Crypto Market Daily Highlights – BNB and BTC Lead the Top Ten

Key Insights:

  • It is a mixed Wednesday for the crypto top ten, with binance coin (BNB) and bitcoin (BTC) leading the top ten.
  • The Bank of England calmed the markets on Wednesday, which had hit deep red in response to Apple’s iPhone 14 production news.
  • With 140 minutes of the session remaining, the total crypto market cap is up $14.1 billion to $910.0 billion.

It is a mixed Wednesday session for the crypto top ten. BNB and BTC lead the top ten, while ADA struggles through the mid-week session. A choppy session saw BTC fall to sub-$18,500 before bouncing back. However, BTC is on target to fall short of $20,000 for the ninth time in ten sessions.

Through the early part of the Wednesday session, news of Apple Inc (AAPL) pulling plans to ramp up the production of the new iPhone 14 product suite weighed on riskier assets. However, the Bank of England calmed market tension later in the session by buying longer-dated bonds to combat the impact of the UK Government’s mini-budget on the British Pound.

Throughout the session, the crypto market recoupled with the NASDAQ 100, which ended the day up 2.05%. Ahead of the BoE intervention, the NASDAQ 100 Mini had spent most of the day in negative territory.

NASDAQ 100 correlation.
Total Market Cap – NASDAQ – 290922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Wednesday, the crypto market cap tumbled to an early low of $865.4 billion in response to the Apple news. However, in response to the BoE intervention, the crypto market cap rose to a late high of $917.8 billion before easing back.

With 140 minutes of the Wednesday session remaining, the crypto market cap is up $14.1 billion to $910.0 billion.

Crypto market bounces back on BoE intervention.
Total Market Cap 290922 Daily Chart

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

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

BNB and BTC lead the way, with gains of 3.71% and 2.83%, respectively.

XRP (+2.05%) and SOL (+1.87%) also found strong support, while DOGE (+0.22%) and ETH (+1.14%) trailed the front runners.

ADA currently bucks the top tend trend, with a 0.23% loss.

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

Helium (HNT) leads the way, rallying by 10.29%, with synthetix (SNX) and kava (KAVA) seeing gains of 9.27% and 6.20%, respectively.

At the other end of the table, IOTA (MIOTA) leads the way down, falling by 3.40%, with STEPN (GMT) and 1inch Network (1INCH) down by 2.83% and 3.16%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Wednesday session, supported by a mid-session shift in risk appetite.

At the time of writing, 24-hour liquidations stood at $124.53 million, down from $154.14 million on Wednesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 44,964 versus 49,758 on Wednesday morning. Liquidations were up over four hours and the final hour of the day (UTC) while down over 12 hours.

Crypto liquidations ease in a choppy session.
Total Crypto Liquidations 290922

According to Coinglass, 12-hour liquidations stood at $56.39 million, down from $86.08 million on Wednesday morning. However, four-hour liquidations were up from $4.38 million to $14.28 million, with one-hour liquidations up from $1.92 million to $3.06 million.

The chart below shows market conditions throughout the session.

Crypto market volatility hit by external market forces.
Total Market Cap 290922 Hourly Chart

 

Crypto Market Daily Highlights – DOGE Drops Out of the Crypto Top Ten

Key Insights:

  • It is a mixed Friday session for the crypto top ten, with Dogecoin (DOGE) falling out of the top ten and Solana (SOL) leading the way down.
  • US labor market stats and geopolitics sent the NASDAQ 100 and the crypto market into the red.
  • The total crypto market cap is down $4.2 billion to $958.6 billion.

It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) is on target to end the session at sub-$20,000 for the second time this week. However, SOL leads the way down, while DOT leapfrogged DOGE to return to the top ten by market cap.

US economic indicators provided brief crypto market relief before weighing on investor sentiment.

In August, nonfarm payrolls increased by 315k versus a downwardly revised 526k surge in July. Economists forecasted a 300k rise. Despite the increase in hiring, the unemployment rate increased from 3.5% to 3.7% as the participation rate climbed from 62.1% to 62.4%.

While nonfarm payrolls beat expectations, wage growth disappointed. In August, average hourly earnings increased by 0.3% versus a forecasted 0.4% rise. Average hourly earnings increased by 0.5% in July. Year-over-year, wages were up 5.2%. Economists forecast a 5.3% increase.

The positive market response was short-lived, with US Treasury Secretary and Former Fed Chair Janet Yellen weighing on risk sentiment. The Former Fed Chair reportedly said that inflation remained too high, and the onus sat with the Fed to bring inflation down.

Crypto correlation with the NASDAQ 100 remained firmly in place throughout the Friday session. The NASDAQ 100 coughed up early gains to end the day with a 1.31% loss.

NASDAQ correlation.
Total Market Cap – NASDAQ – 030922 5 Min Chart

Crypto Market Cap Finds Brief Relief from US Labor Market Stats

On Friday, the total crypto market cap rose to an early afternoon high of $983.4 billion before sliding to a low of $944.4 billion. Weaker than expected US labor market indicators delivered initial support before sentiment chilled.

Concerns over softer labor market conditions and fear that the Fed would remain committed to delivering its interest rate goals weighed. Adding to the downside was news of Russia reversing plans to resume gas supplies to Germany.

The total market cap is down by $4.19 billion on Friday, with two hours of the session remaining. For the current week, the market cap is up $37 billion to $958.6 billion.

Crypto market sees red.
Total Market Cap 030922 Daily Chart

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

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

Polkadot (DOT) bucks the top ten trend, rising by 2.65% to retake the number 10 spot.

However, it is a bearish session for the rest of the top ten, with SOL falling by 1.38% to lead the way down.

BNB (-0.40%), BTC (-0.64%), ETH (-0.15%), and XRP (-0.63%) are also in the red while ADA is currently flat.

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

Litecoin (LTC), yearn.finance (YFI), and Synthetix (SNX) are among the front runners. YFI leads the way, rallying by 8.4%, with LTC and SNX up by 7.0% and 4.6%, respectively.

At the other end of the table, Helium (HNT) continued to slide, falling by 6.6%. UNUS SED LEO (LEO) and Flow (FLOW) are also among the worst performers, with losses of 2.3% and 3.9%, respectively.

24-Hour Crypto Liquidations Fall Despite Bearish Sentiment

Over 24 hours, total liquidations have slipped back, supported by improving market conditions late in the Friday session.

At the time of writing, 24-hour liquidations stood at $149.87 million, down from $154.58 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 43,947 versus 52,615 on Friday morning. Liquidations over 12 hours and four hours have increased while one-hour liquidations eased back.

