Crypto Market Daily Highlights – XRP Bucked the Top Ten Trend Again

Key Insights:

  • It was another mixed day for the crypto top ten on Thursday, with ripple (XRP) extending its winning streak to four sessions.
  • Hawkish Fed chatter weighed on the NASDAQ 100 and the crypto market, while sentiment towards the SEC v Ripple case delivered XRP price support.
  • The mixed session saw the crypto market cap fall by $6.9 billion to $918.8 billion.

It was a mixed Thursday session for the crypto top ten. XRP saw green to buck the top ten trend. However, BNB led the way down, with BTC ending the day at sub-$20,000 for the first time in three sessions.

US economic indicators took a back seat, with Fed chatter weighing on market risk sentiment ahead of today’s nonfarm payrolls.

FOMC member Charles Evans delivered the blow, talking of 125 basis points of rate hikes before the end of the year. However, the losses were modest, with mixed sentiment towards a Fed-fueled recession limiting the damage. The jury is out on whether there will be a soft or hard landing and how far the Fed will push once indicators begin to flash red.

The crypto market continued to track the NASDAQ 100 through the Thursday session, with the NASDAQ 100 falling by 0.68%. This morning, the NASDAQ 100 Mini was down 32 points.

Softer US jobless claims figures had a muted impact on the markets. In the week ending September 30, initial jobless claims increased from 190k to 219k. However, US nonfarm payrolls will have a material impact on the markets later today.

NASDAQ correlation.
Total Market Cap – NASDAQ – 071022 5 Minute Chart

Crypto Market Sees Red on Hawkish Fed Chatter

On Thursday, the crypto market rose to an early morning high of $940.6 billion before sliding to a late low of $912.4 billion. Fed fear continued to weigh on investor appetite, with tight labor market conditions allowing the Fed to continue its aggressive course to bring inflation to target.

However, a final-hour partial recovery left the market cap down $6.9 billion to $918.8 billion for the session.

Crypto market sees red.
Total Market Cap 071022 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.

XRP bucked the trend, rising by 0.84%.

However, BNB slid by 2.48% to lead the way down, with DOGE (-2.08%) and SOL (-2.07%) also struggling.

ADA (-0.46%), BTC (-0.97%), and ETH (-0.02%) saw modest losses.

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

Casper (CSPR) led the way, surging by 12.54%, with XDC network (XDC) and ravencoin (RVN) seeing gains of 5.25% and 4.77%, respectively.

However, Helium (HNT) slid by 9.80% to lead the way down, with chainlink (LINK) and Synthetix (SNX) seeing losses of 3.00% and 3.22%, respectively.

24-Hour Crypto Liquidations Fall Despite Bearish Session

Over 24 hours, total liquidations declined, with the crypto market loss modest on Thursday. At the time of writing, 24-hour liquidations stood at $48.84 million, down from $62.65 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 20,518 versus 24,837 on Thursday morning. Liquidations were up over four hours while down over twelve hours and the last hour.

Crypto liquidations fall.
Total Crypto Liquidations 071022

According to Coinglass, four-hour liquidations stood at $7.89 million, up from $3.83 million on Thursday morning. However, 12-hour liquidations were down from $43.04 million to $27.24 million, with one-hour liquidations down from $0.414 million to $0.347 million.

The chart below shows market conditions throughout the session.

Final hour support leads one hour liquidations downwards.
Total Market Cap 071022 Hourly Chart

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

Key Insights:

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

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

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

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

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

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

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

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

Crypto Market Enjoys a Bullish Session Supported by Weak US Stats

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

Crypto market sees red.
Total Market Cap 061022 Daily Chart

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

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

XRP bucked the trend, rising by 1.78%.

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

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

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

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

24-Hour Crypto Liquidations Slip Despite a Choppy Wednesday

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

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

Liquidations fall over 24-hours.
Total Crypto Liquidations 061022

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

The chart below shows market conditions throughout the session.

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

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

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with XRP bucking the top ten trend.
  • Investor anxiety ahead of the Fed interest rate decision and projections weighed, while XRP heads north.
  • The total crypto market cap is down by $21.5 billion to $885.6 billion.

It is a mixed Tuesday session for the crypto top ten. XRP leads the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, ETH leads the way down, with BTC falling short of $20,000 for a second consecutive session.

Market angst over the upcoming Fed policy decision and FOMC projections continue to weigh. Fears of a hawkish Fed sending the global economy into a recession remain the theme following last week’s warnings.

The NASDAQ 100 failed to deliver support, falling by 0.95%, with Ford (F) joining a growing list of US giants to sound the alarm bells. On Tuesday, Ford reportedly said that inflation-related supplier costs would run about $1 billion higher than expected.

Supply chain disruption also remained an issue, with the company estimating that it will have up to 45,000 vehicles in inventory, lacking parts.

On Wednesday, the Fed will be the driving force and should remove a high degree of uncertainty vis-à-vis monetary policy. The crypto market will need a dovish 75-basis point rate hike to support a bullish end to the Wednesday session. Talk of smaller rate hikes in November and December, and a soft landing, should be crypto-friendly.

NASDAQ correlation.
Total Market Cap – NASDAQ – 210922 5 Minute Chart

Crypto Market Slides Back to Sub-$900bn on Fed Fear

On Tuesday, the crypto market cap rose to an early high of $914.9 billion before sliding to an early afternoon low of $876.2 billion. A late afternoon partial recovery to $904 billion was brief, with external market forces weighing.

