Crypto Market Daily Highlights – Bitcoin (BTC) Eyed a Return to $22,000

Key Insights:

• It was a bullish Thursday for the crypto to ten, with bitcoin (BTC) leading the way with a breakout to a day high of $21,840.
• A sharp pickup in demand for riskier assets supported a 2.28% NASDAQ rally fueled by hints from the Fed of a less aggressive rate path trajectory.
• The total crypto market cap rose by $35 billion to record the fifth increase in six sessions.

It was a bullish Thursday session for the crypto top ten. Bitcoin (BTC) led the way, with SOL and ETH close behind.

Investors brushed aside fears of a global economic recession, with the FOMC meeting minutes from Wednesday driving demand for riskier assets.

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.

At the time of writing, the NASDAQ 100 Mini was down 32.5 points.

The Total Crypto Market Cap Jumps on Fed Minutes

A bearish start to the session saw the crypto market cap fall to a low of $889 billion before jumping to a high of $945 billion.

NASDAQ 100 support was the key to the move back toward $1,000 billion levels. While bullish on the day, crypto market headwinds linger.

The threat of a global economic recession remains real, as does a likely shift in the crypto regulatory landscape. From a monetary policy perspective, while Fed concern over the impact of policy on economic growth prospects delivered relief, the Fed has stated its commitment to bringing inflation to target at any cost.

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

BTC rallied by 5.19% to lead the way, with SOL (+3.88%) and ETH (+4.35%) close behind.

ADA (+3.46%), BNB (+1.26%), DOGE (+3.13%), and XRP (+3.13%) also found strong support.

From the CoinMarketCap top 100, Storj (STORJ), Aave (AAVE), and Internet Computer (ICP) led the way. STORJ rallied by 15%, with AAVA and ICP gaining 13% and 11%, respectively.

Maker (MKR) and KuCoin Token (KCS) were among a handful of cryptos to buck the trend. MKR fell by 0.53%, with KCS falling by 0.60%.

Total Crypto Liquidations Reflect Improving Market Conditions

Despite the bullish session, 24-hour liquidations rose through the Thursday session.

This morning, 24-hour liquidations stood at $169 million, up from $101 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 42,406 versus 30,986 on Thursday.

However, one-hour liquidation figures suggested improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $1.36 million, down from $24.4 million on Thursday. A fall back to sub-$1 million levels would suggest another bullish day ahead.

Daily News Highlights

• Crema Finance hacker returned $8 million for a $1.6 million bounty.
• The US banned crypto-owning government officials from working on regulations.
• Polygon is set to deliver a DeFi Overhaul with the launch of Avail.
• SEC filed a motion to limit Ripple Lab expert testimony.