra (LUNA) bounced back, with gains of 15.56% and 17.36%, respectively. Cosmos (ATOM) rallied by 11.42%, supported by plans to launch liquid staking.

On the bearish side, Celsius (CEL) and Ravencoin (RVN) led the way down, sliding by 11.77% and 8.79%, respectively. Kyber Network (KNC) was also among the worst performers, falling by 5.61%.

24-HourCrypto Liquidations Fell to Normal Levels in a Mixed Session

Over 24 hours, total liquidations returned to normal as market tensions eased following Thursday’s Ethereum Merge sell-off. At the time of writing, 24-hour liquidations stood at $130.21 million, down from $287.54 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 50,469 versus 79,750 on Friday morning. Liquidations over twelve hours, four hours, and one hour also fell.

Crypto liquidations ease as market conditions settle.
Total Crypto Liquidations 170922

According to Coinglass, 12-hour liquidations stood at $93.63 million, down from $164.90 million on Friday morning, with 4-hour liquidations down from $21.56 million to $11.27 million. One-hour liquidations declined from $7.22 million to $2.24 million. The chart below shows market conditions throughout the session.

Hourly chart shows steadying market conditions.
Total Market Cap 170922 Hourly Chart

Crypto Market Daily Highlights – ETH Led a Post-Merge Sell-Off

Key Insights:

  • It was a bearish Thursday session for the crypto top ten, with ethereum (ETH) leading the way down.
  • A seamless Ethereum transition to a Proof-of-Stake (PoS) sent the crypto market into negative territory. A bearish session for the NASDAQ 100 added to the market angst.
  • The total crypto market cap tumbled by $38.3 billion to $925.6 billion.

It was a bearish Thursday session for the crypto top ten. ETH led the way down, with the Ethereum Merge failing to draw investors from the sidelines. Bitcoin (BTC) ended the day at sub-$20,000 for the first time since September 8.

The heavily anticipated Ethereum Merge took place on Thursday, with no reported hiccups to cause a sell-off. However, post-Merge uncertainty hit the crypto markets, with the NASDAQ 100 falling by 1.43%.

US economic indicators from Thursday supported a 75-basis point rate hike, removing any hopes of a less hawkish move. 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.

NASDAQ correlation.
Total Market Cap – NASDAQ – 160922 5 Minute Chart

Crypto Market Sinks Post-Merge to Leave the Bears in the Driving Seat

On Thursday, the crypto market cap rose to a mid-morning high of $971.8 billion before tumbling to a low of $914.05 billion.

The slide came despite falling bets of a 75-basis point Fed rate hike and the success of the Ethereum Merge.

Following a modest rise on Wednesday, the crypto market cap slid by $38.3 billion to $925.6 billion. For the current week, the market cap is down $101.8 billion.

Crypto Market Cap sinks
Total Market Cap 160922 Daily Chart

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

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

ETH led the way down, sliding by 10.16%.

ADA (-3.12%), BNB (-3.04%), BTC (-2.57%), DOT (-3.75%), SOL (-3.09%), and XRP (4.53%) also saw heavy losses.

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

Cosmos (ATOM) led the way, rallying by 6.67%, with Quant (QNT), and Kyber Network (KNC) seeing gains of 4.96% and 3.16%, respectively.

However, Ravencoin (RVN) led the way down, sliding by 21.6% in response to the Ethereum Merge. Terra Classic (LUNC) and Terra (LUNA) saw losses of 12.5% and 13.6%, respectively. Investors responded further to news of South Korean authorities issuing an arrest warrant for Do Kwon.

24-HourCrypto Liquidations Rise in Response to the Merge

Over 24 hours, total liquidations increased as investors reacted to a bearish NASDAQ session and the Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $287.54 million, up from $164.33 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 79,750 versus 65,683 on Thursday morning.

Liquidations over twelve hours and one hour also rose, while liquidations over four hours declined.

Crypto liquidations.
Total Crypto Liquidations 160922

According to Coinglass, 12-hour liquidations stood at $164.90 million, up from $93.39 million on Thursday morning, with one-hour liquidations up from $5.19 million to $7.22 million. However, four-hour liquidations were down from $25.46 million to $21.56 million. The chart below shows market conditions throughout the session.

Market responds negatively to the Merge
Total Market Cap 160922 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 – ETH Led Top Ten Ahead of the Merge

Key Insights:

  • It was a bullish Wednesday session for the crypto top ten, with ethereum (ETH) leading the way ahead of the Merge.
  • US wholesale inflation figures and the NASDAQ 100 delivered support through the US session.
  • The total crypto market cap increased by $12.46 billion to $963.88 billion.