With 120 minutes of the Tuesday session remaining, the total crypto market cap is down $21.5 billion to $885.6 billion.

Crypto market back at sub-$900bn.
Total Market Cap 210922 Daily Chart

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

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

XRP leads the way with 120 minutes of the session remaining (UTC), surging 7.17%. The hope of a favorable outcome to the SEC v Ripple case delivered support.

However, it is a bearish session for the rest of the top ten, with ETH (-4.34%) leading the way down.

ADA (-3.09%), BNB (-2.28%), BTC (-3.36%), and SOL (-3.21%) are also in the deep red, while DOGE is down by just 0.68%.

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

Helium (HNT), XRP, and Stellar (XLM) lead the way. HNT is up 8.17%, with XRP and XLM seeing gains of 7.17% and 6.24%, respectively.

However, cosmos (ATOM) and ravencoin (RVN) lead the way down, with losses of 10.67% and 9.55%, respectively. ApeCoin (APE) is also struggling, with a 4.28% fall.

24-HourCrypto Liquidations Slide Back on Bearish Session

Over 24 hours, total liquidations declined amidst rising fear towards the Fed monetary policy decision on Wednesday.

At the time of writing, 24-hour liquidations stood at $121.53 million, down from $292.44 million on Tuesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 37,436 versus 71,318 on Tuesday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.

Crypto liquidations slow ahead of the Fed.
Total Crypto Liquidations 210922

According to Coinglass, 12-hour liquidations stood at $82.23 million, down from $98.29 million on Tuesday morning, with four-hour liquidations falling from $24.44 million to $16.13 million. However, one-hour liquidations increased from $4.27 million to $11.61 million, reflecting a late Tuesday pullback. The chart below shows market conditions throughout the session.

Hourly chart aligned with liquidations.
Total Market Cap 210922 Hourly Chart

Crypto Market Daily Highlights – ETH Slides to Sub-$1,400

Key Insights:

  • It was a bearish end to a bearish week for the crypto top ten, with ethereum (ETH) leading the way down.
  • Fed Fear resurfaced on Sunday, with investors looking ahead to Wednesday’s monetary policy decision and economic projections.
  • The total crypto market cap slid by $46.5 billion to $895.3 billion.

It was a bearish Sunday session for the crypto top ten. ETH led the way down, tumbling to sub-$1,400. BTC ended the session at sub-$20,000 for a third session in the week.

News of a replay attack on Ethereum Proof-of-Work may have contributed to the bearish session. However, investor apprehension ahead of the Fed’s monetary policy decision likely led to the market pullback.

Late in the session, the market steadied, with the NASDAQ 100 Mini delivering much-needed support. At the time of writing, the NASDAQ 100 Mini was up 10.0 points, easing immediate fears of another bearish US session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

NASDAQ correlation.
Total Market Cap – NASDAQ – 190922 Daily Chart

Crypto Market Slides to End the Week at Sub-$900bn

On Sunday, the crypto market cap fell from an early high of $944.6 billion to a late low of $888.2 billion. While steadying late in the session, the market cap slid by $46.5 billion to end the session at $895.3 billion. The market cap last ended a session at sub-$900 billion on July 13.

The bearish Sunday left the crypto market cap down by $130.2 billion in the week.

Total market cap tumbles to sub-$900bn.
Total Market Cap 190922 Daily Chart

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

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

ETH tumbled by 9.14% to lead the way down, with ADA (-7.82%), DOGE (-7.65%), and SOL (-7.69%) close behind.

BNB (-4.59%), BTC (-3.51%), and XRP (-5.34%) saw relatively modest losses.

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

Ravencoin (RVN), ethereum classic (ETC), and Curve DAO Token (CRV) led the way down. RVN slid by 15.84%, with ETC and CRV seeing losses of 14.30% and 13.68%, respectively.

Chiliz (CHZ) bucked the broader market trend, rising by 2.65%.

24-HourCrypto Liquidations Spike on Bearish Sunday Session

Over 24 hours, total liquidations spiked in response to a late Sunday sell-off.

At the time of writing, 24-hour liquidations stood at $264.19 million, up from $58.46 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,009 versus 23,956 on Sunday morning.

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

Crypto liquidations spike.
Total Crypto Liquidations 190922

According to Coinglass, 12-hour liquidations stood at $226.35 million, up from $39.49 million on Sunday morning. Four-hour liquidations rose from $12.02 million to $140.44 million. However, one-hour liquidations fell from $3.76 million to $2.79 million as market conditions steadied. The chart below shows market conditions throughout the session.

Crypto market cap finds NASDAQ 100 support.
Total Market Cap 190922 Hourly Chart

Crypto Market Daily Highlights – XRP Led the Top Ten for a Second Day

Key Insights:

  • It was a bullish Saturday session for the crypto top ten. XRP led the way for a second session.
  • Recession fears failed to influence, with dip buyers providing support in the wake of the Ethereum Merge selloff.
  • The total crypto market cap rose by $16.5 billion to $941.8 billion.

It was a bullish Saturday session for the crypto top ten. XRP led the top ten, with ETH avoiding a third consecutive session in the red. Improving market conditions also saw BTC return to $20,000.

