Crypto Market Daily Highlights – ADA Bucked the Bearish Top Ten Trend

Bob Mason
Updated: Dec 4, 2022, 02:04 UTC

It was a bearish session for the broader crypto market on Friday, with Fed policy, regulatory risk, FTX contagion, and economic uncertainty testing buyers.

Crypto news - FX Empire.

Key Insights:

  • It was a mixed Saturday session for the crypto top ten, with ADA finding support to buck the top ten trend.
  • Uncertainty over Fed policy and the US economic outlook weighed on investor sentiment, leaving the broader market in negative territory.
  • The crypto market cap fell by $15.6 billion to end the day at $802.3 billion.

It was a mixed Saturday session for the crypto top ten. ADA bucked the trend, while ETH and MATIC led the way down. Notably, BTC visited $17,000 for the fourth consecutive session while ending the day at sub-$17,000 for the second time in four sessions.

Fed Chair Powell’s speech from Wednesday and US economic indicators continued to influence investor sentiment.

While the Fed Chair talked about plans to slow the pace of interest rate hikes, economic indicators delivered mixed signals. Inflation remained elevated, with the US Jobs Report showing a pickup in wage growth and another spike in hiring.

However, the US manufacturing sector contracted for the first time since May 2020, and the unemployment rate held at 3.7%. The contraction likely reignited fears of a Fed-fueled US economic recession.

The latest figures delivered uncertainty to investors hoping for the Jobs Report to seal a 50-basis point rate hike later this month. Despite the uncertainty, the probability of a 75-basis point rate hike stood at just 21.8% this morning, according to the FedWatch Tool.

Away from the economic calendar, FTX contagion risk and regulatory risk remained crypto market headwinds. The collapse of FTX will likely lead to a shift in the regulatory landscape, which leaves the crypto market shrouded with uncertainty over the near term.

Today, the crypto news wires will need monitoring, with the NASDAQ mini likely to influence in the final hour (UTC).

NASDAQ correlation.
Total Market Cap – NASDAQ – 041222 Daily Chart

Crypto Market Hits Reverse as Fed Policy and US Economic Uncertainty Weigh

On Saturday, the crypto market cap rose to an early morning high of $822.5 billion before sliding to a late low of $799.8 billion.

However, finding late support, the crypto market cap ended the day at $802.3 million, logging a $15.6 billion loss for the session.

Crypto market cap sees deep red.
Total Market Cap 041222 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 bucked the trend, rising by 0.31%.

However, ETH and MATIC led the way down, with losses of 4.22% and 4.90%, respectively.

BNB (-0.99%), BTC (-1.18%), DOGE (-2.25%), and XRP (-2.09%) also struggled.

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

Aptos (APT) led the way, gaining 4.29%, with toncoin (TON) and cardano (ADA) also avoiding the red. TON rose by 2.27%.

GMX (GMX) led the way down, falling by 7.30%, with decred (DCR) and UNUS SED LEO (LEO) seeing losses of 4.68% and 4.78%, respectively.

24-Hour Liquidations Remain Below Normal Levels Despite Reversal

Over 24 hours, total liquidations remained below-normal levels, with the US Jobs Report resonating on Saturday.

At the time of writing, 24-hour liquidations stood at $36.80 million versus $40.38 million on Saturday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 11,509 versus 13,147 on Saturday morning. Liquidations were up over 12 and four hours while down over one hour.

Crypto liquidations drop.
Total Crypto Liquidations 041222

According to Coinglass, 12-hour liquidations rose from $24.70 million to $27.15 million, with four-hour liquidations up $7.36 million to $19.04 million. One-hour liquidations were down from $4.56 million to $1.59 million.

The chart below shows market conditions throughout the session.

Crypto upswing at the turn of the day capped liquidations.
Total Market Cap 041222 Hourly Chart

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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