Crypto liquidations ease back.
Total Crypto Liquidations 030922

According to Coinglass, 12-hour liquidations stood at $122,97 million, up from $105.75 million on Friday morning, with 4-hour liquidations up from $25.37 million to $28.83 million. However, one-hour liquidations are down from $4.59 million to $1.10 million. The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 030922 Hourly Chart

Crypto Market Daily Highlights – ADA and ETH Buck the Top Ten Trend

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) finding support to buck the top ten trend.
  • Sentiment towards the Merge and the Vasil hard fork delivered support, while US economic indicators sent the broader crypto market into negative territory.
  • The total crypto market cap is down $8.2 billion to $955 billion, with two hours of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) hit a high of $20,589 before succumbing to broader market forces. However, ETH and ADA buck the top ten trend, supported by investor sentiment towards the Merge and the Vasil hard fork.

While network updates delivered support, US economic indicators weighed on the broader crypto market. Ahead of Tuesday’s stats, the total crypto market cap had hit a high of $981.4 billion before sliding to a post-stat low of $927.9 billion.

The US economic indicators supported Fed Chair Powell’s monetary policy stance, with consumer confidence and labor market numbers beating forecasts. A robust job market and the uptrend in consumer confidence give the Fed the wriggle room to tighten the policy screw.

The stats also weighed on the NASDAQ 100, which ended the day with a 1.12% loss.

NASDAQ correlation returns.
Total Market Cap – NASDAQ – 310822 5 Min Chart

Crypto Market Cap Hits Reverse as Investors Respond to Positive Stats

On Tuesday, the total crypto market cap rose to a high of $981.4 billion before hitting reverse. Responding to the US economic indicators, the market cap fell to a low of $927.9 billion. Despite the sell-off, the total crypto market cap avoided Monday’s new August low of $917.11 billion.

With two hours remaining of the Tuesday session, the market cap is down $8.2 billion to $954.6 billion. The Tuesday pullback leaves the total crypto market cap down $110 billion for August.

Crypto market heading for a fourth monthly loss in five months.
Total Market Cap 310822 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.

ETH and ADA buck the top ten trend, with gains of 0.24% and 0.89%, respectively.

However, DOGE (-3.08%) and SOL (-2.24%) lead the way down, with BNB (-0.87%), BTC (-1.59%), and XRP (-1.31%) also seeing red.

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

Nexo (NEXO) leads the way, gaining 6.14%, with Near Protocol (NEAR) and Flow (FLOW) rising by 4.47% and 4.25%, respectively.

However, Synthetix (SNX) leads the way down, sliding by 12.87%, with Helium (HNT) and Chiliz (CHZ) seeing losses of 10.17% and 8.79%, respectively.

Crypto Liquidations Rise in Response to the Impact of US Stats

Over 24 hours, total liquidations increased in response to the bearish market reaction to Tuesday’s US economic indicators.

At the time of writing, 24-hour liquidations stood at $239.14 million, up from $177.00 million on Tuesday morning.

Liquidated traders held steady over the last 24 hours. At the time of writing, liquidated traders stood at 60,258 versus 60,062 on Tuesday morning. Liquidations over 12 hours, four hours, and one hour are also higher.

Liquidations rise in response to US economic indicators.
Total Crypto Liquidations 310822

According to Coinglass, 12-hour liquidations stood at $167.66 million, up from $92.10 million on Tuesday morning. 4-hour liquidations climbed from $8.59 million to $37.78 million, with one-hour liquidations up from $0.709 million to $1.72 million.

While higher, compared with Tuesday morning, the four-hour and one-hour figures suggest improving market conditions late in the Tuesday session. The chart below shows market conditions throughout the session.

Crypto market conditions steady late in the Tuesday session.
Total Market Cap 310822 Hourly Chart

 

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

Key Insights:

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

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

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

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

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

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

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

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

Crypto market cap recovers.
Total Market Cap 300822 Daily Chart

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

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

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

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

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

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

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

Crypto Liquidations Reflect Market Conditions, with One Hour Numbers Down

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

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

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

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

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

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

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

Key Insights:

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

Lido DAO (LDO) Stands Out in NASDAQ Decoupling

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

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

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

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

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

Ether staking on the rise.
LDO Ether Staking 290822

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

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

LDO in breakout mode.
LDOUSD 290822 Daily Chart

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

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

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

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

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

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

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

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

SNX leads the top 100.
SNXUSD 290822 Daily Chart

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

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

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

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

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

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

Crypto Market Daily Highlights – ADA Leads a Bearish Session

Key Insights:

  • It is a bearish Sunday session for the crypto top ten, with Binance Coin (BNB) finding modest support to buck the top ten trend.
  • A lack of cues from the news wires left the crypto market in limbo following Fed Chair Powell’s Jackson Hole speech.
  • The total crypto market cap is down $7.6 billion to $937 billion, with an hour of the session remaining.

It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) is heading to a sub-$20,000 finish for the first time since July 12. However, ADA leads the top ten into the red, while BNB finds modest support.

There was no crypto news to support a shift in investor sentiment. Market angst from Friday’s Fed Chair Powell speech continued to test investor appetite on Sunday, with the crypto market heading for a third consecutive day in the red.

For investors hoping for a shift in mood, the NASDAQ 100 Mini is down 132 points, suggesting more doom and gloom going into the US session later today. The 132-point fall increased selling pressure across the crypto market in the final hour.

The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session

On Sunday, the total crypto market cap fell to an early afternoon low of $932.5 billion before rising to a high of $955.3 billion. However, a late pullback left the crypto market down $7.6 billion to $937.1 billion, with one hour of the session remaining (UTC).

Down by $67 billion for the week, the total crypto market cap is down $122 billion for August.

Crypto market set for a third consecutive daily loss.
Total Market Cap 290822 Daily Chart

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

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

BNB is up 0.50% to buck the top ten trend.

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

ADA leads the way down, falling by 2.89%, with ETH (-1.85%) and XRP (-1.53%) struggling. BTC (-0.70%), DOGE (-0.61%), and SOL (-0.67%) are also in the red.

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

Synthetix (SNX) leads the way, rising by 5.8%, with Internet Computer (ICP) and Ankr (ANKR) seeing gains of 1.60% and 0.67%, respectively.

At the other end of the table, Flow (FLOW) leads the way down, sliding by 6.2%. Huobi Token (HT) and Arweave (AR) are down by 3.3% and 3.5%, respectively.

Crypto Liquidations Fall Again in a Range-bound but Bearish Session

Over 24 hours, total liquidations fell further back as investors looked to get passed Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $56.57 million, down from $113.06 million on Sunday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 28,463 versus 38,383 on Sunday morning. While liquidations over 12 hours and 4 hours have declined, one-hour liquidations are up, influenced by the early NASDAQ 100 Mini decline.

total liquidations rise in the final hour.
Total Crypto Liquidations 290822

According to Coinglass, 12-hour liquidations stood at $37.37 million, down from $62.45 million on Sunday morning. 4-hour liquidations are down from $14.45 million to $11.21 million, while one-hour liquidations are up from $2.71 million to $6.50 million. The chart below shows market conditions throughout the session.