Market sentiment improved through Saturday, with investors brushing aside fears of a US recession. Heavy losses across the crypto market drew dip buyers to support the bullish Saturday session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

Last week, the Ethereum Merge led to the crypto market decoupling from the NASDAQ 100. However, with the market focus on the Fed, we can expect a close correlation in the week ahead.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180922 Daily Chart

Crypto Market Rises but Remains in the Red for the Week

On Saturday, the crypto market cap fell to a mid-day low of $919.4 billion before rising to a final hour high of $946.0 billion.

Recession fears failed to weigh, with dip buyers jumping in following the market reaction to the Ethereum Merge. Easing fear of a percentage point Fed rate hike also provided crypto market support.

However, following Tuesday’s US CPI report and the Ethereum Merge-driven selloffs, the crypto market cap is down $97 billion for the week. On Saturday, the crypto market cap rose by $16.5 billion to $941.8 billion.

Crypto market cap down for the week.
Total Market Cap 180922 Daily Chart

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

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

XRP rallied by 5.87% to lead the way, with SOL (+4.50%) close behind.

ADA (+2.32%), DOGE (+2.88%), and ETH (+2.46) also found strong support while BNB (+1.53%), BTC (+1.57%) trailed.

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

ApeCoin (APE) led the way, surging by 20.83%, with Chiliz (CHZ) and yearn.finance (YFI) seeing gains of 7.12% and 7.90%, respectively.

However, ravencoin (RVN) continued to struggle, falling by 3.56%, with cosmos (ATOM) and celsius (CEL) seeing losses of 1.16% and 1.05%, respectively.

24-HourCrypto Liquidations Tumbled to sub-$100 million on Bullish Session

Over 24 hours, total liquidations fell below normal as market tensions eased further following Thursday’s Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $58.46 million, down from $130.21 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 23,956 versus 50,469 on Saturday morning.

Liquidations over twelve hours also fell while rising over 4 hours and one hour.

Liquidations over the last hour rise on bearish start to the Sunday session.
Total Crypto Liquidations 180922

According to Coinglass, 12-hour liquidations stood at $39.49 million, down from $93.63 million on Saturday morning. Four-hour liquidations rose from $11.27 million to $12.02 million, with one-hour liquidations up from $2.24 million to $3.76 million. The chart below shows market conditions throughout the session.

Crypto market turns bearish.
Total Market Cap 180922 Hourly Chart

5 Things to Know in Crypto Today: US Regulatory Activity Spikes

Key Insights:

  • Ethereum (ETH) struggles at sub-$1,500 in the wake of the Thursday Merge.
  • Regulatory chatter spikes as the White House releases its first-ever crypto regulatory framework.
  • Sports keeps the metaverse and Web3 in the limelight, with Spain’s LaLiga going metaverse.

Post-Ethereum Merge Review

On Thursday, the heavily anticipated Ethereum (ETH) Merge took place, and the crypto market responded in kind. As seen with previous network events, ETH took a bearish turn. Buy the rumor and sell the news proved true once more.

For the current week, ETH is down 18.8% to $1,435. While the US CPI report has contributed to the losses, ETH slid by 12.5% Thursday through Friday as investors responded to the Merge.

ETH on the slide.
ETHUSD 170922 Daily Chart

By contrast, the crypto market cap fell by 3.96%, Thursday through Friday, to $925.3 billion.

Ethereum was not the only victim of the Merge. Since Thursday, ravencoin (RVN) is down 31.6%, with ethereum classic (ETC) sliding by 13.5%.

For ETH holders, while the Merge may have eliminated the carbon footprint issue, the move to a Proof-of-Stake (PoS) protocol puts ETH in the crosshairs of the SEC.

On Thursday, the SEC chair reportedly spoke about staked cryptos, stating that PoS coins may fall under the SEC’s purview.

However, Dogecoin (DOGE) appears to be a beneficiary of the Merge in becoming the second largest Proof-of-Work protocol in the Post Merge era, behind bitcoin (BTC).

Celsius (CEL) Is on the Move in Hopes of a Business Revival

This morning, CEL is up 16.9% to $1.8899. While the US CPI report and the Merge have impacted crypto appetite, CEL is up 20.5% for the current week.

Hopes of a business revival and repayment of client funds frozen prior to the Celsius bankruptcy have driven demand. Going into the weekend, Celsius reportedly filed for permission to sell stablecoin holdings to fund operations. According to Reuters, Celsius will discuss the proposed sale at an October 6 hearing.

CEL on the move.
CELUSD 170922 Daily Chart

The Biden Administration Releases New Crypto Framework

On Friday, the White House released the first-ever comprehensive framework for the Responsible Development of Digital assets.

The first-ever comprehensive Framework for Responsible Development of Digital Assets looks to provide a framework to protect consumers, investors, and businesses and provide financial stability while addressing national security and environmental concerns.

One section of the White House fact sheet that drew market interest stated,

“The reports encourage regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) consistent with their mandates, to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”

Market reaction to the Friday report was mixed. The broader crypto market recovered from session losses to end the day in positive territory.

