Crypto Market Daily Highlights – BTC and BNB Buck the Top Ten Trend

Key Insights:

• It was a mixed Thursday for the crypto top ten. Bitcoin (BTC) and binance coin (BNB) bucked the top ten trend with modest gains.
• The US CPI report delivered a choppy afternoon session, with the broader crypto market tumbling deep into the red before a late recovery.
• The crypto market cap rose by $2.0 billion to $887.1 billion.

It was a mixed Thursday session for the crypto top ten. BTC and BNB bucked the top ten trend, while SOL and XRP led the way down. Notably, BTC fell short of $20,000 for a sixth consecutive session while falling to an October low of $18,161.

US economic indicators delivered market volatility on Thursday. The US CPI report sent the crypto market deep into negative territory. However, a NASDAQ rally provided much-needed support throughout the US session.

The US annual inflation rate softened from 8.3% to 8.2% in September, raising bets of 75-basis point rate hikes in November and December.

In response to the CPI report, the probability of a 75-basis point rate hike in November increased from 84.5% to 96.3%. Significantly, the chances of a 75-basis point Fed rate hike in December jumped from 28.6% to 71.5%.

Market reaction to the CPI number and the FedWatch Tool’s interest rate predictions suggest that investors are willing to accept front loading until the end of the year. On Thursday, the NASDAQ 100 rallied by 2.23%, while the NASDAQ Mini was down 24 points this morning.

Economic indicators will continue to draw interest throughout today’s session. Trade data from China and US retail sales and consumer sentiment numbers will influence.

Crypto Market Avoided the Red for a Second Consecutive Session

On Thursday, the crypto market tumbled to a mid-day low of $832.7 billion before rising to a late high of $895.9 billion. Despite the afternoon rebound, the crypto market cap fell short of $900 billion for a third consecutive session.

Rising by $2.0 billion, the market cap is down $19 billion to $887.1 billion for the week.

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

It was a mixed Thursday session for the crypto top ten.

BTC led the way, rising by 1.17%, with BNB (+0.33%) also bucking the top ten trend.

However, it was a bearish session for the rest of the majors.

SOL and XRP led the way down, with losses of 2.14% and 1.91%, respectively.

ADA (-1.05%), DOGE (-0.29%), and ETH (-0.57%) also struggled.

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

Ethereum name service (ENS) surged by 12.99%, with terraclassicUSD (USTC) and Synthetix (SNX) seeing gains of 4.19% and 5.67%, respectively.

However, convex finance (CVX) and klaytn (KLAY) led the way down, sliding by 9.63% and 11.48%, respectively. Terra (LUNA) also struggled, falling by 3.04%.

24-Hour Crypto Liquidations Spike in Response to US CPI Report

Over 24 hours, total liquidations spiked as investors reacted to the US CPI report. At the time of writing, 24-hour liquidations stood at $307.46 million, up from $28.82 million on Thursday morning.

Liquidated traders over the last 24 hours also jumped. At the time of writing, liquidated traders stood at 133,664 versus 31,684 on Thursday morning. Liquidations were up over 12 hours and over one and four hours.

According to Coinglass, 12-hour liquidations were up from $15.62 million to $132.24 million, with four-hour liquidations rising from $3.70 million to $4.87 million. One-hour liquidations increased from $0.584 million to $0.709 million.

The chart below shows market conditions throughout the session.