Crypto market sees increased selling pressure as NASDAQ 100 Mini slides.
Total Market Cap 290822 Hourly Chart

Crypto Market Daily Highlights – ADA Bucks Bearish Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with Cardano (ADA) bucking the top ten trend.
  • Fed Chair Powell’s speech reverberated, leaving investors on the defensive.
  • The total crypto market cap fell by $7.6 billion to $945 billion, with the crypto market set for a fourth monthly loss from five.

It was a mixed Friday session for the crypto top ten. Bitcoin (BTC) visited sub-$20,000 for the first time since July 14. While ETH fell back to sub-$1,500, ADA bucked the top ten trend.

There was no crypto news to support a shift in investor sentiment, while Vasil hard fork news remained bullish for ADA.

The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session

On Saturday, the total crypto market cap rose to an early high of $960.38 billion before falling to a low of $928.2 billion. However, a late partial recovery saw the market cap return to $944 billion.

The bearish session left the total crypto market cap down $115 billion for August.

Crypto market cap sees more red.
Total Market Cap 280822 Daily Chart

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

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

ADA rallied by 4.17%, with DOGE ending the day flat to buck the broader market trend.

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

ETH and BTC led the way down, with losses of 1.11% and 1.05%, respectively. BNB (-0.64%), SOL (-0.58%), and XRP (-0.61%) also saw red.

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

Internet Computer (ICP) led the way, rising by 9.77%, with Chiliz (CHZ) and Synthetix (SNX) seeing gains of 6.02% and 6.16%, respectively.

At the other end of the table, Decred (DCR) slid by 12.87% to lead the way down. Quant (QNT) and Lido DAO (LDO) fell by 4.04% and 5.94%, respectively.

Crypto Liquidations Fall Back After Fed Chair Powell’s Fueled Meltdown

Over 24 hours, total liquidations fell back despite Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $113.06 million, down from $346.13 million on Saturday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 38,383 versus 113,370 on Saturday morning. Liquidations over 12 hours, 4 hours, and one hour were also down.

Crypto liquidations ease from Friday spike.
Total Crypto Liquidations 280822

According to Coinglass, 12-hour liquidations stood at $62.45 million, down from $271.70 million on Saturday morning. 4-hour liquidations slid from $82.24 million to $14.45 million, with one-hour liquidations down from $68.92 million to $2.71 million. The chart below shows market conditions throughout the session.

Late partial recovery eased liquidation numbers.
Total Market Cap 280822 Hourly Chart

Crypto Market Daily Highlights – ADA and BNB Lead the Crypto Top Ten

Key Insights:

  • It is a bullish end to the week for the crypto top ten, with Cardano (ADA) and Binance Coin (BNB) leading the way.
  • No cues from the crypto news wires left investors to juggle better than expected US economic indicators and the threat of another 75-basis point interest rate hike.
  • The total market cap increased by $10.12 billion to end the week up $15.25 billion.

It was a bullish Sunday session for the crypto top ten. In another range-bound session, bitcoin (BTC) fell short of the $24,000 handle for the seventh consecutive session. Cardano (ADA) and Binance Coin (BNB) led the way, though the gains were modest.

Recent US economic indicators eased investor jitters over a US economic recession. However, the better-than-expected data has fueled speculation of a one percentage point rate hike in September. In July, the Fed delivered a ‘dovish’ 75-basis point hike, with FOMC members concerned about the impact on the US economy.

ISM-based service PMI and nonfarm payroll figures may have alleviated that concern. However, the Fed will have another round of economic indicators to consider ahead of the September policy decision. The possibility of weaker numbers eased any immediate market stress.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 Mini was down 49.5 points this morning, leading to a crypto pullback.

NASDAQ 100 correlation
NASDAQ 100 – Crypto 080822 Daily Chart

The Total Crypto Market Cap Ends the Week on the Rise

On Sunday, the total crypto market cap slid to an early low of $1,055 billion before surging to a late high of $1,090 billion. However, weighed by the NASDAQ 100 Mini, the crypto market cap eased back to end the day at $1,075 billion.

Up by $10.12 billion on Sunday, the total crypto market cap increased by $15.25 billion to register a fifth consecutive weekly rise.

Crypto market cap increased to end the week up $15.25 billion
Crypto Market Cap 080822 Daily Chart

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

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

ADA and BNB rose by 3.33% and 2.44%, respectively, to lead the way, with BTC (+0.98%) and SOL (+1.36%) finding support.

DOT (+0.57), ETH (+0.57%), and XRP (+0.27%) trailed the front runners.

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

Oasis Labs (ROSE), Loopring (LRC), and Theta Network (THETA) led the way. ROSE jumped by 25%, with LRC and THETA up by 11% and 8%, respectively.

At the other end of the table, Filecoin (FIL) led the way down, with a 7% loss. Lido DAO (LDO) and Synthetix (SNX) fell by 5%, respectively.

Total Crypto Liquidations See NASDAQ 100 Mini Influence

This morning, 24-hour liquidations remained at sub-$100 million, reflecting the bullish Sunday session.

At the time of writing, 24-hour liquidations stood at $63 million, up from $59 million on Sunday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 27,681 versus 24,204 on Sunday morning.

However, one-hour and four-hour liquidations increased as investors looked ahead to US inflation and responded to the early NASDAQ 100 Mini decline.

Crypto Liquidations remain at sub-$100 million
Total Crypto Liquidations – 080822

According to Coinglass, four-hour liquidations stood at $16.91 million, up from $1.44 million on Sunday morning. One-hour liquidations were up from $0.328 million to $3.89 million (see hourly crypto market cap chart below).

Crypto market cap sees NASDAQ 100 Mini effect
Crypto Market Cap 080822 Hourly Chart

Crypto Market Daily Highlights – SOL and XRP Led the Top Ten

Key Insights:

  • It is a mixed session for the crypto top ten, with Solana (SOL) and Ripple (XRP) finding strong support.
  • There were no cues to give the crypto market direction, leaving investors to lock in some tidy profits.
  • A mixed session saw the total crypto market cap end a four-day winning streak, with a fall of $1.07 billion, to end the day at $1,072 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a second consecutive day, despite striking a new July high of $24,619. Ripple (XRP) and Solana (SOL) led the way, with Dogecoin (DOGE) also avoiding the red.

There were no cues for the crypto market, leaving investors to consider US economic indicators from the week. While US GDP numbers pared bets of a 75 basis point rate hike, inflationary pressures picked up, leaving the Fed under pressure to bring inflation back to target.

Monetary policy uncertainty likely contributed to the downside, though there were no heavy losses among the top ten to suggest a shift to a more hawkish outlook.

In June, the Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise. Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.

The Saturday pullback came despite the NASDAQ 100 wrapping up the month in bullish style.

On Friday, the NASDAQ 100 rose by 1.88% to end July up 12.35%.