Crypto market steadies after the Merge.
Total Market Cap 170922 Daily Chart

While Fed Fear Subsides, Recession Fear Resurfaces

Late in the week, Fed fear subsided. Currently, the split between a 75-basis point and percentage point rate hike is 82% to 18% 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 bet on a 75-basis point rate hike.
FED Rate Hike Bets 170922

However, while Fed fear subsided, recession fears resurfaced in the wake of Thursday’s weak US economic indicators and the current inflation environment.

On Friday, the NASDAQ 100 fell by 0.90%, ending the week down 5.77%. News of FedEx (FDX) withdrawing its earnings forecasts, citing deteriorating market conditions, added to the market angst.

The Sporting World Drives a Pickup in Web3 Activity

On the brighter side, Web3 continues to evolve, largely thanks to the world of sport and large US conglomerates.

This week, Spain’s LaLiga soccer league announced plans to develop land in the Vegas City district of Decentraland (MANA) in a bid to more closely engage with Gen Z fans. LaLiga reportedly formed a new strategic partnership with StadioPlus to send the league virtual.

LaLiga joins footballing giants Manchester City, among others, which went metaverse earlier this year.

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.

 

Ethereum (ETH) Merge Countdown: Less than 120 Minutes to Merge

Key Insights:

  • Ethereum (ETH) rallied by 4.06% on Wednesday, partially reversing Tuesday’s US CPI Report-fueled sell-off.
  • Investor sentiment towards the Merge and the easing bets of a percentage point Fed rate hike provided support.
  • However, technical indicators are bearish. ETH sits below the 200-day EMA, currently at $1,639.

On Wednesday, Ethereum (ETH) rallied by 4.06%. Partially reversing an 8.27% slide from Tuesday, ETH ended the day at $1,639.

After a range-bound morning, ETH fell to a late afternoon low of $1,553. Avoiding the First Major Support Level (S1) at $1,504, ETH rallied to a late high of $1,649. However, coming up short of the First Major Resistance Level (R1) at $1,704, ETH eased back to end the day at sub-$1,640.

Bullish sentiment towards today’s Ethereum Merge delivered support. While ETH rose by 4.06%, ravencoin (RVN) and ethereum classic (ETC) saw gains of 17.44% and 11.23%, respectively, reflecting the influence of the Merge on the broader crypto market.

However, investor anxiety hit ETH and the broader crypto market this morning. The smooth transition to a Proof-of-Stake (PoS) protocol would support a bullish session.

Ethereum Merge Countdown Underway with Under 120 Minutes To-Go

Less than 120 minutes remain until the biggest event of the 2022 crypto calendar. Today, Ethereum’s transition to a PoS protocol is expected to reduce the network’s energy consumption by 99.95%.

Significantly, the move to a PoS protocol will also remove the Ethereum blockchain from the scrutiny of US lawmakers, who continue to target Proof-of-Work cryptos for their carbon footprint.

As previously reported, the Merge is just the start. The network plans to carry out a series of upgrades to make Ethereum more scalable.

Less than 120 minutes remaining.
Google Ethereum Merge Countdown

Ethereum (ETH) Price Action

At the time of writing, ETH was down 2.29% to $1,602. A mixed start to the day saw ETH rise to an early low of $1,654 before falling to a low of $1,584.

ETH under pre-Merge pressure.
ETHUSD 150922 Daily Chart

Technical Indicators

ETH needs to move through the $1,614 pivot to target the First Major Resistance Level (R1) at $1,674. Investor apprehension ahead of the Merge will need to ease to support a pre-Merge breakout from the Wednesday high of $1,649.

In the event of an extended rally, ETH could target the Second Major Resistance Level (R2) at $1,710. A seamless transition to the PoS protocol should support a breakout session. The Third Major Resistance Level (R3) sits at $1,806.

Failure to move through the pivot would bring the First Major Support Level (S1) at $1,578 into play. Barring another sell-off, ETH should avoid sub-$1,550 and the Second Major Support Level (S2) at $1,518. However, any delays or unforeseen problems with the Merge would bring sub-$1,500 into play.

The Third Major Support Level (S3) sits at $1,422.

ETH support levels in play at below the pivot.
ETHUSD 150922 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. Ethereum sat below the 200-day EMA, currently at $1,639. The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish signals.

An ETH breakout from the EMAs would give the bulls a run at R1 ($1,674) and a return to $1,700. As previously stated, the Merge will need to take place seamlessly to support a breakout session.

However, news of any problems with the Merge would likely result in a sharp sell-off. A bearish cross of the 50-day EMA through the 100 and the 200-day EMAs would give the bears a run at sub-$1,500.

EMAs bearish.
ETHUSD 150922 4 Hourly Chart

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

5 Best Performing Coins of the Week – RVN led APE, ATOM, ETC, and HNT

Key Insights:

  • It was a bullish week for the broader crypto market, with the market cap rising for a second consecutive week.
  • Fed fear subsided, with investors resigning to the likely 75-basis point rate hike this month.
  • Several cryptos stood out from the pack. RVN led the way, with APE, ATOM, ETC, and HNT making solid gains.

The total crypto market cap in the September 5 week increased by $63.8 billion to $1,026 billion. Six bullish sessions from seven delivered the jump, though a broad-based crypto market rally on Friday was the key contributor. On Friday, the crypto market cap surged by $62.3 billion.

A shift in investor sentiment towards the Fed delivered the breakout session.

