Crypto Market Daily Highlights – DOGE Led a Bearish Top Ten

Key Insights:

• It was a bearish Thursday session for the crypto top ten. DOGE led the way down.
• Softer US inflation figures failed to spur the bulls into action, with investors locking in profits from two bullish sessions.
• The crypto market cap fell by $10.2 billion to end the day at $810.7 billion.

It was a bearish Thursday session for the crypto top ten. DOGE led the way down, with BTC wrapping up the day at sub-$17,000.

Further reports of China easing COVID-19 lockdown measures failed to deliver support early in the session. Wednesday’s breakout session led to some early profit-taking before the market steadied.

Through the afternoon session, US economic indicators failed to spur a rally. While US inflation softened, inflation was not soft enough to force the Fed to hit pause on lifting interest rates. On Wednesday, Fed Chair Powell talked of a slower pace of interest rate hikes. Thursday’s stats supported Powell’s comments.

In October, the Core PCE Price Index increased by 5.0% year-over-year, which was in line with forecasts. The Index was up 5.2% in September.

However, US private sector PMI numbers disappointed, leading to a final-hour pullback. In November, the ISM Manufacturing PMI fell from 50.2 to 49.0. The sub-components raised red flags, with the New Orders Index falling from 49.2 to 47.2 and the Employment Index down from 50.0 to 48.4.

While the crypto market ended the session in negative territory, the NASDAQ Composite Index rose by a modest 0.13%. Personal spending and inflation numbers delivered support, though the S&P500 ended the day with a 0.09% loss.

It is another big day on the US economic calendar, with the jobs report in the spotlight. While inflation was softer, a sharp increase in nonfarm payrolls and wage growth could give the Fed hawks a look at another 75-basis point hike.

This morning, the NASDAQ mini was down 44.5 points.

Crypto Market Avoids Sub-$800bn Despite an Extended Pullback

On Thursday, the crypto market cap rose to an early high of $826.1 billion before sliding to a low of $804.1 billion. US economic indicators failed to deliver support, with softer inflation not soft enough and the manufacturing sector seeing activity grind to a halt.

Partially reversing a $31.4 billion jump from Wednesday, the crypto market fell by $10.2 billion to end the day at $810.7 billion.

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

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

DOGE led the way, sliding by 4.50%, with BNB (-2.76%), MATIC (-2.90%), and XRP (-2.75%) struggling.

ADA (-1.25%), BTC (-1.16%), and ETH (-1.41%) saw relatively modest losses.

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

EthereumPoW (ETHW) led the way, rallying 15.15%, with trust wallet token (TWT) and dash (DASH) seeing gains of 7.27% and 5.24%, respectively.

However, binaryX (BNX) led the way down, sliding by 7.33%, with dogecoin (DOGE) and apecoin (APE) among the worst performers. APE ended the day with a 3.94% loss.

24-Hour Liquidations Fall Back to Below Normal Levels

Over 24 hours, total liquidations slid back to below-normal levels, with US economic indicators providing little investor comfort. The US stats failed to induce a crypto market rebound from the morning losses, leaving the market on the back foot through most of the day.

At the time of writing, 24-hour liquidations stood at $38.53 million versus $86.43 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 14,122 versus 25,085 on Thursday morning. Liquidations were down over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations fell from $32,75 million to $28.04 million, with four-hour liquidations down from $8.52 million to $4.00 million. One-hour liquidations declined from $2.13 million to $0.563 million.

The chart below shows market conditions throughout the session.