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 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 Leads the Top Ten While ETH Sees Red

Key Insights:

  • It is a mixed Monday session for the crypto top ten, with solana (SOL) in breakout mode while ethereum (ETH) struggled.
  • Investor jitters ahead of the approaching Merge and the Vasil hard fork weighed on ETH and Cardano (ADA).
  • The total crypto market cap is up by $2.96 billion to $1,029 billion, with 120 minutes of the session remaining.

It is a mixed Monday session for the crypto top ten. ETH leads the way down, while solana (SOL) leads the way, rallying by 7.00%, supported by NFT news. However, despite the mixed session, bitcoin (BTC) aims to extend the winning streak to six sessions with a return to $22,000.

Crypto market moves suggested investor jitters creeping in ahead of the Ethereum Merge. Cardano (ADA) also struggled, despite progress towards the Vasil hard fork.

However, another bullish session for the NASDAQ 100 was good enough for the broader crypto market. On Monday, the NASDAQ 100 rose by 1.27%, adding to last week’s 4.14% gain.

It could be a trickier day ahead. The US CPI report is in focus early in the U.S session. A pickup in inflationary pressure could create uncertainty over the Fed’s September move. The markets have priced in a 75-basis point rate hike.

NASDAQ correlation.
Total Market Cap – NASDAQ – 130922 Daily Chart

Crypto Market on Target to Extend Winning Streak to Six

On Monday, the crypto market cap fell to an early low of $1,004 billion before climbing to an afternoon high of $1,049 billion. With volatility picking up, the market cap fell back to sub-$1,020 billion before returning to positive territory.

With 120 minutes of the Monday session remaining, the crypto market cap is up $2.96 billion to $1,029 billion. Another positive session would extend the winning streak to six sessions.

Market cap on target for a six-day winning streak.
Total Market Cap 130922 Daily Chart

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

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

SOL leads the way, gaining 7.00%, with BTC (+2.21%) and XRP (+0.53%) also finding support.

However, ETH (-3.06%) leads the way down, with ADA (-0.39%), BNB (-0.88%), and DOT (-0.13%) also seeing red.

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

Ravencoin (RVN) leads the way, rallying by 37.36%, with Golem (GLM) and Hedera (HBAR) seeing gains of 23.53% and 12.06%, respectively.

However, Terra (LUNA), Terra Classic (LUNC), and TerraClassicUSD (USTC) lead the way down. LUNA and LUNC are down by 23.43% and 23.6%, respectively, with USTC falling by 16.83%.

24-HourCrypto Liquidations Inch Higher in Choppy Monday Session

Over 24 hours, total liquidations increased as jitters over network updates. The BTC return to $22,000 led to the liquidation of shorts.

At the time of writing, 24-hour liquidations stood at $206.12 million, up from $127.57 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 64,872 versus 39,529 on Monday morning. Liquidations over one and four hours declined, while liquidations over twelve hours were higher, reflecting market volatility and the late recovery.

Crypto liquidations reflect market conditions.
Total Crypto Liquidations 130922

According to Coinglass, 12-hour liquidations stood at $91.64 million, up from $61.55 million on Monday morning. However, four-hour liquidations were down from $31.52 million to $14.45 million, with one-hour liquidations down from $15.28 million to $6.68 million. The chart below shows market conditions throughout the session.

Crypto market cap chart shows a pickup in volatility.
Total Market Cap 130922 Hourly Chart

Crypto Market Daily Highlights – Bitcoin Returns to $21,000

Key Insights:

  • It is a bullish Friday session for the crypto top ten, with bitcoin (BTC) returning to $21,000.
  • The NASDAQ 100 and riskier assets enjoyed a breakout week, as sidelined investors jumped in despite hawkish Fed chatter and US economic indicators.
  • The total crypto market cap is up $62.58 billion to $1,009 billion, with 60 minutes of the session remaining.

It is a bullish Friday session for the crypto top ten. Bitcoin (BTC) leads the way, with a return to $21,000 for the first time since August 26. DOT and ETH lead the rest of the top ten while trailing BTC on the day.

There were no US stats to spook investors through the US session, allowing the BTC to eye a three-day winning streak. Sentiment towards the Fed monetary policy, inflation, and the economic outlook took a breather. The NASDAQ 100 rallied by a further 2.11% to end the week up 4.14%.