Investors responded to policy moves by the Bank of Canada and the ECB, both of whom hiked rates by 75 basis points. A market realization that the Fed is not alone in cranking up interest rates despite economic uncertainty eased investor angst.

SEC Chair Gary Gensler chatter failed to spook investors late in the week, despite Gensler continuing to claim rights to regulate the broader crypto market.

Crypto market returns to $1 trillion.
Crypto Market Cap 120922 Daily Chart

Hawkish FOMC member and Fed Chair Powell speeches failed to influence, with a 75-basis point rate hike baked in. However, any talk of a percentage point hike could spook investors.

Throughout the week, the influence of the NASDAQ 100 on the broader market was clear. The NASDAQ 100 rose by 4.14% versus a crypto market gain of 4.91% (Mon-Fri).

NASDAQ correlation.
NASDAQ – Crypto Market Cap – 120922 Daily Chart

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

Ravencoin (RVN) led the way, with apecoin (APE), cosmos (ATOM), ethereum classic (ETC), and helium (HNT) among the crypto 100 front runners.

Ravencoin (RVN)

For the week, RVN surged by 48.9% to end the week at $0.05156. A mixed start to the week saw RVN fall to a Monday low of $0.0314 before surging to a Friday high of $0.06249. A 53% rally on Friday delivered an impressive return for the week. However, a bearish Sunday led to a fallback to test support at $0.050.

Progress towards the Ethereum (ETH) merge was the key to RVN’s bullish week. A sharp increase in new miners, reportedly switching out of the Ethereum ecosystem, drove RVN demand.

Investor appetite for proof-of-work (PoW) protocols has risen as Ethereum miners look for alternative mining income streams. On Tuesday, mining pool operator Hiveon launched the Ravencoin Mining Pool. By Wednesday, the Hiveon RVN Pool ranked #4 according to Miningpoolstats.

Looking at the trends, a move through the September high of $0.06249 and a return to $0.065 would give the bulls a run at the March high of $0.07669. From there, RVN would have a free run at $0.10 and the January/2022 high of $0.1425.

For the bears, an RVN fall through August low of $0.02680 would bring the June and the current year low of $0.01710 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. RVN sat above the 50-day EMA, currently at $0.04331.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

Following last week’s bullish crosses, a hold above the 50-day EMA would support a breakout from the August high of $0.06249 to target $0.0650. However, a pullback to sub-$0.050 would bring the 50-day EMA ($0.04331). A fall to sub-$0.03 would give the bears a run at the August low of $0.0268.

Chart Description automatically generated

ApeCoin (APE)

For the week, APE rallied by 18.40% to end the week at $5.6820. A bearish start to the week saw APE slide to a September low of $4.1675. Steering clear of sub-$4.00 and the June/2022 low of $3.0590, APE rallied to a Sunday high of $5.8320.

There were no major news events to support the bullish week, with APE still under selling pressure as the once sought-after NFT market continues to face a buying drought.

Looking at the trends, a move through Sunday’s high of $5.8320 and a return to $6.00 would bring the August high of $7.7270 into play. A breakout from the August high would then give the bulls a run at the May high of $27.6230. However, NFT market conditions will need to improve markedly to support a return to $20.

A fall through the September low of $4.1675 would bring the June/2022 low of $3.0590 into view. Near-term, avoiding sub-$4.00 will likely be the key.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. APE sat above the 200-day EMA, currently at $5.2630.

The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish price signals. A bullish cross of the 50-day EMA through the 100-day EMA would support a return to $6.00 to target the August high ($7.7270).

However, a fall through the 200-day ($5.2630) EMAs would bring the 100-day EMA ($4.9904) into play. A fall through the 100-day EMA and the 50-day EMA ($4.9590) would give the bears a run at the September low of $4.1675.

Chart, histogram Description automatically generated

Cosmos (ATOM)

For the week, ATOM rallied 20.31% to end the week at $15.7002. Tracking the broader market, ATOM fell to a Wednesday low of $11.5436 before surging to a September high of $17.2028. However, a bearish weekend left ATOM at sub-$16.

With investors hungry for network upgrades, the planned rollout of Cosmos 2.0 was ATOM price positive.

Looking at the trends, an ATOM move through the September high of $17.2028 would give the bulls a free run at the May high of $20.3339. An ATOM return to $25 would support a run at the April high of $33.2901 to bring the January/2022 high of $45.7133 into view.

However, a return to sub-$14.50 would bring sub-$10.00 and the August low of $9.6499 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ATOM sat above the 50-day EMA, currently at $14.2140. Following the mid-week breakout from the 50-day EMA, avoiding sub-$14.50 would support a run at the September high of $17.2028 to bring $20.00 into view.

However, a fall through the 50-day EMA ($14.2140) would give the bears a run at the August low of $9.6499.

Chart, histogram Description automatically generated

Ethereum Classic (ETC)

For the week, ETC rallied by 18.49% to end the week at $38.5328. A bullish start to the week saw ETC rally from a Monday low of $31.5993 to a Tuesday high of $42.3581 before sliding back to sub-$35. However, bullish through the second half of the week, ETC revisited $40 before easing back.

There were no news updates to support the breakout week. However, an influx of miners from the Ethereum ecosystem drove demand for ETC, as with ravencoin.