It was a bullish Wednesday session for the crypto top ten. ETH and ADA led the way in anticipation of the Merge and the Vasil hard fork. Bitcoin (BTC) failed to shine after Tuesday’s 9.9% slump, with a fall to a low of $19,624 before ending the day at $20,234.

Market anticipation of the Merge delivered a bullish ETH session, with ADA benefitting from the focus on network updates.

From the US, economic indicators were crypto-friendly. In August, the annual wholesale inflation rate softened from 9.8% to 8.7%, with the core wholesale inflation rate down from 7.7% to 7.3%. The softer numbers eased bets of a percentage point Fed rate hike, supporting riskier assets.

On Wednesday, the NASDAQ 100 rose by 0.74%. This morning, the markets have priced in a 76% chance of a 75-basis point rate hike and a 24% chance of a percentage point hike. Ahead of the wholesale inflation numbers, there was a 31% chance of a percentage point move.

Wholesale inflation crypto positive.
Total Market Cap 150922 30 Minute Chart

Today, US retail sales, jobless claims, and Philly Fed Manufacturing numbers are due. However, with the Fed’s commitment to bring inflation to target at any cost, the numbers would need to be dire to influence.

NASDAQ correlation.
Total Market Cap – NASDAQ – 150922 5 Minute Chart

Crypto Market Resumes Upward Trend Ahead of the Merge

On Wednesday, the crypto market cap fell to a late afternoon low of $933.4 billion before rising to a late high of $975.6 billion. Softer US wholesale inflation figures provided modest support.

Despite falling bets of a percentage point Fed rate hike, the crypto market cap rose by just $12.5 billion to $963.9 billion. The upside was modest compared with Tuesday’s $78.9 billion slump.

Crypto market cap rises modestly.
Total Market Cap 150922 Daily Chart

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

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

ETH led the way, rallying by 4.09%, with ADA (+3.66%), SOL (+3.46%), and XRP (+2.80%) close behind.

BNB (+0.72%), BTC (+0.29%), and DOT (+1.84%) trailed the front runners.

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

Celsius (CEL) led the way, surging by 28.97%, as investors responded to news of plans to restructure the business. Ravencoin (RVN) and Ethereum Classic (ETC) saw gains of 17.44% and 11.23%, respectively, as the crypto market focused on the Merge.

However, Terra (LUNA), Terra Classic (LUNC), and TerraClassicUSD (USTC) led the way down. LUNA and LUNC slid by 16.10% and 23.34%, respectively, with USTC tumbling by 27.97%. News of South Korea issuing an arrest warrant for founder Do Kwon and several others weighed.

24-HourCrypto Liquidations Fall as Crypto Market Steadies

Over 24 hours, total liquidations decreased as investors reacted to the softer US wholesale inflation numbers and a bullish NASDAQ 100 session. At the time of writing, 24-hour liquidations stood at $164.33 million, down from $353.74 million on Wednesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 65,683 versus 99,381 on Wednesday morning.

Liquidations over twelve and four hours were down. However, one-hour liquidations inched higher as the crypto market turned bearish early in the Thursday session.

Liquidations down over 24-hours.
Total Crypto Liquidations 150922

According to Coinglass, 12-hour liquidations stood at $93.39 million, down from $296.84 million on Wednesday morning, with four-hour liquidations down from $54.37 million to $25.46 million. However, one-hour liquidations were up from $2.88 million to $5.19 million. The chart below shows market conditions throughout the session.

1 hour market cap sees early Thursday red.
Total Market Cap 150922 Hourly Chart

Crypto Market Daily Highlights – SOL and BTC Lead the Top Ten Sell-Off

Key Insights:

  • It is a bearish Tuesday session for the crypto top ten, with solana (SOL) leading the way down and bitcoin (BTC) revisiting sub-$20,000.
  • Fed Fear resurfaced, with the US CPI report for August sending riskier assets into the deep red.
  • The total crypto market cap is down by $75.7 billion to $954.6 billion, with 60 minutes of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Solana (SOL) leads the way down, sliding by 11.01. The bearish session also saw bitcoin (BTC) slide to sub-$20,000 before a partial recovery. Currently down by 9.63%, BTC is set to end a six-day winning streak.

Crypto news wires had a muted impact on the broader crypto market. The US CPI report for August caught investors by surprise, leading to a flight to safety.

In August, the US annual rate of inflation softened from 8.5% to 8.3%, while the core annual rate of inflation accelerated from 5.9% to 6.3%. Economists forecast inflation rates of 8.1% and 6.1%, respectively.

Market reaction to US CPI Report.
Total Market Cap 140922 30 Minute Chart

The numbers raised bets of a percentage point rate hike at next week’s FOMC meeting and a more hawkish move in November. The numbers also sent the NASDAQ 100 into a tailspin. On Tuesday, the NASDAQ 100 tumbled by 5.16%, the largest one-day loss since the early days of the COVID-19 pandemic.

