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.
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.
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.
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.