Looking at the trends, an ETC move through the August high of $45.7085 would give the bulls a free run at the March/2022 high of $52.6339. However, a fall through the August low of $30.3621 would bring the June/2022 low of $12.4842 into view.

Chart, line chart Description automatically generated

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ETC sat above the 50-day EMA, currently at $37.0186.

The 50-day widened from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, delivering bullish price signals. An ETC hold above the 50-day EMA would support a continued run at the August high of $45.7085.

However, a fall through the 50-day EMA ($37.0186) would bring sub-$35.00 and the August low of $30.3621 into view.

Chart, histogram Description automatically generated

Helium (HNT)

HNT rallied by 19.95% to end the week at $5.1956. A bearish start to the week saw HNT slide to a Tuesday and September low of $3.2167. However, bullish through the remainder of the week, HNT struck a Saturday high of $6.1653 before sliding back.

There were no network news updates to support the breakout week. A pickup in appetite follows the bearish initial market reaction to the proposed migration to the Solana (SOL) blockchain.

Looking at the trends, an HNT return to $6.00 would support a run at the August high of $9.4612. A return to $10.00 would give the bulls a run at the May high of $16.6751. From there, HNT would need to break down resistance at $20 to target the February high of $32.0171. HNT struck a 2022 high of $45.7533 on January 5.

However, a fall to sub-$4.50 would bring the September/2022 low of $3.2167 into play.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. HNT sat below the 100-day EMA, currently at $5.2465. While the 50-day EMA narrowed to the 200-day EMA, the 100-day EMA eased back from the 200-day EMA to deliver mixed price signals.

An HNT move through the 100-day EMA would support a run at $6.00 and the August high of $9.4612. However, a fall through the 50-day EMA ($4.9492) would bring sub-$4.00 and the September low of $3.2167 into view.

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Crypto Market Daily Highlights – ETH and DOT Lead the Top Ten South

Key Insights:

  • It is a bearish Sunday session for the crypto top ten, with ethereum (ETH) and Polkadot (DOT) leading the way down.
  • Despite hopes of a crypto bottom, Fed fear resurfaced ahead of key US economic indicators in the coming week.
  • The total crypto market cap is down by $12.5 billion to $1,011 billion, with 100 minutes of the session remaining.

It is a bearish Sunday session for the crypto top ten. ETH and DOT lead the crypto top ten into negative territory. However, despite the bearish session, Bitcoin (BTC) has avoided sub-$21,000 for a second consecutive session.

There were no cues from the US or the crypto news wires at the end of the week. The lack of direction left investors to consider the week ahead. US inflation and retail sales figures could deliver Fed uncertainty to a market resigned to a 75-basis point rate hike.

A pickup in inflationary pressure and positive consumption numbers could force the Fed into a percentage point rate hike. Front loading is the Fed’s mantra and bringing down inflation to target at any cost is the objective.

With the ECB and the Bank of Canada delivering 75-basis point hikes, the dollar could resume its upswing and send the crypto market into another tailspin.

NASDAQ correlation.
Total Market Cap – NASDAQ – 120922 Daily Chart

Crypto Market Hits Reverse as Investor Focus Returns to US Stats

On Sunday, after a mixed morning, the total crypto market rose to a late afternoon high of $1,035 billion before falling to a low of $1,004 billion.

A late pullback leaves the crypto market cap down $12.47 billion to $1,011 billion for the session. However, four bullish sessions from seven should deliver a second consecutive weekly gain. For the current week, the total crypto market cap is up $49 billion.

Crypto market ends four day winning streak.
Total Market Cap 120922 Daily Chart

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

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

ETH (-2.44%) and DOT (-2.44%) lead the way down, with ADA (-1.76%), BNB (-1.58%), SOL (-1.52%), and XRP (-1.85%) also struggling.

However, BTC is down by a modest 0.55%

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

ApeCoin (APE) leads the way, rallying by 11.95%, with celsius (CEL) up 9.02%. compound (COMP) is also amongst the front runners, rising by 3.12%.

At the other end of the table, helium (HNT), ravencoin (RVN), and curve DAO token (CRV) are amongst the worst performers. RVN is down 10.40%, with HNT and CRV falling by 8.46% and 5.50%, respectively.

One Hour Crypto Liquidations Jump as Fed Fear Resurfaces

Over 24 hours, total liquidations continued to fall, with the crypto market seeing modest losses on Sunday.

At the time of writing, 24-hour liquidations stood at $127.57 million, down from $172.82 million on Sunday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 39,529 versus 50,233 on Sunday morning. Liquidations over four and twelve hours declined, while liquidations over one hour were higher, reflecting the late market pullback.

Liquidations jump over the hour.
Total Crypto Liquidations 120922

According to Coinglass, 12-hour liquidations stood at $61.55 million, down from $120.10 million on Sunday morning, with four-hour liquidations down from $96.63 million to $31.52 million. However, one-hour liquidations were up from $1.08 million to $15.28 million. The chart below shows market conditions throughout the session.

A late pullback sends one hour liquidations up.
Total Market Cap 120922 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

Crypto Market Daily Highlights – ETH Led the Top Ten, While ADA Saw Red

Key Insights:

  • It was a mixed Monday session for the crypto top ten, with Ethereum (ETH) leading the way while Cardano (ADA) led the way down.
  • A lack of direction from the US left the crypto market in the hands of the European markets, with bearish economic indicators weighing.
  • The total crypto market cap rose by $1.3 billion to $963.1 billion, with the NASDAQ 100 Mini delivering a final hour recovery.

