Crypto Market Daily Highlights – BTC Visits Sub-$19,000

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Published: Jul 1, 2022, 00:35 UTC

It was a bearish session for the crypto market, which tracked the NASDAQ 100 through the US session. Recession fears continued to grip riskier assets.

Key Insights:

It was a bearish session for the crypto to ten, with Dogecoin (DOGE) and Ethereum (ETH) leading the way down.
Risk aversion swept across the global financial markets, with the crypto market closely tracking the NASDAQ 100 throughout the US session.
The total crypto market cap fell for a fifth consecutive day. A $9 billion fall left the market cap down by $428 billion for June.

It was a bearish end to the month for the crypto market. Bitcoin (BTC) extended its losing streak to five sessions, with Ethereum (ETH) and Dogecoin (DOGE) seeing heavy losses.

Through the US session, the NASDAQ 100 led the broader crypto market into the deep red.

The NASDAQ 100 fell by 1.33% to end June with an 8.7% loss. Bitcoin ended June down by 37%.

Recession fears and market sentiment towards Fed monetary policy continued to weigh on riskier assets.

US economic data added to the market angst, with inflation pressures showing no signs of abating and personal spending lackluster.

Total Market Cap – NASDAQ – 010722 5 Min Chart

The Total Crypto Market Cap Falls for a Fifth Consecutive Day

A bearish session saw the total crypto market cap slide from an early high of $878.9 billion to a low of $816.2 billion before a late rally.

$9 billion came off the table, leaving the market cap down $428 billion for June.

The total market cap was down by more than $40 billion before a final hour rally reduced the deficit.

Total Market Cap 010722 Daily Chart

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

On Thursday, DOGE and ETH led the way down, with losses of 4.62% and 2.64%, respectively.

BTC (-0.93%), ADA (-1.29%), and SOL (-0.83%) also saw red, while BNB (+0.14%) and XRP (+0.97%) saw modest gains.

From the CoinMarketCap top 100, Algorand (ALGO), AMP (AMP), and The Sandbox (SAND) were other notables on the rise.

AMP led the way, surging by 20%.

Total Crypto Liquidations Reflect the Bearish Market Sentiment

24-hour liquidations reflected investor sentiment on Thursday.

This morning, 24-hour liquidations stood at $248 million, up from Thursday morning, when liquidations had stood at $154 million.

Liquidated traders over the last 24 hours also rose. At the time of writing, liquidated traders stood at 83,723 versus 58,096 on Thursday morning.

However, One-hour liquidations eased in the final hour, aligned with a late crypto rally.

Total Market Cap 010722 Hourly Chart

According to Coinglass, one-hour liquidations stood at $3.14 million. On Thursday, one-hour liquidations had stood at $13 million. A further decline to sub-$1 million would support a bullish session.

Total Crypto Liquidations 010722

Daily News Highlights

Coinbase allowed US Federal Agency ICE to access “Geo Tracking Data.”
Polkadot founder Gavin Wood announced a new blockchain governance model.
OpenSea reported a major data breach.
Jacobi Asset Management announced the launch of the first European bitcoin ETF.
Microstrategy bought the bitcoin dip, buying $10 million in bitcoin.
EU parliament announced an agreement on anti-money laundering regulations for cryptos.

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.