Today, US wholesale inflation figures could test investor resilience further. A pickup in wholesale inflationary pressure would point to an uptrend in consumer prices in the coming months.

NASDAQ correlation.
Total Market Cap – NASDAQ – 140922 Daily Chart

Crypto Market Sees Six-Day Winning Streak Crashing to an End

On Tuesday, the crypto market cap rose to an early evening high of $1,049 billion before hitting reverse. Responding to the US CPI report, the crypto market cap tumbled to a day low of $942.8 billion before steadying.

With 60 minutes of the Tuesday session remaining, the crypto market cap is down $75.7 billion to $954.6 billion. The Tuesday sell-off brings a six-day winning streak to an end.

Crypto market cap sell-off.
Total Market Cap 140922 Daily Chart

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

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

SOL leads the way down, sliding by 11.01%, with BTC (-9.63%) close behind.

However, things are not much better for the rest of the top ten

ADA (-6.99%), BNB (-5.78%), DOGE (-6.26%), ETH (-7.65%), and XRP (-7.48%) also seeing heavy losses.

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

Trust Wallet Token (TWT) and Kyber Network (KNC) are bucking the broader market trend, with gains of 2.20% and 2.62%, respectively.

However, The Graph (GRT) leads the way down, sliding by 15.44%. Golem (GLM) and Helium (HNT) are down by 14.57% and 12.69%, respectively.

24-HourCrypto Liquidations Spike in Response to the US CPI Report

Over 24 hours, total liquidations increased as investors reacted to the US CPI report for August.

At the time of writing, 24-hour liquidations stood at $353.74 million, up from $206.12 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,381 versus 64,872 on Tuesday morning. Liquidations over twelve and four hours were up, while liquidations over one hour declined as the crypto market steadied late in the session.

Crypto liquidations spike.
Total Crypto Liquidations 140922

According to Coinglass, 12-hour liquidations stood at $296.84 million, up from $91.64 million on Tuesday morning, with four-hour liquidations up from $14.45 million to $54.37 million. However, one-hour liquidations were down from $6.68 million to $2.88 million. The chart below shows market conditions throughout the session.

Hourly market cap chart.
Total Market Cap 140922 Hourly Chart

Crypto.com Calls South Korea an “Important Market,” Gets Regulatory Nod

Key Insights:

  • Crypto.com has secured digital assets service provider license from South Korea.
  • The crypto platform announced acquisitions of PnLink Co. and OK-BIT Co.
  • South Korea is one of the most crypto-active countries, with users of around 5.58 million or 10% of the population.

Crypto.com has announced the completion of two key registrations in South Korea, a move it believes could recover the crypto market’s nosedive.

The cryptocurrency platform has secured the country’s Electronic Financial Transaction Act and Virtual Asset Service Provider (VASP) registration in what it calls an “important market.”

The Electronic Financial Transaction Act aims to ensure the safety and reliability of all e-financial transactions. It sets a high regulatory bar, and the approval reflects the nation’s stringent anti-money laundering rules.

Additionally, in December 2021, the Korea Financial Intelligence Unit (KFIU) made it mandatory for all VASPs to register their business to provide crypto services targeting Koreans.

Two Significant Acquisitions

The registration comes after Crypto.com, with the native token Cronos (CRO), announced securing two Korean-based firms – payment service provider ‘PnLink Co. Ltd.’ and virtual asset service provider ‘OK-BIT Co. Ltd.

The company noted the acquisition as “another key regulatory milestone,” following its recent in-principle approval from the Monetary Authority of Singapore and virtual asset license (provisional approval) from the Dubai Virtual Assets Regulatory Authority (VARA).

Announced during the Korea Blockchain Week 2022, which kickstarted Sunday in the capital city of Seoul, Eric Anziani, the COO of Crypto.com, discussed the company’s plans for South Korea after securing payment and crypto registrations.

According to Kris Marszalek, co-founder, and CEO of Crypto.com, this is a critical move in an “important market” like South Korea, one of the most crypto-active countries in Asia.

“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”

The company is also eyeing to further its Web3 ecosystem and advance blockchain technology, Patrick Yoon, general manager for the South Korean arm of Crypto.com, noted.

Furthermore, Anziani told Bloomberg that the company is working with partners in South Korea who are at the forefront of gaming and entertainment.

South Korea Recovers After Terra’s Blow

The algorithmic stablecoin Terra (LUNA) ecosystem’s rise and fall has taken a toll on the entire crypto space globally, particularly in South Korea, the birthplace of its creator – Do Kwon.

Kwon faced legal troubles in South Korea, following which the country’s ruling party announced the launch of a new Digital Asset Committee to oversee the crypto industry in the country.

The nation has thus joined jurisdictions worldwide in pushing for more crypto oversight following TerraUSD (UST) collapse.

