Crypto Market Daily Highlights – BNB Leads a NASDAQ-Fueled Recovery

Bob Mason
Published: Sep 7, 2022, 23:23 GMT+00:00

The crypto market recovers from a market cap fall to sub-$900 billion, with a NASDAQ 100 breakout session supporting the rebound

Crypto highlights - FX Empire

In this article:

Key Insights:

  • It is a bullish Wednesday session for the crypto top ten, with Binance Coin (BNB) leading the top ten out of a bearish morning.
  • Crypto investors brushed aside hawkish FOMC member chatter and tracked the NASDAQ into positive territory before a post-closing bell breakout.
  • The total crypto market cap is up $33.1 billion to $946.8 billion, with 90 minutes of the session remaining.

It is a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) aims to avoid another sub-$19,000 finish, with Binance Coin (BNB) leading the top ten crypto rebound from early losses.

There were no US economic indicators for crypto investors to consider, allowing a pickup in demand for riskier assets. Falling bond yields and a breakout session for the NASDAQ 100 supported the crypto market. BTC fell to a day low of $18,549 before the US market opening bell.

The upside came despite hawkish FOMC member chatter. FOMC member Loretta Mester talked of a further uptick in inflation, with Thomas Barkin and Lael Brainard voicing the need to hike rates until there are signs of softer inflationary pressures.

On Wednesday, the NASDAQ 100 rallied by 2.14%. However, the bullish sentiment across the crypto market continued beyond the closing bell.

NASDAQ support.
Total Market Cap – NASDAQ – 080922 5 Min Chart

Crypto Market Responds to the NASDAQ 100 Breakout Session

On Wednesday, the total crypto market fell to an early low of $895.3 billion before rallying to a late high of $952.4 billion.

While easing back, the crypto market cap is up $33 billion to $946.8 billion, reversing most of Tuesday’s losses.

Crypto market cap recovers from sub-$900 billion.
Total Market Cap 080922 Daily Chart

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

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

BNB leads the way, rallying by 6.17%, with ETH (+5.70%) and SOL (+5.92%) close behind.

ADA (+3.46%), DOGE (+3.96%), BTC (+3.20%), and XRP (+4.38%) are also in positive territory.

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

Helium (HNT) is in recovery mode, surging by 60.52% to lead the way. EOS (EOS) and Curve DAO Token (CRV) are also in breakout mode, rising by 19.86% and 13.52%, respectively.

Several coins are in negative territory. OKB (OKB) leads the way down, falling by 0.95%. Nexo (NEXO) and UNUS SED LEO (LEO) are also bucking the broader market trend, with losses of 0.11% and 0.13%, respectively.

Crypto Liquidations Ease Back in Broad-based Crypto Rebound

Over 24 hours, total liquidations eased back as the US markets clawed back losses from the Tuesday sell-off.

At the time of writing, 24-hour liquidations stood at $245.56 million, down from $385.59 million on Wednesday morning.

Liquidated traders over the last 24 hours also tumbled. At the time of writing, liquidated traders stood at 58,782 versus 100,232 on Wednesday morning. While liquidations over one hour and 12 hours were lower, 4-hour liquidations were higher, suggesting the liquidation of short positions.

Crypto liquidations ease.
Total Crypto Liquidations 080922

According to Coinglass, 12-hour liquidations stood at $151.18 million, down from $263.96 million on Wednesday morning, with one-hour liquidations down from $7.31 million to $5.25 million. 4-hour liquidations are up from $32.50 million to $104.84 million. The chart below shows market conditions throughout the session.

Crypto market rebound.
Total Market Cap 080922 Hourly Chart

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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