Crypto Market Daily Highlights – Bitcoin Extends Losing Streak to Five

Key Insights:

• It was another bearish session for the crypto top ten, with Ethereum (ETH) leading the way down.
• Bearish sentiment from the US equity markets continued to spill over to the crypto market, which tracked the NASDAQ 100 into the red.
• The total crypto market cap slid by a further $25 billion to record a third consecutive daily fall.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) fell for a fifth consecutive day, while ETH led the way down.

There were no economic indicators from the US for the crypto market to consider. With the crypto news wires having a muted impact on bitcoin and the broader market, market risk sentiment delivered direction on the day.

Investor apprehension ahead of US inflation figures due later today continued to test support.

On Tuesday, the NASDAQ 100 fell by 0.95%, following a 2.26% loss on Monday.

At the time of writing, the NASDAQ 100 Mini was down 4.5 points, with the markets now looking ahead to the US inflation figures that could dictate the size of the next Fed rate hike.

The Total Crypto Market Cap Slides to Sub-$850bn

A bearish Tuesday session led the crypto market cap to a day low of $839 billion before ending the day at $842 billion. A third consecutive day in the red saw another $25 billion come off the table.

For July, the total market cap was down $24 billion, with the crypto market facing a fourth consecutive monthly decline.

While a likely shift in the crypto regulatory landscape and the SEC v Ripple case remain crypto drivers, investor sentiment towards the economic outlook and Fed monetary policy continue to influence.

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

ETH slid by 5.31% to lead the way down, with ADA (-3.92%), BTC (-3.18%), and DOGE (-3.18%) also struggling.

BNB (-2.26%), SOL (-2.19%), and XRP (-1.14%) saw relatively modest losses.

From the CoinMarketCap top 100, Quant (QNT) and Huobi Token (HT) were among a handful of cryptos to buck the trend.

QNT and HT rose by 0.92% and by 0.56%, respectively.

However, TerraClassicUSD (USTC) slid by 12.7% to lead the way down, with Tezos (XTZ) falling by 8.8%.

Total Crypto Liquidations Remained Elevated on Tuesday

24-hour liquidations remained on the higher side through Tuesday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $175 billion, down from $177 billion on Tuesday while up from $111 billion on Monday.

Liquidated traders over the last 24 hours eased. At the time of writing, liquidated traders stood at 54,212 versus 69,448 on Tuesday.

Four-hour liquidations reflected a sharp increase in liquidations, while one-hour liquidations reflected improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $4.69 million, down from $13.81 million on Tuesday. Four-hour liquidations stood at $89 million.

Daily News Highlights

• G20 announced plans to propose a robust crypto regulatory framework by October.
• The Central Bank of Russia talked about the digital Ruble and the risks associated with private stablecoins.
• US Treasury sought input on risks and opportunities linked to cryptos.
• The SEC delayed a decision on bitcoin ETF requests after a string of rejections.