Despite hawkish Fed Chair Powell and FOMC member chatter, the NASDAQ 100 ended a three-week losing streak, which provided crypto support. The ECB’s monetary policy decision looks to have eased Fed fear following the Thursday policy moves that matched those of the Fed.

NASDAQ supports a crypto breakout week.
Total Market Cap – NASDAQ – 100922 Daily Chart

Crypto Market Returns to $1 Trillion for the First Time Since August

On Friday, the total crypto market fell to a low of $944.9 billion before surging to a high of $1,019 billion.

While easing back from the day high, the crypto market cap is up $62.58 billion to $1,009 billion. Three bullish sessions have reversed losses from earlier in the week. For the current week, the total crypto market cap is up $47 billion.

Crypto market cap returns to $1 trillion.
Total Market Cap 100922 Daily Chart

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

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

Crypto market barometer BTC leads the way, rallying 10.8%, with DOT (+5.14%) and ETH (+5.31%) also enjoying solid gains.

However, ADA (+3.97%), BNB (+4.85%), SOL (+3.65%), and XRP (+3.76%) trailed the front runners.

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

Ravencoin (RVN) leads the way, surging by 53.97%, with STEPN (GMT) and TerraClassicUSD (USTC) up by 20.72% and 25.83%, respectively.

Terra Classic (LUNC) and Helium (HNT) buck the top 100 trend, with losses of 12.08% and 2.07%, respectively.

Crypto Liquidations Surge as Extended Rally Hits Short Positions

Over 24 hours, total liquidations jumped as crypto short position holders became victims of an unexpected crypto rally.

At the time of writing, 24-hour liquidations stood at $372.09 million, up from $118.74 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 103,210 versus 36,151 on Friday morning. Liquidations over one hour and twelve hours are higher, while four-hour liquidations are lower.

Crypto liquidations rise in a bullish session.
Total Crypto Liquidations 100922

According to Coinglass, 12-hour liquidations stood at $189.87 million, up from $74.59 million on Friday morning, with one-hour liquidations up from $1.06 million to $2.33 million. However, 4-hour liquidations are down from $17.05 million to $12,32 million. The chart below shows market conditions throughout the session.

Crypto market cap rebound.
Total Market Cap 100922 Hourly Chart

Shiba Inu Drops by 7% While Terra USTC Shoots Up by 153%

Key Insights:

  • Bitcoin and Ethereum are consolidating at their respective lows of $20k and $1.2k.
  • Shiba Inu led the fall for the altcoins with a 7% decline in 24 hours.
  • In an interesting turn of events, TerraUSD Classic is making headway in the crypto market.

While the rest of the market made no specific move, one of the biggest cryptocurrencies in the world exhibited some semblance of a downfall. On the other end of the spectrum was Terra Luna Classic’s 100%+ rally.

Shiba Inu Dips in Bearish Waters

After striking out a solid rally throughout this week, Shiba Inu impressed the investors recovering by 53.32% in the same duration, but the following two days ruined the recovery significantly.

SHIB declined over the next two days, losing out on 13.57% of the recovery it witnessed in June.

Investors are now concerned as to where could the meme coin be headed over the next few days, and by the looks of it, a downtrend might be the answer since price indicators are heavily signaling the same.

The Parabolic SAR, although is currently exhibiting an uptrend, it is actually preparing for a downtrend.

Once the white dots of the indicator change their position from underneath the candlesticks to above the candlesticks, the downtrend should be in effect.

And the chances of the same happening are increasing by the day as the increasing bearishness of the MACD is leading SHIB towards a bearish crossover. This could push SHIB below $0.00001018, which it has been lingering in throughout June.

Terra LUNA Classic To Rise Again?

Probably not, but the rise still managed to surprise investors around the world after the original Terra, now Terra Classic’s stablecoin, for some reason, suddenly started rallying today.

Although the buildup came over the span of the last five days, the breakthrough rise occurred yesterday.

In a single day, the stablecoin shot up by 153% at its peak, bringing the week-long rally to 588%. However, trading at $0.04, USTC is completely useless for any and everyone.

The new Terra LUNA 2.0, on the other hand, is still stuck under $3 but managed to close above $2.5 after a 13% single-day rise.

