Crypto Market Daily Highlights – DOGE Hits Reverse in a Mixed Session

Key Insights:

• It was a mixed Thursday session for the crypto top ten, with (DOGE) seeing red while XRP and BNB found support.
• US economic indicators fell short of expectations providing broader crypto market support.
• The crypto market cap increased by $4.6 billion to end the day at $956.2 billion.

It was a mixed Thursday session for the crypto top ten. Dogecoin (DOGE) led the way down, while BNB and XRP found support. BTC ended a four-day losing streak and avoided sub-$20,000 for a ninth consecutive day.

US economic indicators fell short of expectations, delivering crypto market support.

In October, the ISM Non-Manufacturing PMI fell from 56.7 to 54.4. Economists forecast a decline to 55.5. Sub-components of the Index were mixed. The ISM Non-Manufacturing Employment Index fell from 53.0 to 49.1. However, the Prices Index rose from 68.7 to 70.7.

Other stats included the jobless claims and unit labor cost numbers, which were crypto-positive. Unit labor costs rose by 3.5% in Q3, down from 8.9% in Q2, while initial jobless claims slipped from 218k to 217k.

While the numbers delivered crypto market support, the NASDAQ Composite Index fell by 1.73% as investors continued to respond to Fed Chair Powell’s speech.

Later today, the crypto market will face another stern test, with the US jobs report in focus. Better-than-expected numbers would test buyer appetite. This morning, the NASDAQ 100 Mini was down 12.75 points.

Crypto Market Finds Support on Weak US Economic Indicators

It was a choppy Thursday session, with the crypto market falling to an early low of $944.0 billion before rising to a late morning high of $974.4 billion. However, a late-morning pullback saw the market cap fall to $952.3 billion before investors responded to the ISM Non-Manufacturing PMI. The crypto market cap returned to $966.1 billion before easing back.

Despite the late pullback, the crypto market rose by $4.6 billion to end the day at $956.2 billion.

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

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

DOGE fell by 3.95% to buck the top ten trend.

However, it was a bullish session for the rest of the top ten.

BNB rose by 2.94% to lead the way. ADA (+1.04%), BTC (+0.29%), ETH (+0.84%), SOL (+0.14%), and XRP (+1.06%) also found support.

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

Arweave (AR) led the way, surging by 29.75%, with OKB (OKB) and fantom (FTM) seeing gains of 24.66% and 16.89%, respectively.

However, DOGE led the way down, with FTX token (FTT) and huobi token (HT) seeing losses of 2.63% and 2.93%, respectively.

24-Hour Crypto Liquidations Ease on US Data Miss

Over 24 hours, total liquidations fell back as the market responded to softer PMI numbers from the US. At the time of writing, 24-hour liquidations stood at $87.96 million, down from $179.41 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 66,960 versus 80,732 on Thursday morning. Liquidations were down over 12 and four hours while up over one hour.

According to Coinglass, 12-hour liquidations fell from $109.83 million to $42.88 million, with four-hour liquidations down from $39.81 million to $16.75 million. One-hour liquidations increased from $1.83 million to $6.86 million.

The chart below shows market conditions throughout the session.