It was a mixed Monday session for the crypto top ten. Bitcoin (BTC) ended the day at sub-$20,000 for the third time in four sessions, with DOGE holding onto the number ten spot. ADA led the way down, while sentiment towards the Merge provided ETH support.

Investors locked in ADA profits and shifted their attention to Ethereum (ETH) and the Merge. There were no cues from the crypto news wires to influence, leaving the broader crypto market in the hands of the European equity markets and the US futures.

Bearish economic data from the Eurozone sent the European equity markets into the red, weighing on the broader crypto market. However, the NASDAQ 100 Mini delivered support in the final hour of the Monday session and through the early hours of Tuesday.

Later today, ISM Non-Manufacturing PMI numbers from the US will influence. Expect positive numbers to drive Fed fear and test investor appetite. The crypto market will be hoping for an accumulation of reasons for the Fed to veer towards a 50-basis point rate hike later this month.

NASDAQ correlation.
Total Market Cap – NASDAQ – 060922 Daily Chart

Crypto Market Cap Sees Modest Gain in a Choppy Session

On Monday, the total crypto market cap fell to a late morning low of $944.3 billion before a final hour rise to a high of $974.4 billion.

However, a pullback from the day high left the total crypto market cap up $1.3 billion to $963.1 billion.

The bearish sentiment across the European markets weighed on crypto investor appetite, with Fed Fear lingering. However, the NASDAQ 100 Mini delivered much-needed support in the final hour of the UTC session.

Crypto market finds late support.
Total Market Cap 060922 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.

ADA fell by 1.19%, with BNB (-0.82%), BTC (-1.07%), and DOGE (-0.77%) also seeing red.

However, ETH (+2.47%) led the way, with SOL (+0.02%), and XRP (+0.37%) also avoiding the red.

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

Ethereum Classic (ETC) led the way, surging by 22.3%, with FLUX (FLUX) and Ravencoin (RVN) rallying by 12.0% and 11.6%, respectively.

However, Helium (HNT) led the way down, sliding by 9.0%, with UNUS SED LEO (LEO) and Cosmos (ATOM) falling by 3.9% and 3.1%, respectively.

24-Hour Crypto Liquidations Rise in a Choppy Start to the Week

Over 24 hours, total liquidations increased, with volatility picking up on Monday.

At the time of writing, 24-hour liquidations stood at $181.40 million, up from $47.78 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 48,388 versus 17,110 on Monday morning. Liquidations over one hour, 4 hours, and 12 hours were also higher, reflecting the choppy session.

Crypto liquidations.
Total Crypto Liquidations 060922

According to Coinglass, 12-hour liquidations stood at $153.50 million, up from $30.26 million on Monday morning, with 4-hour liquidations up from $5.33 million to $117.35 million. One-hour liquidations jumped from $0.428 million to $11.99 million. The chart below shows market conditions throughout the session.

It is a choppy start to the Tuesday session.
Total Market Cap 060922 Hourly Chart

Crypto Market Daily Highlights – BTC, ETH, and SOL Are on the Move

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with bitcoin (BTC), Ethereum (ETH), and Solana (SOL) finding support.
  • The NASDAQ 100 weighed on investor sentiment, with fears that the Fed will deliver another sizeable rate hike, weighing on riskier assets.
  • The total crypto market cap is up by $3.66 billion to $1,123 billion.

It is a mixed Thursday session for the crypto top ten. In a choppy session, bitcoin (BTC) came within reach of $25,000 before falling back. Ethereum (ETH) and Solana (SOL) lead the way, while the rest of the top ten sees red.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

Following the softer US consumer inflation figures, US wholesale inflation figures drew interest on Thursday. The numbers were market-friendly, with the annual rate of wholesale inflation softening from 11.3% to 9.8% in July.

However, softer inflation failed to ease market fears of another sizeable Fed rate hike in September, leading to a late pullback. The NASDAQ 100 fell by 0.58%, with the crypto market seeing early gains wiped out.

NASDAQ correlation
Total Market Cap – NASDAQ – 120822 5 Min Chart

The Total Crypto Market Cap Hits the Highest Level Since Mid-June

On Thursday, the total crypto market cap rose to a mid-day high of $1,153 billion before sliding to a low of $1,112 billion. The US consumer and wholesale inflation figures delivered support before a reversal kicked in, with the markets expecting the Fed to keep the foot on the gas.

With an hour of the Thursday session left, the total crypto market cap was up $3.66 billion to $1,123 billion. A bullish week has seen more than $40 billion pour in.

Crypto market cap hits highest level since mid-June
Total Market Cap 120822 Daily Chart

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

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

With one hour of the session remaining, ETH and SOL lead the way, with gains of 1.53% and 1.11%, respectively. BTC also found support, rising by 0.39%.

However, it is a bearish session for the rest of the top ten.

DOT leads the way down, sliding by 3.67%, with BNB down by 1.34%.

ADA (-0.74%) and XRP (-0.31%) are also in negative territory.

