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Crypto Market Daily Highlights – ADA, BTC, ETH, and SOL Extend Losses
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It was a choppy Friday session, with the bitcoin losing streak extending to six sessions. Dogecoin was among several, however, that avoided the red.
Key Insights:
- It was a bearish Friday session for the crypto to ten, with Cardano (ADA), bitcoin (BTC), Ethereum (ETH), and Solana (SOL) extending their losing streaks to six sessions.
- The crypto market tracked the NASDAQ 100, which eked out a 0.90% gain, before a post-US close sell-off.
- The total crypto market cap fell for a sixth consecutive day. A $19.6 billion fall left the market cap at $846.2 billion.
It was a bearish start to the month for the crypto market. Bitcoin (BTC) extended its losing streak to six sessions, with Cardano (ADA), Ethereum (ETH), and Solana (SOL) also seeing red for six consecutive days.
While there were no catalysts to send the crypto market into the red, news of the EU agreeing to a comprehensive regulatory framework may have tested support. A bullish start to the Friday session was short-lived, with a choppy session in the US equity markets leaving the crypto market on the back foot.
On Friday, the NASDAQ 100 rose by 0.90% to end the week down by 4.13%. Monday through Friday, bitcoin fell by 8.48%.
A late Friday relief rally provided crypto support before a post-US market close sell-off. Fears of a recession and investor sentiment toward monetary policy continued to weigh.
US economic data added to the bearish sentiment. In June, the ISM Manufacturing PMI fell from 56.1 to 53.0 versus a forecasted decline to 54.9.
The Total Crypto Market Cap Falls for a Sixth Consecutive Day
A choppy session saw the total crypto market cap rise to a high of $894.2 billion before sliding to a low of $835.1 billion.
Finding support from the late NASDAQ rebound, the crypto market cap revisited $862 billion before hitting reverse.
$19.6 billion came off the table to leave the market cap at $846.21 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
On Friday, DOGE broke the top ten crypto trend, rising by 0.24%.
However, it was a bearish session for the rest of the top ten. XRP slid by 5.72% to lead the way down, with BTC falling by 3.31%.
ADA (-2.61%), BNB (-1.41%), ETH (-1.17%), and SOL (-2.71%) also struggled.
From the CoinMarketCap top 100, Basic Attention Token (BAT), Curve DAO Token (CRV), Cosmos (ATOM), and Monero (XMR) also saw gains on the day. CRV led the way, rallying by 8.55%.
Total Crypto Liquidations Reflect the Bearish Market Sentiment
24-hour liquidations reflected improving market conditions going into the weekend.
This morning, 24-hour liquidations stood at $107 million, down from $248 million on Friday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,758 versus 83,723 on Friday morning.
One-hour liquidation figures supported the downward trend in liquidated traders.
According to Coinglass, one-hour liquidations stood at $2.44 million, down from $3.14 million on Friday. A return to sub-$1 million would support a bullish session.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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