Crypto Market Daily Highlights: DOGE Leads the Top Tend South

Key Insights:

• It was a mixed Thursday session for the crypto top ten, with DOGE and SOL struggling.
• Central bank monetary policy, US corporate action, and earnings provided support, while the crypto news wires tested buyer appetite.
• The crypto market cap fell by $3.83 billion to end the day at $1,027 billion.

It was a mixed session for the crypto top ten on Thursday. SOL and DOGE joined BTC and XRP in the red, while BNB led the way. BTC avoided a return to sub-$23,000 despite a bearish session.

Central banks were back in the spotlight on Thursday, with the ECB and the BoE aligning with the Fed on inflation. BoE Governor Bailey spoke about seeing inflation turning a corner, with ECB President Lagarde noting risks to the inflation outlook have become more balance.

US economic indicators tested buyer appetite, with initial jobless claims unexpectedly falling from 186k to 183k ahead of today’s US Jobs Report. However, with Fed Chair Powell seemingly less concerned with labor market conditions and more on inflation, the jobless claims figures may have little influence on the Fed.

By contrast, today’s US Jobs Report will influence investor sentiment. Beyond the nonfarm payroll numbers, investors should consider wage growth, which could draw the Fed’s interest.

US corporate news contributed to a bullish NASDAQ session, with Meta Platforms Inc. (META) surging 23.28% on quarterly earnings and news of a $40 billion buyback.

In response, the NASDAQ Index rallied by 3.25%. This morning, the NASDAQ mini was down 177.25 points.

Crypto News Tests Buyer Appetite

However, the crypto news wires tested buyer appetite on Thursday. Increased lawmaker and regulatory scrutiny continued to fuel regulatory uncertainty. Silvergate Bank became the latest target for lawmakers, with the US Department of Justice launching an investigation into the bank and bank dealings with FTX and Alameda Research.

Further cost-cutting measures also hit the crypto news wires. Kraken reportedly closed its Abu Dhabi office less than one year after obtaining a license from Abu Dhabi Global Market (ADGM). The latest closure returned investor focus to the ongoing effects of the crypto winter on the leading exchanges.

The Day Ahead

Today, US economic indicators will draw interest, with the US Jobs Report and ISM Non-Manufacturing PMI in focus. Following Wednesday’s Fed Chair Powell press conference, the markets will be looking for economic indicators to flash green and for inflation indicators to soften. A pickup in wage growth and disappointing nonfarm payroll numbers could test buyer appetite.

US corporate earnings will also provide direction. Apple (AAPL), Amazon.com (AMZN), and Alphabet Inc. (GOOGL) will release results today.

However, investors also need to monitor FTX and Genesis updates, with news from the SEC v Ripple case also requiring consideration. While easing contagion risk and Fed fear are bullish, regulatory uncertainty remains a headwind. Increased lawmaker and regulatory scrutiny could test buyer appetite.

Crypto Market Falls in a Choppy Thursday Session

It was a bearish Thursday session. After a mixed morning, the crypto market cap rose to a late afternoon high of $1,063 billion before hitting reverse. The reversal saw the crypto market cap slide to a late low of $1,018 billion. However, finding late support, the crypto market cap ended the day at $1,027 billion, marking a $3.83 billion loss.

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

It was a mixed session for the crypto top ten.

BNB rose by 2.08% to lead the way, with ETH (+0.07%) and ADA (+0.25%) bucking the broader market trend.

However, DOGE and SOL fell by 3.50% and 2.72%, respectively, with BTC (-0.98%), and XRP (-0.86%) also struggling.

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

EthereumPoW (ETHW) rallied by 20.47% to lead the way, with huobi token (HT) and render token (RNDR) seeing gains of 11.04% and 11.98%, respectively.

However, synthetix (SNX) fell by 6.20%, with internet computer (ICP) and aptos (APT) seeing losses of 4.47% and 5.59%, respectively.

24-Hour Liquidations Climbed in a Choppy Thursday Session

Over 24 hours, crypto liquidations climbed higher despite a bearish session. Short positions had the higher share of liquidations, accounting for 53.41% of total liquidations. At the time of writing, 24-hour liquidations stood at $130.22 million versus $100.83 million on Thursday morning.

However, liquidated traders over the last 24 hours were lower. At the time of writing, liquidated traders stood at 41,912 versus 43,156 on Thursday morning. Crypto liquidations were lower over 12 and four hours while higher over one hour.

According to Coinglass, 12-hour liquidations stood at $81.23 million, down from $83.56 million on Thursday, with four-hour liquidations falling from $45.38 million to $32.00 million. However, one-hour liquidations rose from $1.62 million to $2.30 million.

The chart below shows market conditions throughout the session.