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

Ankr (ANKR) leads the way, surging by 50.75%, with Ethereum Classic (ETC) and Ravencoin (RVN) also on the move. ETC is up 12.6%, with RVN up by 11.43%.

However, Monero (XMR), Convex Finance (CVX), and Arweave (AR) lead the way down.

XMR is down 5.67%, with CVX and AR falling by 4.17% and 3.63%, respectively.

Total Crypto Liquidations Rise in the Wake of the US Inflation Numbers

This morning, total liquidations remain elevated as investors respond to the pullback in the US equity markets and fears of an unwavering Fed. 24-hour liquidations continued the upward trend.

At the time of writing, 24-hour liquidations stood at $343 million, up from $282 million on Thursday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 58,688 versus 63,664 on Thursday morning. Market conditions improved over the 24 hours, reflected in the 12-hour, four-hour, and one-hour liquidation figures,

While 12-hour liquidations remain elevated ($165 million), one-hour and four-hour liquidations have retreated.

Crypto liquidations rise again
Total Crypto Liquidations 120822

According to Coinglass, four-hour liquidations stood at $7.83 million, down from $16.52 on Thursday morning. One-hour liquidations are down from $2.56 million to $1.54 million (see hourly crypto market cap chart below).

Crypto market cap slides back from the day high
Total Market Cap 120822 Hourly Chart

Daily News Highlights

Ethereum Classic and Ravencoin Continue Market’s Rally With 11% Rise

Key Insights:

  • Ethereum Classic emerged as one of the best performers with an almost 19% rise.
  • Ravencoin also noted a 13% rise today following the bullish cues.
  • Bitcoin and Ethereum inclined as well, trading at $24k and $1.8k, respectively.

As Ethereum completed its final testnet merge ahead of The Merge scheduled for some time next month, the crypto market was expected to note a substantial rise, but as the day progressed, those expectations were squandered by corrections.

However, with both Bitcoin and Ethereum rising to trade at $24,312 and $1,894 today, altcoins mostly remained bullish as well.

Ethereum Classic Follows Ethereum’s Cues

The Ethereum hard fork cryptocurrency recorded an almost 19% growth in the last 24 hours as the broader market bullish cues from yesterday pushed the coin to trade at $43.4 today.

In doing so, the altcoin added to the ongoing recovery and is nearing the absolute invalidation of the 62.79% losses it noted from March to May.

However, signs of a potential trend reversal are visible on the charts, with price indicators highlighting rising volatility.

The divergence of the Bollinger Bands could lead to price swings, but as long as ETC keeps above the basis of the indicator, it won’t have to worry about a price fall.

But given the appearance of the red bars on the Awesome Oscillator, it cannot be said with certainty whether or not ETC can continue this rise for a long time. If these bars continue appearing over the next few days, ETC could lose $40 as support.

Ravencoin Soars As Well

The altcoin stuck to yesterday’s rise and continued building upon it further, rising by 12.89% in the span of 24 hours.

However, after having almost recovered from the nearly 50% crash of May, Ravencoin is set to note a downtrend, and the signs of the same are already visible on the charts.

The very obvious first sign is the presence of the white dots of Parabolic SAR above the candlesticks, although despite indicating a downtrend for the last three days, RVN hasn’t declined.

Thus, there might be some room before the price begins falling.

Secondly, the MACD officially executed a bearish crossover earlier in the day yesterday as the signal line (red) crossed over the indicator line (white).

This is the first bearish crossover in almost two months, and with the red bars appearing below the neutral line, RVN is set to note some decline over the next few days.

Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

Key Insights:

  • Trust Wallet Token emerged as one of the best performers with a 15.6% rise.
  • Fantom followed closely with an almost 9% rise.
  • Although, Bitcoin and Ethereum ended up declining to $22.6k and $1.6k today.

The crypto market did not gain today as most of the altcoins ended up leaning towards the bears. However, there were still some coins that managed to close in green and mark significant rallies.

The king coin and the altcoin king sadly were not part of that cohort as they both fell to $22,682 and $1,616, respectively.

Trust Wallet Token (TWT)

The altcoin shot up by 15.65%, leading some altcoins to successfully save the market cap from falling significantly.

TWT already has the support of all three Simple Moving Averages (SMA), which will keep this rally intact.

Fantom (FTM)

Fantom, up by almost 9%, could be seen trading above $0.35, a level that has been acting as resistance for a while now.

While the Parabolic SAR indicates an active uptrend for the coin, this rally won’t be repeated, causing the coin to consolidate here.

Enjin Coin (ENJ)

Enjin was among the few coins to perform well as it rose by 11.83%. The coin, however, is yet to recover the 50.92% losses of May.

The Awesome Oscillator’s mixed signals indicated by the presence of green and red bars will not be of help here.

Ravencoin (RVN)

Ravencoin acted as one of the leaders of the downtrending tokens as it slipped by 8.19% in 24 hours to trade at $0.03.

The MACD is highlighting a bearish crossover imminent for the altcoin, which might not be a good sign for RVN as it might lose a chunk of the rally it just closed a week ago.

Oasis Network (ROSE)

ROSE was a surprise token to enter the top 100 cryptocurrency list this month after the 80.39% rally it registered in a week.

The 8.21% drop in the last 24 hours ago, although it isn’t a matter of concern as it was the effect of a cooldown after the indicator hit the overbought zone towards the end of June.