Crypto Market Daily Highlights – ADA, ETH, and SOL See Heavy Losses

Key Insights:

• It is a bearish Tuesday session for the crypto top ten, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) taking big hits.
• Following a bullish Monday, a shift in investor focus towards US inflation and Wednesday’s CPI numbers sent riskier assets into the red.
• The total crypto market cap is down $25 billion, leaving the market cap up by $17 billion for the month.

It is a bearish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) failed to revisit the $24,000 handle for the eighth time in nine sessions. Cardano (ADA), Ethereum (ETH), and Solana (SOL) lead the way down.

Easing fears of a US economic recession took a backseat on Tuesday. The investor focus returned to inflation and Fed monetary policy. Investor jitters ahead of the US inflation numbers on Wednesday sent riskier assets into the red.

The NASDAQ 100 fell for a third consecutive day. A 1.19% decline weighed on the broader crypto market, with cryptos failing to break free from central bank monetary policy expectations.

On Wednesday, US consumer price index figures will be the key stats of the week. Following impressive nonfarm payroll and better-than-expected services PMI numbers, another spike in inflation could force the Fed into a percentage point move. A more aggressive path towards normalization would be crypto price negative.

At the time of writing, the NASDAQ 100 Mini was up 14 points.

The Total Crypto Market Cap Tumbles on US Inflation Jitters

On Tuesday, the total crypto market cap rose to an early high of $1,113 billion before sliding to an early afternoon low of $1,036 billion. However, finding late support, the crypto market cap has reduced the deficit, with a return to $1,073 billion.

Down by $25.2 billion on Tuesday, the total crypto market cap is up by $17 billion for August.

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

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

With one hour remaining, SOL is down 3.96%, with ADA (-3.72%) and ETH (-3.71%) also struggling.

Things are not much better for BTC (-2.46%), DOT (-1.39%), and XRP (-2.64%), while BNB is down by 0.06%.

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

Celsius (CEL), Mina (MINA), and Zcash (ZEC) are among the front runners. CEL is up 14% to lead the way, with MINA and ZEC up 5.6% and 4.5%, respectively.

At the other end of the table, Curve DAO Token (CRV) is down 8.6%, with Filecoin (FIL) and Kusama (KSM) down 7.43% and 6.84%, respectively.

Total Crypto Liquidations Rise in Bearish Tuesday Session

This morning, 24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $203 million, up from $187 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 82,754 versus 57,332 on Tuesday morning.

However, one-hour and four-hour liquidations declined, reflecting a partial recovery late in the session.

According to Coinglass, four-hour liquidations stood at $9.05 million, down from $19.75 million on Tuesday morning. One-hour liquidations are down from $8.71 million to $3.59 million (see hourly crypto market cap chart below).

Daily News Highlights

• Australia’s central bank launched a one-year digital currency project.
• Circle froze funds linked to Tornado Cash addresses.
• China hit illegal websites and accounts for falsifying BTC returns.
• A Deloitte report showed the crypto adoption outlook to surge over the next two years.