NASDAQ correlation
Total Market Cap – NASDAQ – 310722 Daily Chart

The Total Crypto Market Cap Sees Four Day Winning Streak End

On Saturday, the crypto market rose to a late high of $1,112 billion before falling to a low of $1,059 billion.

However, finding late support, the market cap ended the day at $1,072 billion, down a modest $1.07 billion for the session.

Crypto market cap
Total Market Cap 310722 Daily Chart

There were no cues for the crypto market during the session, leaving investors to lock in gains from the week.

While $1.07 billion came off the table, the crypto market looks set to end a three-month losing streak. For July, the total market cap is up $211.5 billion.

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

It was a mixed session for the crypto top ten.

BNB led the way down, falling 2.04%, with BTC (-0.52%) and ETH (-1.41%) ending the day in the red.

SOL and XRP led the way, rallying by 4.60% and by 5.09%, respectively. ADA (+0.77%) and DOGE (+1.25%) also found support.

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

Filecoin (FIL), yearn.finance (YFI), Oasis Labs (ROSE), and Ravecoin (RVN) were among the front runners.

FIL jumped by 35.10%. YFI (+7.88%), ROSE (+6.53%), and RVN (+8.59%) also made solid gains.

At the other end of the table, Qtum (QTUM), Synthetix (SNX), and Bitcoin Gold (BTG) struggled. SNX slid by 9.85%, with QTUM and BTG falling by 7.13% and 7.94%, respectively.

Total Crypto Liquidations Suggest Improving Market Conditions

On Friday, 24-hour liquidations eased back further in the wake of the Saturday market decline.

At the time of writing, 24-hour liquidations stood at $168 million, down from $238 million on Saturday morning and $543 million on Friday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 68,567 versus 87,017 on Saturday morning.

Both one and four-hour liquidation figures also reflected a steadying in market conditions.

Crypto liquidations
Total Crypto Liquidations 310722

According to Coinglass, four-hour liquidations stood at $34.29 million, up marginally from $33.66 million on Saturday. One-hour liquidations were $3.80 million, down from $16.17 million (see hourly crypto market cap chart below).

Crypto market settles
Total Market Cap 310722 Hourly Chart

Crypto Market Daily Highlights – US Economic Woes Send ETH toward $2,000

Key Insights:

  • It is another bullish session for the crypto top ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • US GDP numbers for the second quarter reined in expectations of an aggressive Fed rate path to normalization, delivering market support.
  • In response to the US economic contraction, the market cap fell to a day low of $1,017 billion before jumping to a day high of $1,092 billion.

It is a bullish Thursday session for the crypto top ten. Bitcoin (BTC) revisited $24,000 for the first time since June 20, with Ethereum (ETH) and Solana (SOL) leading the way.

Following the market-friendly Fed rate hike on Wednesday, US economic indicators drew interest on Thursday.

In the second quarter, the US economy contracted by 0.9% versus a forecasted 0.5% expansion. The economy contracted by 1.6% in the previous quarter.

While negative for riskier assets, the contraction reined in bets of another 75-basis point rate hike in September, delivering support to the global equity markets and the crypto market.

The crypto market tracked the NASDAQ 100 through the US session, recovering from a dip in response to the GDP numbers.

On Thursday, the NASDAQ 100 followed Wednesday’s 4.06% rally with a 1.08% gain.

NASDAQ support
Total Market Cap – NASDAQ – 290722 5 Min Chart

The Total Crypto Market Cap Jumps on FED Bets

On Thursday, the crypto market found early support before sliding to a day low of $1,017 billion. Investor reaction to the US economic contraction weighed on the crypto market before a rebound to a day high of $1,092 billion.

The upside came in response to a shift in sentiment towards Fed monetary policy. Another contraction eased bets of a 75-basis point rate hike in September to bring inflation back to target.

With another $43 billion flowing into the crypto market, an end to a three-month losing streak looks more assured. For July, the total market cap is up $211 billion.

Crypto market cap
Total Market Cap 290722 Daily Chart

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

With two hours remaining for the Thursday session, SOL was up by 7.73% to lead the way, with ETH (+6.18%) close behind.

BNB (+2.06%), BTC (+3.97%), DOGE (+3.62%), and XRP (+3.61%) also found strong support, while ADA (+0.78%) trailed.

From the CoinMarketCap top 100, it was another bullish session, with stablecoins seeing modest losses for a second consecutive session.

Lido DAO (LDO), Ethereum Classic (ETC), Synthetix (SNX), and Uniswap (UNI) were among the front runners again.

ETC was up by 23.09%, with LDO (+16.70%), SNX (+10.48%), and UNI (+16.89%) close behind.

Total Crypto Liquidations Continued Upward Trend Over 24-Hours

On Thursday, 24-hour liquidations increased again, with the liquidation of short positions dominating as investors responded to the US GDP numbers and what it means from a Fed monetary policy perspective.

At the time of writing, 24-hour liquidations stood at $543 million, up from $317 million on Thursday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 120,788 versus 78,656 on Thursday morning.

While four-hour liquidation figures were also elevated, one-hour liquidation numbers pointed to a steadying in market conditions.

Liquidations
Total Crypto Liquidations 290722

According to Coinglass, four-hour liquidations stood at $96.94 million, up from $36.06 million on Thursday. One-hour liquidations stood at $3.46 million, up from $2.96 million. (See hourly crypto market cap chart below).

Crypto rally
Total Market Cap 290722 Hourly Chart

Daily News Highlights

  • FTC hit Meta (META) with a court order to block the acquisition of a virtual reality app.
  • The news hit the wires of Solana (SOL) planning to unveil a Manhattan retail store.
  • In the UK, the Law Commission proposed changes to how property laws apply to cryptos.
  • NFTs were back in the news, with Impostors preparing for its first beta.

Crypto Price Analysis July 28: UNI, SNX, BCH, BTG, NEO

Key Insights:-

  • Uniswap emerged as the best performer of the day, marking an almost 40% rise.
  • Synthetix wasn’t far behind either, rallying by 39.35% in the last 24 hours.
  • Bitcoin and Ethereum joined the altcoins rising to $23k and $1.7k.

With pretty much every cryptocurrency in the top 100 list noting a rally today, the crypto market capitalization rose back to $1.04 trillion.

In doing so, altcoins like Uniswap, Lido DAO, and more gained incline significantly, including the king coin and the altcoin king, which were found to be trading at $23,814 and $1,723 respectively.

Uniswap (UNI)

The native token of the decentralized exchange Uniswap, UNI, performed exceptionally, rising by 39.23% in 24 hours to trade at $9.252.

In doing so, it not only maintained the 50-day Simple Moving Average (SMA) (red) and the 100-day SMA (green) line as support but also flipped the 200-day SMA (blue) line to the same position. This will give the boost UNI needs to recover the 60.82% crash it noted between April and May.