Since then, South Korea has made efforts to ensure that investors in cryptos and stablecoins are better protected.

According to a study in March by the Financial Service Commission, South Korea’s crypto assets market has grown multifold – to 55.2 trillion won ($45.9 billion) as of end-2021, and the number of Korean users amounting to nearly 5.58 million or 10% of the population.

This is why crypto firms and service providers flock to South Korea, which has high crypto-friendly rules. Additionally, the country has postponed its plans to tax crypto earnings to 2025, making the environment more conducive to crypto players.

Will the Crypto Winter Thaw in the Second Half of 2022?

Key Insights:

  • The collapse of Terra, 3AC, and insolvency crisis across crypto institutions has created severe bear conditions in Q2.
  • Experts predict prolonged crypto winter in the second half of 2022.
  • Bitcoin saw a quarter-to-quarter loss of over 57%, and ether lost over 67%.

The cryptocurrency market has had a roller coaster ride this year, with signs of liquidity crunch and even insolvency. After raising phenomenally in 2021, bitcoin (BTC), ether (ETH), and other significant cryptos started to plummet.

The $2 trillion crypto market crash wiped out investor gains and obliterated once staple cryptocurrencies. For instance, Terra’s (LUNA) collapse is one of the primary drivers of the crypto market dive. The algorithmic stablecoin lost all of its value following TerraUSD (UST) collapse in May.

Another major driver is the centralized-finance lender Celsius, which offered users yields of more than 18% for depositing their cryptos. The firm paused withdrawals for customers in June.

Market participants are calling the current turmoil a “crypto winter.” To start with, crypto winter is the term used when there is a rapid and prolonged decrease in crypto values. Prices can remain depressed for many months, falling as much as 50-90%. It has been a difficult phase for crypto investors, who are anxious to know how long this uncomfortable period can last and how to survive the frosty crypto markets.

“If Winter Comes, Can Spring Be Far Behind?”

The current phase could be challenging for holders; nonetheless, this is not the first time the market is witnessing such high volatility. Between 2018 and 2020, bitcoin lost nearly half its market value but came back stronger in November 2021, reaching its all-time high.

The latest monetary policy decision from the Fed on Wednesday has had little impact on the bitcoin price. As the Federal Reserve continues to curb stubborn inflation, the central bank raised interest rates by 0.75%, the fourth consecutive increase this year alone.

Soon after the announcement, experts largely predicted that investors should expect new volatility this week. At the start, sentiment in the crypto market appeared slightly bearish, though prices showed signs of going uphill.

Bitcoin was trading above $23,000, and ethereum was trading above $1,700 as of Thursday, both up by over 10%.

Edward Moya, a senior market analyst at Oanda, told the Time publication,

“The FOMC decision provided optimism that the end of tightening is in sight, and that triggered a nice rally for risky assets that helped elevate cryptos.”

Q3 & Q4, 2022: A Ray of Hope for Crypto Investors?

According to Moya, crypto investors are keeping a close eye on the price of bitcoin, ethereum, and other cryptos to see if there is any “possible retest of the June lows.”

However, despite the positive momentum last week, it is no where close to the highs it reached last year. Looking into the crypto’s history of volatility, it is not clear when the market turbulence will settle.

Few market experts predict that there could be more pain in the second half of this year as crypto companies struggle to pay their debts and process customer withdrawals.

For instance, Tom Loverro, a former Coinbase Board member, has shared his predictions on crypto winter in his series of Twitter threads. According to him, the present phase could fall even lower in 2022.

He noted that the pandemic largely drove the 2020 bear market, and the current crypto winter isn’t similar to the 2020 fall. He further said,

“So, these investors will suffer until rates stabilize.”

Loverro advises investors to have enough cash to get through the next 30–36 months. He said, “crypto will come back bigger than ever.”

In an interview with FX Empire, Dora Yue, founder of crypto firm OKEx, said that after this “aggressive round of forced selling and deleveraging,” there are many reasons for investors to remain optimistic, such as:

  • The market has deleveraged, and stablecoin debt utilization has returned to a relatively reasonable level.
  • Asset prices have started to rebound from their lows, especially for Defi.
  • Valuations in the primary market are slowly returning to sanity.
  • Business models and startups will mature more as they go through the market cycle again.

As Q3 of 2022 begins, it wouldn’t be pleasant for bitcoin, given the baby steps that cryptos take to recover. As reported by FXEmpire, bitcoin saw a quarter-to-quarter loss of over 57%, while ether dropped by more than 67% over the same time.

Per Nomura, a Japanese financial services behemoth, major economies could see a recession “‘in the next 12 months amid tightening government policies and higher costs.” The words sent a chill down investors’ spines, expecting hard times in the near future.