Crypto Market Daily Highlights – DOGE Leads NASDAQ-Fueled Sell-Off

Key Insights:

• It was a bearish Thursday session for the crypto top ten. DOGE led the top ten deep into negative territory.
• On Thursday, the market focus shifted from the Fed to the economic outlook, with China and US indicators sinking the NASDAQ Index and the crypto market.
• The bearish session left the crypto market cap at $805.48 billion, a loss of $18.90 billion on the day.

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

DOGE led the way down, with BNB and ETH close behind. BTC saw a three-day winning streak end. BTC also came up short of $18,000 for the first time in three sessions.

Following the bearish FOMC economic projections, the focus shifted from inflation to the economic outlook on Thursday.

Early in the session, economic data from China disappointed, with retail sales down 5.9% year-over-year and industrial production up just 2.2% in November. In October, retail sales were down 0.5%, while industrial production was up 5.0%.

US economic indicators added to the grim picture, with retail sales falling by 0.6% in November versus a 1.3% increase in October. The Philly Fed Manufacturing Index and jobless claims provided little comfort despite improving numbers.

Today, the focus will shift to the private sector, with prelim December manufacturing and service sector PMI numbers due. A more marked contraction in the services sector would weigh on riskier assets and likely deliver another bearish crypto session.

On Thursday, the NASDAQ Index tumbled by 3.23%, with the S&P500 ending the session with a 2.49% loss. This morning, the NASDAQ mini was down 3.75 points.

Crypto Market Hits Reverse on Recession Fears and a NASDAQ Tumble

Bearish throughout the Thursday session, the crypto market cap tumbled from an early high of $829.14 billion to a late low of $800.71 billion.

Finding late support, the crypto market cap ended the day at $805.48 billion, marking an $18.90 billion loss. The reversal leaves the market cap down $14.5 billion for December.

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

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

DOGE slid by 3.85% to lead the way down, with BNB (-3.32%) and ETH (-3.14%) close behind.

ADA (-2.60%), BTC (-2.47%), MATIC (-2.89%), and XRP (-1.92%) also struggled.

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

Chiliz (CHZ) led the way, rising by 4.46%, with celo (CELO) and decred (DCR) seeing gains of 3.83% and 3.27%, respectively.

However, toncoin (TON) led the way down, sliding by 7.72%. Chain (XCN) and fantom (FTM) were among the worst performers, falling by 6.64% and 5.06%, respectively.

24-Hour Liquidations Slide Back on Falling Volumes

Over 24 hours, crypto liquidations decreased as trading volumes subsided in the wake of the Fed policy decision.

At the time of writing, 24-hour liquidations stood at $48.70 million versus $59.82 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 13,916 versus 15,787 on Thursday morning. Crypto liquidations declined over 12 hours while rising over one hour and four hours.

According to Coinglass, 12-hour liquidations fell from $54.76 million to $28.82 million. However, one-hour liquidations rose from $0.350 million to $0.895 million, with four-hour liquidations up from $6.92 million to $7.30 million.

The chart below shows market conditions throughout the session.