South Korea Bans Terra Employees’ Exit From Country Amid Investigation

Key Insights:

  • Seoul Southern District Prosecutor’s Office imposed a travel ban on crucial Terra developers.
  • As long as the investigation continues, the ban will be in effect.
  • The newly launched Terra LUNA has met a fate similar to LUNC to some extent.

Terraform Labs’ Terra will definitely go down in history as one of the biggest blunders in the crypto space. Not only did it bring terrible losses to its investors without being a rug pull, but the company behind it also fell into the crosshair of authorities. 

South Korea After Terra

The ongoing investigation against Terraform Labs and its employees pertaining to the collapse of Terra (Now Terra Classic, LUNC) has begun affecting the people that were, in a lot of ways, unaware of the workings of the company.

A former employee/developer recently revealed his plight to the world as the Seoul Southern District Prosecutor’s Office called for an absolute travel ban on certain employees that were centric on the development of Terra.

The same was also brought to light by a local media outlet, JBTC, which in a report highlighted that the travel ban was placed in order to avoid the possibility of either of the company’s employees running away from the country as well as destroying the evidence.

Not only this, the country’s authorities might even proceed to invalidate the CEO Do Kwon’s passport as they begin investigating him.

The Future of Terra

While the company deals with this situation, another situation is starting to develop in the crypto market as the newly launched Terra LUNA 2.0 is back to crashing. 

Right after the cryptocurrency came into existence, it dipped and fell from the high of $19.53 to $4.05. Today the altcoin is finding buyers and sellers at a meager $2.01. This marks an 89.7% drawdown in the span of just 20 days. 

However, the skepticism that came with the arrival of LUNA along with the broader market bearish crash is keeping it rangebound and might take a while to recover from these lows.

SOL Price Prediction: Solana (SOL) Returns to $41 with an Eye on $45

Key Insights:

  • Solana (SOL) fell by 1.27% on Wednesday. Following a 7.25% tumble on Tuesday, SOL fell back to sub-$39.
  • Negative investor sentiment towards more network downtime, coupled with bearish sentiment across the broader crypto market, weighed mid-week.
  • Technical indicators are bearish, with SOL sitting below the 100-day EMA.

On Wednesday, Solana (SOL) fell by 1.27%. Following a 7.25% slide on Tuesday, SOL ended the day at $38.79.

A bullish start to Wednesday’s session saw SOL strike an early high of $40.89 before hitting reverse.

Falling short of the First Major Resistance Level at $42.17, SOL slid to a day low of $38.29.

Steering clear of the First Major Support Level at $36.88, SOL revisited $40 levels before ending the day in the red.

The bearish sentiment from the broader market contributed to the downside, with bitcoin (BTC) returning to sub-$30,000 mid-week.

Adding further downward pressure was further network downtime, which continues to plague Solana and token holders.

Dip Buyers Jump in As Solana Network Conditions Stabilize

Despite frequent network outages, the news wires continue delivering price support.

On Wednesday, FX Empire reported Solana plans to seed invest and issue grants across ‘all web3 verticals, emphasizing South Korea’s crypto games development sector.’

According to the report, Solana Ventures and the Solana Foundation have committed $100 million to support South Korean startups, focusing on DeFi, GameFi, gaming studios, and NFTs.

In addition to grants and seed funding, Solana also aims to provide South Korean developers with product and engineering guidance.

The latest initiative comes in the wake of the TerraUSD (UST) and and Terra LUNA meltdowns and the launch of Luna 2.0.

Solana (SOL) Price Action

At the time of writing, SOL was up 6.24% to $41.21. A bullish morning saw SOL surge from an early morning low of $38.41 to a late morning high of $41.90.

SOL broke through the First Major Resistance Level at $40.36. Coming up against the Second Major Resistance Level at $41.92, SOL eased back to sub-$41.50.

Solana is on the move
SOLUSD 090622 Daily Chart

Technical Indicators

SOL will need to avoid sub-$41 and the First Major Resistance Level at $40.36 to retarget the Second Major Resistance Level at $41.92.

A broad-based crypto rally would support a move back through to $41.50 levels.

In the event of an extended rally, the bulls could target the Third Major Resistance Level at $44.52 and resistance at $45.

