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Crypto Market Daily Highlights – BTC and the Broader Market Hit Reverse
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It is a bearish start to the week, with more than $40 billion off the table as investor angst over the Fed and the US economy test investor resilience.
In this article:
Key Insights:
- It is a bearish Monday session for the crypto top ten, with Solana (SOL) and Ethereum (ETH) taking the biggest hits.
- Investor focus returned to the Fed and the US economy to pressure the crypto market.
- With an hour to go, the total coin market cap was down $45 billion to $974 billion.
It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) tested support at $21,500, with Ethereum (ETH) and Solana (SOL) on the slide.
The upcoming Fed monetary policy decision and concerns over the US economy have hit investor appetite. Today’s reversal continued from a late Sunday sell-off that could continue through to tomorrow’s Fed policy decision.
On Monday, the NASDAQ 100 fell by 0.43%, adding to the negative sentiment. However, a late partial recovery has had little influence on the crypto market, which has extended its losses after the US market close.
The Total Crypto Market Cap Hits Reverse
Bearish throughout the Monday session, the total crypto market cap tumbled from a high of $1,022 billion to a low of $963 billion.
With $45 billion coming off the table, a first monthly increase in four months is less assured. Currently, the market cap is up $108 billion for July.
Ultimately, it all hinges on the Fed monetary policy decision and US economic indicators.
On Tuesday, US consumer confidence figures will set the tone ahead of Q2 GDP numbers due on Thursday. Weaker consumer confidence, a 75-basis point or 100-basis point hike, and Q2 economic contraction would put the crypto market to the test.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
At the time of press, SOL and ETH were down 7.85% and 7.57%.
Things were no better elsewhere. ADA (-4.69%), BNB (-4.32%), BTC (-4.24%), DOGE (-5.29%), and XRP (-3.98%) are also set for heavy losses.
From the CoinMarketCap top 100, it is a mixed session.
Trust Wallet Token (TWT), Uniswap (UNI), and Qtum (QTUM) are leading the way. TWT is up 5.47%, with UNI and QTUM up 4.28% and 0.36%, respectively.
At the other end of the table, Fantom (FTM), Curve DAO Token (CRV), and Convex Finance (CVX) led the way down. FTM is down 11.93%, with CRV and CVX down by 11.70 and 10.78%, respectively.
Total Crypto Liquidations Rise as Recession Fears Resurface
Late in the Monday session, 24-hour liquidations continue to inch northwards, though liquidation levels remain low relative to last week’s spike.
In the final hour, 24-hour liquidations stood at $182 million, up from $155 million on Monday morning. Last Tuesday, liquidations spiked at $691 million.
Liquidated traders have risen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 67,978 versus 41,141 on Monday morning.
Four-hour liquidations are up again, reflecting the current market conditions and the post-US market close sell-off.
According to Coinglass, four-hour liquidations stood at $76.67 million, up from $41.48 million on Monday. However, one-hour liquidations stood at $18.00 million, down from $34.39 million on Monday, suggesting support kicking in at the turn of the day. (See hourly crypto market cap chart below).
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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