Crypto Market Daily Highlights – BNB and XRP Hit Reverse

Bob Mason
Updated: Jul 11, 2022, 00:20 GMT+00:00

It was a bearish end to the week for the crypto market as investor focus shifted to US inflation and retail sales figures in the week ahead.

Cryptos find support

Key Insights:

  • It was a bearish end of the week for the crypto top ten, with XRP leading the way down.
  • Following a relatively range-bound Saturday, market uncertainty weighed ahead of several key economic indicators due this week.
  • The total crypto market cap slid by $29 billion to record the third decline in nine sessions.

It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third consecutive day, with XRP leading the way down.

Following the Fed meeting minutes and US nonfarm payrolls, the market focus shifts to US inflation figures this week.

With the numbers due out on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.

Last week, the FOMC meeting minutes highlighted member concerns over the possible impact of rate hikes on the US economy. The uncertainty over Fed monetary policy and the economic outlook likely contributed to some profit-taking.

Through the early part of this week, we expect the crypto market to take its cues from the NASDAQ 100, with no decoupling likely near term.

Crypto - NASDAQ
Crypto – NASDAQ – 110722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was down by 38 points.

The Total Crypto Market Cap Revisits Sub-$900bn

The bearish Sunday session saw the crypto market cap fall from a high of $935.7 billion to a low of $895.8 billion.

While late support limited the damage, the total market cap slid by $28.9 billion to $905.2 billion.

Crypto market cap
Total Market Cap 110722 Daily Chart

The Sunday pullback left the market cap up by $54 billion for the week ending July 10.

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

XRP  slid by 5.66%, with ETH seeing a 4.04% loss.

ADA (-3.35%), BNB (-3.62%), BTC (-3.41%), DOGE (-3.18%), , and SOL (-3.53%) also saw heavy losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) led the way, rising by 4.04%.

IOTA ( MIOTA), Monero (XMR), Amp (AMP), Chiliz (CHZ), and Tezos (XTZ) also bucked the broader market trend.

Leading the way down, however, was Internet Computer (ICP) and THORChain (RUNE), which slid by 8.7% and 8.9%, respectively.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations increased through Sunday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $111 billion, up from $59.5 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 39,241 versus 23,346 on Sunday.

However, four-hour and One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $0.586 million, down from $1.60 million on Sunday.

Crypto liquidations
Total Crypto Liquidations 110722

Daily News Highlights

  • In the second quarter, crypto ATM installation growth slowed dramatically.
  • Polygon (MATIC) CEO Ryan Wyatt talked of Terra-based projects migrating to the Polygon network.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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