Crypto Market Daily Highlights – BTC, ETH, and SOL Are on the Move

Key Insights:

• It is a mixed Thursday session for the crypto top ten, with bitcoin (BTC), Ethereum (ETH), and Solana (SOL) finding support.
• The NASDAQ 100 weighed on investor sentiment, with fears that the Fed will deliver another sizeable rate hike, weighing on riskier assets.
• The total crypto market cap is up by $3.66 billion to $1,123 billion.

It is a mixed Thursday session for the crypto top ten. In a choppy session, bitcoin (BTC) came within reach of $25,000 before falling back. Ethereum (ETH) and Solana (SOL) lead the way, while the rest of the top ten sees red.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

Following the softer US consumer inflation figures, US wholesale inflation figures drew interest on Thursday. The numbers were market-friendly, with the annual rate of wholesale inflation softening from 11.3% to 9.8% in July.

However, softer inflation failed to ease market fears of another sizeable Fed rate hike in September, leading to a late pullback. The NASDAQ 100 fell by 0.58%, with the crypto market seeing early gains wiped out.

The Total Crypto Market Cap Hits the Highest Level Since Mid-June

On Thursday, the total crypto market cap rose to a mid-day high of $1,153 billion before sliding to a low of $1,112 billion. The US consumer and wholesale inflation figures delivered support before a reversal kicked in, with the markets expecting the Fed to keep the foot on the gas.

With an hour of the Thursday session left, the total crypto market cap was up $3.66 billion to $1,123 billion. A bullish week has seen more than $40 billion pour in.

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

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

With one hour of the session remaining, ETH and SOL lead the way, with gains of 1.53% and 1.11%, respectively. BTC also found support, rising by 0.39%.

However, it is a bearish session for the rest of the top ten.

DOT leads the way down, sliding by 3.67%, with BNB down by 1.34%.

ADA (-0.74%) and XRP (-0.31%) are also in negative territory.

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

Ankr (ANKR) leads the way, surging by 50.75%, with Ethereum Classic (ETC) and Ravencoin (RVN) also on the move. ETC is up 12.6%, with RVN up by 11.43%.

However, Monero (XMR), Convex Finance (CVX), and Arweave (AR) lead the way down.

XMR is down 5.67%, with CVX and AR falling by 4.17% and 3.63%, respectively.

Total Crypto Liquidations Rise in the Wake of the US Inflation Numbers

This morning, total liquidations remain elevated as investors respond to the pullback in the US equity markets and fears of an unwavering Fed. 24-hour liquidations continued the upward trend.

At the time of writing, 24-hour liquidations stood at $343 million, up from $282 million on Thursday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 58,688 versus 63,664 on Thursday morning. Market conditions improved over the 24 hours, reflected in the 12-hour, four-hour, and one-hour liquidation figures,

While 12-hour liquidations remain elevated ($165 million), one-hour and four-hour liquidations have retreated.

According to Coinglass, four-hour liquidations stood at $7.83 million, down from $16.52 on Thursday morning. One-hour liquidations are down from $2.56 million to $1.54 million (see hourly crypto market cap chart below).

Daily News Highlights

• Coinbase faces SEC probe over crypto yield and staking products.
• Crypto exchange Hotbit suspended services.
• Ripple Lab considers Celsius buyout.