Synthetix (SNX)

SNX was right behind Uniswap as it shot up by 39.35% to rise above the $4 mark after almost two and a half months and trade at $4.13.

Although the high volatility visible by the diverging Bollinger Bands might be a matter of concern if the altcoin attempts to recover the 76.46% losses it noted between April and June.

Bitcoin Cash (BCH)

The hardfork of the king coin, Bitcoin Cash, was also among the best performers noting a 29.34% rally to trade at $154.

The uptick observed on the Relative Strength Index (RSI) is a good sign for BCH as it could help in reclaiming the 71.56% losses of April to June, as long as the indicator stays below the overbought zone.

Bitcoin Gold (BTG)

Another Bitcoin hardfork made it among the top coins of the day as BTG rallied by more than 30% to trade at $27.13, even hitting $30 during the day.

This rise saved the altcoin from a bearish crossover that was about to take place 48 hours ago, as visible on the MACD.

Neo (NEO)

Although NEO did not rally as much as others in this list, it still marked a substantial rally of 19.54% to trade at $11.08. The uptick visible on the Chaikin Money Flow exhibits that money is flowing into the asset.

This will help in not only maintaining the rally but also supporting NEO in its efforts to recover from the massive crash of April and May, where the coin fell by almost 65.6%.

Crypto Market Daily Highlights – Fed Fueled Rally Takes ETH to $1,600

Key Insights:

  • It was a bullish Wednesday session for the crypto top ten, with Ethereum (ETH) leading a broad-based crypto breakout.
  • The US Federal Reserve delivered the market boost, with bitcoin (BTC) striking a day high of $23,102 in response.
  • Having fallen back to a low of $924 billion on Tuesday, $78 billion poured into the market to take the market cap to $1,035 billion.

It was a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) visited $23,000 for the first time since Friday, with Ethereum (ETH) bouncing back to $1,600.

Following the market reaction to Walmart’s (WMT) gloomy outlook on Tuesday, the global financial markets responded favorably to the Fed’s 75-basis point rate hike on Wednesday.

A rate hike in line with expectations and hopes of a slower pace of rate hikes delivered the market boost.

The crypto market tracked the NASDAQ 100 through the US session before extending gains post the US-market close. Investors seemed undeterred by the Fed’s commitment to bring inflation to target at any cost.

On Wednesday, the NASDAQ 100 surged by 4.06%. At the time of writing, the NASDAQ 100 Mini was down 34.5 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 280722 5 Min Chart

The Total Crypto Market Cap Gets Fed-Fueled $78 Billion Boost

On Wednesday, the crypto market came under early pressure before enjoying a breakout session.

The total crypto market cap fell to an early low of $945 billion before surging to a high of $1,040 billion.

Crypto market cap
Total Market Cap 280722 Daily Chart

Market reaction to the Fed policy decision and Fed Chair Powell’s comments was evident, with the market cap surging by $38 billion in the hour following the decision.

Barring a crypto meltdown, the Wednesday jump all but assures an end to a three-month losing streak. For July, the total market cap is currently up $170 billion.

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

ETH surged by 12.88% to lead the top ten, with SOL (+10.98%) and ADA (+9.19%) close behind.

BNB (+8.86%), BTC (+7.68%), DOGE (+7.57%), and XRP (+6.28%) also made solid gains.

From the CoinMarketCap top 100, it was a rare bullish session, with only stablecoins seeing modest declines.

Lido DAO (LDO) led the way, surging by 33.00%. Ethereum Classic (ETC) and Synthetix (SNX), and Uniswap (UNI) weren’t far behind. ETC jumped by 30.91%, with SNX and Uni up by 25.90% and 20.57%, respectively.

Total Crypto Liquidations Continued Upward Trend Over 24-Hours

On Thursday, 24-hour liquidations increased, reflecting a choppy start to the Wednesday session. Market reaction to the Fed policy decision and Powell’s comments led to improving market conditions, evident in the one-hour and four-hour liquidation figures.

This morning, 24-hour liquidations stood at $317 million, up from $207 million on Wednesday. While higher, liquidation over the last 12 hours was $265 million.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 78,656 versus 73,706 on Wednesday morning.

However, one-hour and four-hour liquidations painted a better picture, reflecting the Fed-fueled market rally.

Crypto liquidations
Total Crypto Liquidations 280722

According to Coinglass, four-hour liquidations stood at $36.06 million, up from $24.01 million on Wednesday. One-hour liquidations stood at $2.96 million, down from $4.41 million. (See hourly crypto market cap chart below).

Crypto market rally
Total Market Cap 280722 Hourly Chart

Daily News Highlights

  • FTX continues its spending spree, with South Korea’s Bithumb the latest target.
  • The news hit the wires of Kraken coming under investigation for allowing users in Iran to buy and sell crypto.
  • IMF said the crypto crash hasn’t hit the broader financial market.

Crypto Market Daily Highlights – Ethereum (ETH) Leads the Way

Key Insights:

  • It is a mixed Sunday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • Investor sentiment towards the Ethereum Merge delivered a breakout session.
  • With an hour to go, the total coin market cap was up $16 billion to end the day at $1,023 billion.

It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) revisited $23,000, with Ethereum (ETH) hitting a high of $1,664 before easing back.

The upcoming Fed monetary policy decision and concerns over the US economic outlook took a backseat, with investors refocusing on crypto-related news.

Going into the month’s final week, the Cardano (ADA) Vasil hard fork is imminent, with progress towards the Ethereum Merge also proving to be the key for the broader crypto market.

The Total Crypto Market Cap Jumps Despite Crypto Headwinds

A bearish start to the Sunday session saw the total crypto market cap fall to a low of $1,001 billion.

The crypto market avoiding sub-$1,000 billion, with a broad-based market rally driving the market cap to a day high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 250722 Daily Chart

The broad-based crypto rally will wrap up a bullish week, with the crypto total market cap currently up $91.5 billion.

Significantly, the total crypto market cap is up by $157 billion for July. Barring a Fed-fueled sell-off, the crypto market looks set to end a 3-month losing streak.

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

At the time of press, ETH was up 3.72% to lead the way, with SOL (+2.90%) close behind.

While BNB (+1.04%), BTC (+0.92%), and XRP (+0.15%) also found support, ADA (-0.39%) and DOGE (-0.40%) look set to buck the top ten trend.

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

Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.

Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.

However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.

Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.

Total Crypto Liquidations Spikes in Final Hour Crypto Pullback

On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.

This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.

However, one-hour liquidations are up, reflecting the current market pullback from session highs.

Crypto liquidations
Total Crypto Liquidations 250722

According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly market cap chart below).

Market cap - hourly
Total Market Cap 250722 Hourly Chart

Daily News Highlights

  • Updates from the SEC v Ripple case continue to prevent an XRP breakout.
  • Barclays plans to take a stake in crypto firm Copper.
  • Finland will deliver seized bitcoin with a value of close to €47 million to Ukraine.

