Advertisement
Advertisement

Crypto Market Daily Highlights – DOGE Bucks a Bullish Top Ten Session

By:
Bob Mason

It is another mixed session on Friday. However, less hawkish Fed chatter could see Fed fear abate to support a bullish day ahead for the crypto market.

Crypto News - FX Empire

Key Insights:

  • It is a mixed Friday session for the crypto top ten, with 90 minutes (UTC) of the session remaining. Dogecoin (DOG) is bucking a bullish trend.
  • US Treasury Secretary Janet Yellen and less hawkish Fed chatter delivered riskier assets with support.
  • The crypto market cap is up $6.8 billion to $877.1 billion, reducing the deficit for October to $29 billion.

It is a mixed Friday session for the crypto top ten, with 90 minutes. DOGE bucks the top ten trend with a modest loss, while ADA and XRP lead the way. Despite the bullish session, BTC visited sub-$19,000 for the second time in six sessions. However, BTC is falling short of $20,000 for the fourteenth consecutive day.

It was a quiet day on the economic calendar, leaving FOMC member chatter and updates from the Annual Freedman’s Bank Forum in focus.

US Treasury Secretary Janet Yellen eased concerns over embedded inflation, reportedly saying,

“I don’t believe it’s becoming embedded in the US economy. The way inflation would become embedded is if you saw expectations of inflation over the medium term rising to levels that are inconsistent with 2% inflation, and then those higher inflation expectations being built into wages and prices.”

FOMC members added further support, with reports of the Fed planning to discuss a smaller rate hike in December, raising hopes of an end to the aggressive policy moves to bring inflation to target.

On Friday, FOMC member Mary Daly reportedly said it is time to consider slowing the pace of rate hikes, which should avoid sending the economy into a Fed-fueled recession. In response to the Fed chatter and Yellen’s comments, the NASDAQ 100 rallied by 2.31%, delivering crypto support.

NASDAQ correlation.
Total Market Cap – NASDAQ – 221022 Daily Chart

Crypto Market Ends Three-Day Losing Streak on Fed Chatter

After a range-bound start to the day, the crypto market fell to a mid-day low of $852.0 billion. However, finding support from less hawkish FOMC member chatter and US Treasury Secretary Yellen’s comments, the crypto market rose to a late high of $881.3 billion.

Despite a late pullback, the crypto market is up by $6.8 billion (0.78%) to $877.1 billion, with 90 minutes (UTC) remaining. On target to end a three-day losing streak, the market cap is down $9 billion for the week and $29 billion in October.

Crypto market ends 3-day losing streak.
Total Market Cap 221022 Daily Chart

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

It is a mixed Friday session for the crypto top ten, with 90 minutes (UTC) remaining.

ADA and XRP lead the way, with gains of 2.35% and 2.73%, respectively.

BNB (+0.30%), BTC (+0.66%), ETH (+1.37%), and SOL (+0.50%) are also up, while DOGE (-0.14%) bucks the top ten trend.

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

Chiliz (CHZ) and quant (QNT) lead the way, rallying by 9.37% and 9.68%, respectively. ApeCoin (APE) is also among the front runners, rising by 6.90%.

However, axie infinity (AXS) leads the way down, sliding by 5.10%, with STEPN (GMT) and maker (MKR) seeing losses of 5.26% and 3.78%, respectively.

24-Hour Crypto Liquidations Rise Despite Bullish Session

Over 24 hours, total liquidations increased again. At the time of writing, 24-hour liquidations stood at $85.58 million, up from $56.20 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 40,849 versus 30,641 on Friday morning. Liquidations were down over one and four hours while up over 12 hours.

undefined

According to Coinglass, 12-hour liquidations rose from $46.65 million to $58.98 million. However, one-hour liquidations were down from $6.84 million to $0.658 million, with four-hour liquidations falling from $9.44 million to $4.26 million.

The chart below shows market conditions throughout the session.

Crypto liquidations ease in second half of the day.
Total Crypto Liquidations 221022

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.

Did you find this article useful?

Advertisement