Crypto Market Daily Highlights: DOGE and ADA Led the Top Ten Down

Key Insights:

• It was a bearish Monday session for the crypto top ten, with DOGE and ADA leading the way down.
• Fed Fear continued to weigh on riskier assets, with the NASDAQ Index falling by x% to drag the broader crypto market into the red.
• The crypto market cap fell by $8.43 billion to end the day at $1,007 billion.

It was a bearish session for the crypto top ten on Monday. DOGE and ADA led the way down. BTC ended the day at sub-$23,000 for the second time in six sessions.

Fed Fear continued to weigh on riskier assets, with Friday’s US Jobs Report and ISM Non-Manufacturing PMI numbers questioning the Fed’s plans to take its foot off the gas.

On Monday, US Treasury Secretary Janet Yellen reportedly said that you don’t have a recession when the US unemployment rate sits at a 53-year low. While also acknowledging that inflation was declining at a marked pace, the ex-Fed Chair noted that inflation remained too high while highlighting that reducing inflation remained the Biden Administration’s top priority.

Yellen’s comments supported the market’s shift in sentiment toward Fed monetary policy, which weighed on riskier assets.

Today, there are no US economic indicators for investors to consider. The lack of stats will leave FMOC member chatter and the NASDAQ Composite Index to influence. However, investors should continue monitoring the crypto news wires for FTX, Genesis, and Silvergate Bank updates. Regulatory chatter and SEC v Ripple news will also provide direction.

Following the NASDAQ Index’s 1.00% loss on Monday, the NASDAQ mini weighed on the broader crypto market in the final hour. This morning, the NASDAQ mini was down by more than 100 points before recovering.

Crypto Market Falls for a Third Consecutive Session

It was a mixed Monday session. A bullish start to the day saw the crypto market cap rise to a mid-afternoon high of $1,031 billion before hitting reverse. The reversal saw the crypto market cap slide to a late low of $999.42 billion before a partial recovery to end the day at $1,007 billion.

The partial recovery left the market cap down $8.43 billion for the day. Notably, the crypto market cap fell to sub-$1,000 billion for the first time in five sessions.

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

It was a bearish session for the crypto top ten.

ADA and DOGE led the way down, with losses of 2.55% and 2.50%, respectively.

However, BNB (-1.07%), BTC (-0.77%), ETH (-0.91%), MATIC (-1.07%), and XRP (-1.61%) also struggled.

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

Frax Shares (FXS) rallied by 21.18% to lead the way, with synthetix (SNX) and lido DAO (LDO) seeing gains of 8.81% and 7.48%, respectively.

However, fantom (FTM) and UNUS SED LEO (LEO) fell by 7.47% and 5.84%, respectively, with bitcoin SV (BSV) ending the day with a 3.51% loss.

24-Hour Liquidations Eased Back Despite Another Bearish Session

Over 24 hours, crypto liquidations declined despite a final-hour spike in liquidations. Long positions had a higher share of liquidations, accounting for 62.62% of total liquidations. At the time of writing, 24-hour liquidations stood at $69.32 million versus $94.47 million on Monday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 28,457 versus 43,931 on Monday morning. Crypto liquidations were lower over 12 hours while higher over four hours and one hour.

According to Coinglass, 12-hour liquidations stood at $40.88 million, down from $82.76 million on Monday. However, four-hour liquidations rose from $8.17 million to $18.89 million, with one-hour liquidations up from $0.616 million to $14.55 million.

The chart below shows market conditions throughout the session.