Crypto Market Daily Highlights – SOL, ADA, and DOGE See Deep Red

Key Insights:

  • After two mixed sessions, the crypto top ten hit reverse on Friday, with Solana (SOL) leading the way down.
  • For the NASDAQ 100, a three-day winning streak ended, with weak economic indicators reigniting fears of an economic recession.
  • The total coin market cap slid by $20 billion to end the day at $1,009 billion.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) gave up early gains to end the day at sub-$23,000, with Solana (SOL) and Cardano (ADA) seeing heavy losses.

US economic indicators weighed on riskier assets. In July, the services PMI slid from 52.7 to 47.0, according to prelim figures, reigniting fears of an economic recession. A PMI value below 50.0 indicates a sector contraction. Services account for more than 70% of the US economy.

The crypto news wires also weighed on bitcoin and the broader market. Investors struggled to shake off the news of Tesla Inc. (TSLA) selling off 75% of its bitcoin holding, with the latest SEC move against the crypto market also negative as the SEC v Ripple case drags on.

On Friday, the broader crypto market tracked the NASDAQ 100 into negative territory in response to the weak private sector PMIs.

The NASDAQ 100 fell by 1.87% to end the week up 3.45%, while the total crypto market cap increased by 8.36% to $1,009 billion, Monday to Friday.

NASDAQ correlation
Total Market Cap – NASDAQ – 230722 5 Min Chart

The Total Crypto Market Cap Tracks the NASDAQ into the Red

After a choppy start to the session, the total crypto market cap hit a Friday high of $1,058 billion before hitting reverse.

The reversal saw the coin market cap slide to a day low of $1,001 billion before steadying.

Having tracked the NASDAQ 100 into the red, crypto investors continued to close positions after the US closing bell.

Crypto market cap
Total Market Cap 230722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to sub-$1,600 and a BTC fall to sub-$23,000.

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

SOL slid by 5.98% to lead the way down, with ADA (-3.40%) and DOGE (-3.68%) also struggling.

BNB (-1.20%), BTC (-2.02%), ETH (-2.53%), and XRP (-2.40%) saw relatively modest losses.

From the CoinMarketCap top 100, it wasn’t all doom and gloom.

Bitcoin Gold (BTG), surged by 23.33% to lead the top 100, with EOS (EOS), Kusama (KSM), and NEO (NEO) also finding strong support.

Leading the way down, however, was THORChain (RUNE), which slid by 10.81%, with Synthetix (SNX), Arweave (AR), and Lido DAO (LDO) also struggling.

Total Crypto Liquidations Eased Back from a Session High

On Saturday, 24-hour liquidations were on the rise, though the liquidation numbers over short-time horizons suggested improving market conditions.

This morning, 24-hour liquidations stood at $207 million, up from $198 million on Friday while down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 62,274 versus 65,160 on Friday morning.

While 24-hour liquidations increased, one-hour liquidations were down from Friday.

crypto liquidations
Total Crypto Liquidations 230722

According to Coinglass, one-hour liquidations stood at $3.74 million, down from $4.10 million on Friday. Four-hour liquidations stood at $51.48 million, up from $33.04 million on Friday, aligned with the late crypto sell-off (see below).

Choppy finish
Total Market Cap 230722 Hourly Chart

Daily News Highlights

  • Ethereum co-founder Vitalik Buterin gave updates on the Ethereum network at the Annual Ethereum Community Conference.
  • The Fear & Greed Index held steady on Friday, despite the investor reaction to the Tesla news.
  • From the SEC v Ripple case, the Securities and Exchange Commission filed a request to appeal against the court ruling on the Hinman speech-related documents.
  • SEC Chair Gary Gensler targeted crypto lending shops, claiming jurisdiction.

Crypto Market Daily Highlights – ETH Rallies While BTC Struggles

Key Insights:

  • On Thursday, it was another mixed session for the crypto top ten, with Dogecoin (DOGE) and bitcoin (BTC) bucking the broader market trend.
  • Another bullish session for NASDAQ 100 delivered the broader crypto market with support.
  • The total crypto market cap rose by $11.3 billion to end the day at $1,029 billion.

It was a mixed Thursday session for the crypto top ten. Bitcoin (BTC) failed to revisit $24,000, with Dogecoin (DOGE) also struggling.

Investor reaction to the news of Tesla Inc. (TSLA) offloading 75% of its BTC holdings continued to pressure BTC. DOGE also struggled despite Tesla holding on to DOGE.

News of the SEC labeling a string of cryptos as securities failed to weigh on investor sentiment.

On Thursday, the broader crypto market tracked the NASDAQ 100 into positive territory. Corporate earnings continued to deliver support, with the Tesla Inc. earnings results from Wednesday driving demand for riskier assets.

The NASDAQ 100 rose by 1.36% on Thursday, following a Wednesday 1.58% gain.

NASDAQ correlation
Total Market Cap – NASDAQ – 220722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 92.5 points.

The Total Crypto Market Cap Rises on NASDAQ Support

A bearish start to the Thursday session saw the total crypto market cap fall to a low of $991.8 billion before finding support.

Further market reaction to news of Tesla selling off 75% of its BTC holding tested buying appetite early on.

Sentiment improved through the day, however, with the total crypto market cap rising to a high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 220722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to $1,600 and a BTC fall to sub-$23,000.

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

BTC and Dogecoin (DOGE) bucked the top-ten crypto trend, falling by 0.30% and 0.20%, respectively.

It was a bullish session for the rest of the majors, with ETH rallying by 3.52% to lead the way.

BNB (+2.90%) and SOL (+2.57%) also found strong support, while ADA (+1.83%) and XRP (+0.99%) trailed the front runners.

From the CoinMarketCap top 100, Curve DAO Token (CRV) led the way with a 21.6% gain. Cosmos (ATOM) and Synthetix (SNX) also found strong support, rising by 14.2% and 15.1%, respectively.

At the other end of the table, Klaytn (KLAY) and Amp (AMP) led the way down, falling by 2.14% and 3.43%, respectively. Flow (FLOW), Lido DAO (LDO), and VeChain (VET) also struggled.

Total Crypto Liquidations Support a Bullish Friday Session

On Friday, 24-hour liquidations continued to retreat, indicating more favorable market conditions.

This morning, 24-hour liquidations stood at $198 million, down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours, highlighting better market conditions. At the time of writing, liquidated traders stood at 65,160 versus 98,758 on Thursday morning.

Alongside the decline in 24-hour liquidations, one-hour and four-hour liquidations were down from Thursday.

According to Coinglass, one-hour liquidations stood at $4.10, down from $6.90 million on Thursday. Four-hour liquidations stood at $33.04 million, down from $101.16 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 220722

Daily News Highlights

  • Crypto exchange Zipmex froze withdrawals, citing volatile market conditions.
  • The SEC filed charges against a Coinbase employee for insider trading and labeled a collection of cryptos as securities.

