Crypto Market Daily Highlights – DOGE and ADA Lead a Bearish Top Ten
- It was a bearish Wednesday for the crypto top ten. ADA and DOGE led the way down.
- Risk aversion hit the global financial markets, sending the NASDAQ Index and the crypto market deep into negative territory.
- The crypto market cap fell by $11.46 billion to end the day at $756.05 billion.
It was a bearish Wednesday session for the crypto top ten. DOGE and ADA led the way down, with MATIC and XRP struggling. Notably, BTC failed to revisit $17,000 for the eighth consecutive session while falling to sub-$16,500 for the first time in eight sessions.
Bearish sentiment gripped the crypto market throughout the mid-week session. Hopes of a post-holiday rally faded as investor jitters over Fed monetary policy and the rising threat of a hard landing sent riskier assets into the red.
Inflation remains central, with the reopening of the Chinese economy and an expected surge in demand, coupled with Russia’s ban on oil exports to countries with price caps raising fears of another rise in inflation that would force the Fed to hike rates for longer.
The US unemployment rate sits at 3.7% versus the Fed mandate of 5.0%, giving the Fed ample wriggle room to continue an aggressive interest rate trajectory.
Adding to the laundry list of economic headwinds is the latest surge in new COVID-19 cases across China. While China has removed quarantine requirements, other countries are beginning to impose travel restrictions on travelers from China.
The NASDAQ Index fell by 1.35%, with the S&P 500 seeing a 1.20% loss.
Today, US jobless claims figures will draw interest. With investors jittery over the Fed, better-than-expected numbers could fuel another sell-off. Barring a material crypto event, the crypto market will likely continue to track the NASDAQ Index. This morning the NASDAQ mini was up 24.5 points.
Crypto Market Tumbles Alongside the NASDAQ Index
It was a bearish Wednesday session. The crypto market cap fell from an early morning high of $770.23 billion to a late low of $751.31 billion.
Despite finding late support, the crypto market cap fell by $11.46 billion to end the day at $756.05 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bearish Wednesday session for the crypto top ten.
DOGE and ADA slid by 4.21% and 4.62%, respectively, to lead the way down, with MATIC (-2.93%) and XRP (-3.21%) also struggling.
BNB (-0.85%), BTC (-0.97%), and ETH (-1.80%) saw relatively modest losses.
From the CoinMarketCap top 100, it was a bearish session.
Internet computer (ICP), holo (HOT), and monero (XMR) bucked the broader market trend. ICP rose by 3.13%, with HOT and XMR seeing gains of 2.07% and 0.85%, respectively.
However, Terra classic (LUNC) slid by 12.54%, with chain (XCN) and solana (SOL) seeing losses of 11.43% and 12.00%, respectively.
24-Hour Liquidations Jump as Risk Aversion Spreads
Over 24 hours, crypto liquidations remained below-normal levels, despite the bearish mid-week session.
At the time of writing, 24-hour liquidations stood at $77.53 million versus $40.24 million on Wednesday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 29,766 versus 14,101 on Wednesday morning. Crypto liquidations increased over 12 and over four hours and one hour.
According to Coinglass, 12-hour liquidations stood at $31.39 million, up from $27.91 million on Wednesday, with four-hour liquidations up from $1.19 million to $14.71 million. One-hour liquidations rose from $0.353 million to $0.421 million.
The chart below shows market conditions throughout the session.