Crypto Market Daily Highlights – BNB and ADA Led the Top Ten Charge

Key Insights:

• It was a bullish Wednesday session for the crypto top ten. BNB and ADA led the way.
• US economic indicators and the NASDAQ Index contributed to a bullish session celebrating Bitcoin’s 14 years.
• The crypto market cap rose by $14.47 billion to end the day at $780.53 billion.

It was a bullish session for the crypto top ten on Wednesday, with ADA and BNB leading the way. BTC joined the broader market in a breakout session, celebrating 14 years since the Genesis block. Notably, BTC revisited $17,000 for the first time in 21 sessions.

Investors returned from the holidays, nudging trading volumes higher. Bullish from the start of the session, the NASDAQ mini and sentiment toward Bitcoin’s 14 years in existence appeared to support the breakout session.

However, US economic indicators and the NASDAQ Index influenced the afternoon session. In December, the ISM Manufacturing PMI fell from 49.0 to 48.4, with the Prices Index sliding from 43.0 to 39.4. The numbers supported bets of the Fed taking its foot off the gas.

JOLTs job openings were also crypto-friendly. Job openings slipped from 10.512 million to 10.458 million in November.

Fed Minutes Tests Buyer Appetite as Fed Pivot Bets Fade

Late in the session, the FOMC meeting minutes led to a pullback from session highs. The minutes were hawkish, with members seeing rates higher for longer, removing hopes of a 2023 Fed pivot. According to the minutes,

“No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023.”

The NASDAQ Index rose by 0.69% on Wednesday, with the S&P 500 gaining 0.75%.

Today is a busy day on the US economic calendar. ADP nonfarm employment change and weekly jobless claims will draw plenty of interest early in the US session. Later in the day, finalized Markit-survey service and composite PMIs will also influence.

Investors should also look out for any FOMC member commentary. Following the holidays, the markets are looking for a response to the latest round of economic indicators. FOMC members Bostic and Bullard are slated to speak today.

The NASDAQ mini was down 4.5 points this morning.

Crypto Market Enjoys a Bullish Session Despite the Hawkish Fed Minutes

It was a bullish Wednesday session. An early dip saw the crypto market cap fall to a low of $763.88 billion before making a move. Bullish through to the FOMC meeting minutes, the crypto market cap surged to a late high of $787.83 billion.

However, weighed by the hawkish minutes, the crypto market cap fell back to end the day at $780.53 billion, a gain of $14.47 billion for the day.

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

It was a bullish Wednesday session for the crypto top ten.

ADA and BNB led the way, with gains of 5.93% and 5.24%, respectively.

DOGE (+3.69%), ETH (+3.47%), and MATIC (+3.40%) also found strong support, while BTC (+1.05%) and XRP (+1.21%) trailed the front-runners.

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

Ethereum classic (ETC) led the way, rallying by 20.80%, with near protocol (NEAR) and lido DAO (LDO) seeing gains of 16.09% and 14.75%, respectively.

However, OKB (OKB) fell by 3.92%, with huobi token (HT) and celo (CELO) seeing losses of 1.27% and 0.39%, respectively.

24-Hour Liquidations Spike in a Breakout Session

Over 24 hours, crypto liquidations jumped back toward normal levels. At the time of writing, 24-hour liquidations stood at $112.20 million versus $28.70 million on Wednesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 24,642 versus 13,094 on Wednesday morning. Crypto liquidations were higher over 12 and four hours while down over one hour.

According to Coinglass, 12-hour liquidations stood at $36.00 million, up from $21.10 million on Wednesday morning, with four-hour liquidations up from $2.52 million to $3.95 million. However, one-hour liquidations fell from $1.81 million to $0.606 million.

The chart below shows market conditions throughout the session.