Crypto Market Daily Highlights – BTC Extends Winning Streak

Key Insights:

  • On Friday, the crypto top ten extended the winning streak to three sessions, with Ethereum (ETH) leading the way for a second session.
  • Better than expected US retail sales figures and talk of a 75-basis point rate hike supported riskier assets, with the NASDAQ 100 delivering the broader crypto market direction.
  • The total crypto market cap rose by $11.5 billion.

It was a bullish Friday session for the crypto top ten. Bitcoin (BTC) rose for a third consecutive day, with ETH continuing its move toward $1,500.

The markets moved away from the recent US inflation figures and focused on the US economy on Friday.

Retail sales figures for June beat expectations but were not hot enough to fuel fear of a 100-basis point hike later this month.

Month-on-month, retail sales increased by 1.0% versus a forecasted 0.8%. Core retail sales also increased by 1.0% versus a forecasted 0.6%.

FOMC member chatter also drew attention, with members Bostic and Bullard easing fears of a 100-basis point move.

According to Reuters, James Bullard spoke of indifference on “whether the Fed approves a 0.75 percentage-point rate increase this month, as policymakers have flagged, or boosts that to a full percentage point.”

Atlanta Fed President Raphael Bostic reportedly delivered a more tempered view, cautioning against any dramatic moves that may impact hiring and other positive trends still evident in the economy.

The crypto news wires had a muted impact on the broader market, with the NASDAQ 100 guiding the crypto market. On Friday, the NASDAQ 100 rose by 1.79%.

The Total Crypto Market Cap Rises for a Third Consecutive Session

A bearish start to the Friday session saw the crypto market cap fall to a day low of $896 billion before finding support. Investor reaction to the US retail sales figures and Fed chatter led to a high of $932 billion before easing back.

Despite a late pullback, investors poured $11.5 billion back into the market to take the crypto market cap up $47 billion for July.

Crypto market cap
Total Market Cap 160722 Daily Chart

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

ETH rallied by 3.22% to lead the way, with BTC rising by 1.21%.

ADA (+0.23%), BNB (+0.04%), DOGE (+0.79%), SOL (+0.65%), and XRP (+0.12%) trailed the front runners.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) and Lido DAO (LDO) led the way, surging by 37% and 23%, respectively.

Progress towards the ETH Merge remained the key driver for LDO. According to Dune Analytics, staking Ether was on the rise.

ETH Staked on LIDO
ETH Staked with Lido

Several coins bucked the broader market trend, however. Synthetix (SNX), Nexo (NEXO), and Curve DAO Token (CRV) led the way down. NEXO slid by 6.6%, with SNX and CRV falling by 5.8% and 5.1%, respectively.

Total Crypto Liquidations Continued Downward Trend

On Friday, 24-hour liquidations eased further back as the crypto market responded to US economic indicators and Fed chatter.

This morning, 24-hour liquidations stood at $144 million, down from $180 million on Friday.

Liquidated traders over the last 24 hours declined to reflect improving market conditions. At the time of writing, liquidated traders stood at 47,290 versus 51,568 on Friday morning.

Significantly, one-hour liquidations fell to sub-$1 million going into the weekend session.

According to Coinglass, one-hour liquidations stood at $0.924 million, down from $2.41 million on Friday and $7.12 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 160722

Daily News Highlights

  • SEC mulled waiving some crypto regulations.
  • Fed Survey showed crypto products and services and blockchain tech low priority for bank growth and development strategies for two-thirds of respondents.

Lido DAO Carries the Market With a 31% Rally As SNX Drops by 5%

Key Insights:

  • Lido DAO supported the broader market rally, also almost reclaiming $1.2 in the process.
  • Synthetix led the few other altcoins that declined even when the crypto market remained bullish.
  • The overall value of all cryptocurrencies recovered to $920 billion at press time.

The balance of rallies and dips will always keep the market restrained from either falling too much or rising by a considerable margin.

Except for the few times when pretty much all the cryptocurrencies are leaning in either of the directions, the market will tend to follow the pattern it is following right now.

Lido DAO Takes On the Bears

As the best performing asset of the day, Lido DAO’s native token LDO noted a 31.77% rise in the span of 24 hours, trading at $1.21 at the time of writing.

Although the altcoin has managed to recover the losses it witnessed during the June crash, it is yet to find the support also to recover from the dip of May.

The price indicators surprisingly do exhibit potential in the cryptocurrency to initiate a rally. The Bollinger Bands’ divergence indicates a rise in volatility over the coming days.

However, the advantage LDO has here is that the candlestick is treating the basis of the indicator as support, making LDO vulnerable to price swings in the upward direction.

Additionally, the Relative Strength Index (RSI) is also in the bullish zone at the moment, indicating buy pressure increasing for the coin, which will be essential in pushing the price up.

However, if the indicator crosses the 80.0 mark and hits the overbought zone, it could result in a trend reversal.

Synthetix Takes It Slow

As a matter of fact, very slow. The altcoin hasn’t been able to recover even its June losses even after a month since SNX hit the lows.

Even in the last 24 hours, when most of the cryptocurrencies, including Bitcoin and Ethereum, kept rising, SNX fell by 5.09% to trade at $2.57 at the time of writing.

The downfall does make sense since, according to the Parabolic SAR, the altcoin is in a downtrend as the white dots of the indicator remain above the candlesticks for the third week straight.

Although according to the MACD, SNX is gaining bullish support and might be able to counter the downtrend by keeping it consolidated.

The persistence of the bullish crossover combined with the rising green bars is crucial for SNX if it intends to reclaim $3.

Crypto Price Analysis July 14:SNX, MATIC, UNI, GALA, MKR

Key Insights:

  • Synthetix was one of the best performing coins of the day, rising by 10.64%.
  • Gala dealt with the bearishness of the market, falling by 3.42%.
  • Bitcoin and Ethereum continued oscillating at $19k and $1k.

The crypto market made day traders happy yesterday as it shot up by 4.4% recovering $37.7 billion, with the help of the altcoins.

But the king coin and the altcoin king made no contribution as they remained consolidated at $19,727 and $1,080, respectively.

Synthetix (SNX)

As one of the leaders of the rally for today, SNX marked a 10.64% rise to trade at $2.56. However, this doesn’t do much for the altcoin, which is yet to recover the losses it witnessed in June.

The Awesome Oscillator, however, does not seem to be supporting a further rise with the bullishness dominating the indicator, which could keep SNX consolidated.

Polygon (MATIC)

The DeFi chain’s native token had a similar albeit better day noting a 17.64% growth in the last 24 hours despite observing a red candle today.

Trading at $0.63, MATIC still has room for growth given the diverging Bollinger Bands highlighting rising volatility in the upwards direction as the candlestick stands above the bias.

Uniswap (UNI)

The Decentralised Exchange’s token fared well despite the bearishness rising by 13.3%. This rally helped UNI recover almost all of its 14.33% depreciation this week.