A fall through the First Major Resistance Level and the $39.32 pivot would bring the First Major Support Level at $37.76 into play. Barring a bearish afternoon session, SOL should steer well clear of sub-$37. The Second Major Support Level sits at $36.72.

SOL tests resistance levels early.
SOLUSD 090622 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. SOL sits below the 100-day EMA, currently at $43.70. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, both bullish signals.

A move through the 100-day EMA would bring $45 into play.

A return to $43.5 would support a run at $45.
SOLUSD 090622 4-Hourly Chart

Top 10 Cryptocurrencies To Watch in June 2022

Key Insights:

  • After the crash of May 9, most of the cryptocurrencies fell to their lowest in months.
  • Since last week, the crypto market has regained its lost $138 billion.
  • Top cryptos for the month of June include Terra 2.0, ApeCoin, Dogecoin, and more.

The cryptocurrency market, over the course of the last five months, has witnessed a lot of fluctuations and shifts in trends, but the one thing that did not change was the broader market bearishness.

However, the worst of it came to form only this May when the crypto market crashed twice within the same month.

Today all the cryptocurrencies in the market amount to $1.28 trillion after a 12% recovery three days ago, which brought $137.3 billion back into the market.

And even though one may not have found the best opportunity to make profits this month, the month of June certainly presents an opportunity to make gains with these cryptocurrencies that show promise going forward.

1. Bitcoin

Starting off with the king coin, Bitcoin, regardless of the market conditions, is always a good choice since it will find room for growth with minimal fluctuations.

Since BTC holds a 43% domination in the crypto space, a broader market rally will trigger a rise for BTC as well, and those who enter the market at $30k will certainly gain profits by the end of quarter 2.

Trading at $31,583, BTC is set to rise further after the 11.27% rally noted this week.

2. Cardano

With the Vasil hard fork set to arrive by the end of June, Cardano, at the moment, is one of the biggest coins to look forward to as investors expect this to be the turning point for the cryptocurrency.

A similar bullishness was also noted last year when the Alonzo hard fork was set to activate, and hopefully, this time around, investors can actually recover their losses.

ADA recently noted a 37.44% rise which brought the price up to $0.61, inching it closer to the critical support of $1.

3. Terra 2.0

Although Terra’s UST and LUNC (now Terra Classic) was the cause of one of the biggest crash in the history of crypto this month, Terraform Labs is giving it another shot.

Last week they launched a new blockchain with a new set of tokens still named LUNA to retrace their steps back to their peak.

Despite the depegging and subsequent LUNC supply overflow, Terra as a blockchain holds a lot of potential in the DeFi space, and that will be LUNA 2.0’s boon going forward as it trades at $7.19 today.

4. ApeCoin

Although it has been well over two months since its launch, ApeCoin hasn’t exhibited skyrocketing feats.

The reason behind this is the unfortunate timing as the broader market bearishness combined with the crash of May 9 halted its growth, and the altcoin came crashing down by 75.88%

But that doesn’t take away from the fact that APE is one of the most profitable projects in the crypto space, thanks to it being the token of the Bored Ape Yacht Club NFT collection.

The biggest NFT project will only grow further when the BAYC NFT-based feature film is released, and consequently, APE will skyrocket.

5. Dogecoin

The meme coin lives! It is a surprise that DOGE continues to be one of the topmost cryptocurrencies globally and that it has endured the recent crashes.

While Dogecoin does not have much to offer as a blockchain and cryptocurrency, its resilience definitely makes it a worthy investment vehicle. 

Besides, the meme coin will always have the backing of the “DOGEfather” Elon Musk, who recently made it a viable payment option for its SpaceX merchandise.

6. Axie Infinity Shards

One of the biggest Gaming tokens in the crypto space, AXS has always held its position as a profitable crypto investment.

Although the token took a hit in January after Axie Infinity’s Ronin bridge was hacked for $625 million, and once again during the recent crash, AXS has bounced back quickly. 

Supported with the launch of Axie Infinity Origins in May, AXS noted the highest single-day rally in more than six months of 35.22%.

As the GameFi protocol continues to expand, AXS will also continue to grow thanks to its utility and value.

7. Flow

If this is a name you haven’t heard before, you’re not alone. Up until a few days ago, Flow wasn’t a big deal, but in the last week of May, the blockchain and token shot up in value owing to the announcement of a prominent Instagram artist’s NFT project on the Flow blockchain.

