Crypto Market Daily Highlights – DOGE Leads the Way in a Mixed Session
- It is a mixed Tuesday session for the crypto top ten, with Dogecoin (DOGE) leading the broader market to cement its return to the top ten.
- Investors failed to shake off recession jitters, despite US industrial production beating expectations.
- The mixed session leaves the total crypto market cap down $5.8 billion to $1,118 billion.
It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for the first time in three sessions. DOGE and ADA buck the top ten trend, with solid gains.
The disappointing economic data from China continued to resonate across the global financial markets. Investor jitters over the threat of a recession tested support for riskier assets despite recent US economic indicators, including positive service sector and nonfarm payroll figures, easing inflation, and a pickup in consumer confidence,
The NASDAQ 100 and WTI Crude Oil reflected the bearish sentiment. On Tuesday, the NASDAQ 100 slipped by 0.19%, with WTI crude down 2.85%. Through the US session, the correlation between the crypto market and the NASDAQ 100 strengthened after a brief decoupling on Monday that stemmed from the influence of the China stats.
The Total Crypto Market Cap Pressured by Recession Jitters
On Tuesday, the total crypto market cap rose to an early morning high of $1,136 billion before falling to a low of $1,102 billion. A late partial recovery saw the market cap return to $1,117 billion.
Down by $6.2 billion, the total crypto market cap is up by $57 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Tuesday session for the crypto top ten.
BNB (+0.79%) and SOL (-1.92%) lead the way down, falling by 1.13% and 1.10%, respectively.
BTC (-0.63%), ETH (-0.94%), and XRP (-0.04%) are also in negative territory.
However, DOGE leads the way, rallying by 11.38%, with ADA up 2.73%.
From the CoinMarketCap top 100, it is a mixed session.
DOGE leads the top 100, with Chiliz (CHZ) and EOS (EOS) seeing gains of 7.9% and 6.3%, respectively.
However, at the other end of the table, Celsius (CEL) is down 15.7%, with Convex Finance (CVX) and Kava (KAVA) down by 7.2% and 5.6%, respectively.
Total Crypto Liquidations Eases Back as Market Conditions Improve
This morning, total liquidations fell back, despite the crypto market feeling the negative sentiment towards the global economic outlook.
At the time of writing, 24-hour liquidations stood at $127 million, down from $208 million on Tuesday morning.
Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 43,551 versus 68,517 on Tuesday morning. While liquidations are down over 24 hours, liquidations are up over 12 hours and 4 hours. However, one-hour liquidations reflect the market recovery from session lows.
According to Coinglass, 12-hour liquidations stand at $61.95 million, up from $51.19 million, with 4-hour liquidations up from $8 million to $23 million. However, one-hour liquidations are down from $1.34 million to $0.800 million.
The liquidation figures reflected market conditions over the Tuesday session, with the one-hour numbers suggesting improving conditions ahead of the Wednesday session. (See hourly crypto market cap chart below).
Daily News Highlights
- The US Federal Reserve rolled out guidance for banks exploring crypto-related activities.
- Dragonchain became the latest SEC target.
- Adverse news concerning the Celsius bankruptcy left CEL deep in the red.