The Chaikin Money Flow indicates that the current rally is organic, with inflows coming from investors, as is visible with the uptick.

Gala (GALA)

GALA, trading at $0.047, is 3.42% below yesterday’s opening price, but on a larger scale, it is still in a downtrend. Having lost the $0.05 mark, GALA is now looking at $0.04 as its next critical support.

And there are fair chances that the altcoin might end up reaching it since the MACD is highlighting the beginning of a bearish crossover on the charts.

Maker (MKR)

MKR has been stuck in the bearish zone for more than three months now, as visible on the Relative Strength Index (RSI) since the selling pressure has been dominating the altcoin.

Trading at $827, MKR is inching farther away from the $1000 mark, thanks to the 17.12% fall over the past four days.

Crypto Market Daily Highlights – ADA and DOGE Struggle

Key Insights:

  • It was a choppy Friday for the crypto top ten, with Ethereum (ETH) and Solana (SOL) struggling.
  • Investor reaction towards the US nonfarm payroll figures tested buying appetite, with bitcoin failing to hold onto the $22,000 handle.
  • The total crypto market cap declined by $6.8 billion to record the second fall in seven sessions.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) ended the day flat, while SOL and ETH struggled.

Fears of a recession eased, with US nonfarm payroll figures highlighting another surge in hiring. In June, nonfarm payrolls increased by 372k, following a 384k jump in May.

However, the sharp increase in hiring also raised concerns that the Fed may hike rates more aggressively this month. Sentiment shifted despite the less hawkish FOMC meeting minutes.

On Wednesday, the FOMC meeting minutes highlighted the risk of rate hikes having a ‘larger-than-expected effect on economic growth.’ Prior to the minutes, the markets had priced in a 75 basis point rate hike for July. However, the minutes revealed that participants judged a 50 or 75 basis point increase as appropriate.

The nonfarm payroll numbers could allow the Fed to deliver another 75 basis point rate hike before taking the foot off the gas.

In response to the NFP numbers, the NASDAQ 100 hit reverse before finding late support to eke out a 0.12% gain. The crypto market tracked the NASDAQ throughout the day before a post-US market close pullback.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 090722 5 Min Chart

The Total Crypto Market Cap Sees Modest Decline

A bullish start to the Friday session saw the crypto market cap strike a high of $962 billion.

In response to the NFP numbers, the market cap slid to a low of $916 billion before wrapping up the day at $930 billion.

Crypto market cap
Total Market Cap 090722 Daily Chart

NASDAQ 100 support was again the key, though the $1 trillion mark remained elusive.

Despite the NFP figures, the threat of a global economic recession remained. The numbers also delivered market uncertainty over the July Fed monetary policy decision.

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

ADA (-2.51%) and DOGE (-2.07%) led the way down, with losses of 2.51% and 2.07%, respectively. ETH also struggled, falling by 1.94%.

BTC slipped by 0.09%, with BNB (-0.33%), SOL (-0.90%), and XRP (-0.88%) seeing modest losses.

From the CoinMarketCap top 100, Quant (QNT) led the way, rallying by 13%, with Internet Computer (ICP) gaining 11%.

Polygon (MATIC) and 1inchNetwork (1INCH) were also among the front runners.

Total Crypto Liquidations Reflect Poorer Market Conditions

As a result of the mixed session, 24-hour liquidations inched up through the Friday session.

This morning, 24-hour liquidations stood at $215 million, up from $169 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 51,694 versus 42,406 on Friday.

One-hour liquidations reflected a late crypto market pullback.

According to Coinglass, one-hour liquidations stood at $10.6 million, up from $1.36 million on Friday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.

Crypto liquidations
Total Crypto Liquidations 090722

Daily News Highlights

  • The crypto market brushed aside the US Treasury framework for digital assets.
  • DeFi platform Aave (AAVE) unveiled another decentralized stablecoin.
  • A Californian resident filed a lawsuit against Solana (SOL) for selling unregistered securities tokens.
  • Fed Vice Chair Brainard talked of the need for strong crypto regulations to mitigate crypto risks to financial stability.
  • UK thinktank the City of London Corporation called for global rules for cryptos to enable smooth cross-border and wholesale central bank digital asset (CBDC) payments.
  • The fallout from the Three Arrows Capital (3AC) collapse continued. Blockchain.com faced a $270 million write-down on loans to 3AC.

SNX Price Prediction: Will it Reach $4?

Key Insights:

  • SNX rose 37% on July 4 to a high $2.9196 from a low of $2.1233 recorded on June 30. 
  • The token currently ranks 97th in the list of cryptocurrencies worldwide by market capitalization at $296 million.
  • Technical analysis shows that short-term sentiment on SNX is neutral.

Last month, SNX surged 109% in 24 hours which led to short liquidations worth $4 million recorded on 20 June, along with $1.42 million worth of long liquidations.

This month, the native token of the derivatives trading platform, Synthetix rose 37% on July 4 to a high $2.9196 from a low of $2.1233 on June 30.

Synthetix is a protocol for the issuance of synthetic assets that tracks and provides returns for another asset without requiring users to hold that asset. This brings liquidity to the market and users can earn rewards in the form of SNX tokens by providing collateral to the platform.

Price Action

SNX started its journey in March 2018 at $0.4683.

The token witnessed a strong bull run in February 2021 which led to an all-time high (ATH) price of $28.77 on 14 February. The price then consolidated to $23.01 by May 18 that same year.

 

Synthetix weekly price chart
SNX 060722 Weekly Price Chart

Following this, SNX plummeted to $5.21 on June 26, 2021, climbing back up to a high of $12.93 by September. Its price then retreated and has been stuck in a downwards trend ever since, even in November 2021 when the crypto market was experiencing relative highs.

Brief price surges occurred in late December 2021 and early January of this year, in addition to an elongated correction throughout the month of February.

As the total market capitalisation of the crypto market fell below $1 trillion, SNX dropped to a low of $1.45 on June 18 this year – its lowest price in two years.

SNX is down over 91% from its all-time high of $28.77 set in February 14, 2021 and is currently trading at $2.58. It ranks 97th in the list of cryptocurrencies worldwide by market capitalization at $296 million. Its price is up 1.10% in the last 24 hours.

 

Synthetix daily price chart
SNX 060722 Daily Price Chart

Technical Indicators

SNX’s current support level stands at $2. For a token that went from less than $1 to over $20 in seven months, reaching $4 in the long-term is a possibility.

Technical analysis shows that short-term sentiment on SNX is neutral, with 9 indicators displaying bullish signals compared to 8 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving a combination of sell and buy signals, while the relative strength index (RSI) stands at 50.4.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Synthetix crypto price prediction, SNX could see its price rising to $1.854 by August 2022, falling to $0.200 in January 2024 and dropping to $0.215 by January 2025.