Consequently, FLOW became the biggest NFT token with a market cap of $2.74 billion, surpassing ApeCoin.

However, this is not what makes FLOW an unmissable opportunity. The blockchain created by Dapper Labs, creators of CryptoKitties, is backed by some major industry players, including Coinbase, Google Ventures, Samsung, Reddit, and Zynga, among others.

This makes the token a highly valuable asset that is poised to witness growth going forward.

8. Uniswap

Uniswap does not warrant an introduction as it is the biggest Decentralized Exchange (DEX) in the world.

Although the entire DeFi space is relatively quiet right now owing to the bearishness in the market, Uniswap still managed to maintain an average transaction volume of $10 billion every week.

As the market recovers, so will the DeFi space, and DEX’s will be in high demand. Naturally, UNI will observe high traction, eventually placing it on the path to a rally, which it might already be on given its recent 17.27% increase.

9. Decentraland

Known to be the pioneer of Metaverse, the Decentraland is definitely a cryptocurrency to look out for this month as Metaverse is becoming a place of choice for not just the crypto niche but also for mainstream industry players who are using it as a means of marketing.

Thus Decentraland is set to observe high demand, which will automatically trigger a rise for MANA.

As it is, the token was the first and the quickest cryptocurrency to recover from the crash of May 9, when it rose by 92.69% in 48 hours.

10. The Sandbox

Last but certainly not least, The Sandbox is also a rising star in the crypto space, being a Metaverse platform.

The Sandbox, although it has been on a downtrend since its all-time high of December, still is a sure-shot investment option, given it recently surpassed the likes of AAVE and Axie Infinity by market cap.

Plus, recently, the platform became the new home of the King of Rock and Roll, Elvis Presley, whose NFTs will be launched as avatars in the Metaverse.

As the market comes closer to the end of the second quarter, it will be interesting to see which other altcoins rise the ranks to become the next big investment option.

Within 72 Hours Since Its Launch, Terra LUNA 2.0 Crashes by 57%

Key Insights:

  • Terra LUNA 2.0 launched at a price of $19.53 and is currently trading at $8.9.
  • Every major cryptocurrency exchange is supporting the launch of Terra 2.0
  • However, skeptical investors are dumping the new LUNA token airdropped to them.

The fall of Terra will be remembered as the biggest disaster in the history of crypto, but the team behind the blockchain is not giving up.

Terraform Labs launched the new Terra 2.0 three days ago in the hopes of bringing its investors back to the network, but it seems like these investors have a much different plan for the token.

Terra LUNA 2.0 Disappoints at Launch

Launched with a circulating supply of 210 million LUNA and a max supply of 1 billion LUNA, Terra 2.0 set out to reinitiate the blockchain and bring back all the DeFi protocols it had on the chain previously.

As for the investors, Terra began airdropping tokens to individuals who already held the now LUNA classic token (LUNC). While announcing the same, Terra highlighted the multiple use cases new LUNA would have by tweeting,

“Users can do multiple things with their liquid $LUNA, including staking it on Terra Station to their preferred validator(s) to earn rewards & participate in governance decisions, using it on dApps upon launch, or trading it on an exchange.”

The listing of the new LUNA was also supported by almost every major cryptocurrency exchange. Binance even participated in airdropping and distributing the tokens to users by categorizing them based on their holding.

LUNA 2.0 distribution ratio | Source: Binance

However, this did not sit well with the investors. Most of the users were initially ineligible for the new LUNA airdrop as they had already sold it as soon as the price began falling around May 5.

By the time the new plan could be announced, most of them had already exited the LUNC market.

But the ones that were still holding onto LUNC haven’t been particularly supportive of the coin either, as they are dumping the new LUNA token as soon as they receive it. 

The cause of the new crash

As a result of the dumping, LUNA once again crashed within the last 72 hours. After launching at $17.8, the altcoin rallied to touch $19.5 before falling to $4.19 over the next few hours.

LUNA 2.0 price action | Source: TradingView

Although the price recovered slightly in the last 24 hours, it still stood way below it was at launch, trading at $8.4, marking a 57% decline.

It is way premature to be declaring whether or not Terra can recover from the new adversity and regain investors’ faith and confidence, but it will certainly take a long time for it to reach its earlier highs.