Crypto Market Daily Highlights – DOGE Led a Bearish Top Ten Session

Key Insights:

• It was a bearish Wednesday for the crypto top ten, with DOGE leading the top ten south.
• Geopolitics, weak economic data from China, and the NASDAQ Composite Index left the crypto market with heavy losses.
• The crypto market cap slid by $15.2 billion to end the day at $796.2 billion.

It was a bearish Wednesday session for the crypto top ten. DOGE led the way down, with BTC ending the day at sub-$17,000 for the fourth time in eight sessions.

A quiet day on the US economic calendar left investors to react to China trade data, comments from Vladimir Putin on nuclear weapons, and the NASDAQ Index.

Early in the Wednesday session, disappointing trade data from China raised fears of a global recession. The Hang Seng Index slid by 3.22% on Wednesday as growth fears overshadowed further updates on reopening measures to boost growth.

Putin added to the bearish sentiment, talking about increasing nuclear risk. The Russian president also spoke about a long war, which would support elevated inflation and supply chain disruption.

The bearish sentiment left the NASDAQ Composite Index down 0.51%, weighing on crypto investor sentiment.

Today, the US economic calendar is light, with weekly jobless claims due. However, barring a sharp fall to sub-200k, the numbers are unlikely to influence.

This morning, the NASDAQ mini was down 2.00 points.

Crypto Market Dives on Economic Worries and Putin Warning

On Wednesday, the crypto market cap rose to an early morning high of $815.5 billion before hitting reverse. The reversal saw the crypto market cap slide to an early afternoon low of $788.4 billion.

However, finding afternoon support, the crypto market cap revisited $800 billion before ending the day at $796.2 billion. The crypto market fell by $15.2 billion on the day.

Geopolitics and recession fears weighed on the global equity markets, leaving the crypto market in negative territory.

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

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

DOGE led the way down, sliding by 4.48%, with ETH (-3.12%) close behind.

ADA (-2.52%), BNB (-2.07%), BTC (-1.45%), MATIC (-2.21%), and XRP (-2.26%) also struggled.

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

GMX (GMX) and trust wallet token (TWT) led a handful of cryptos that avoided losses, rising by 3.37% and 4.76%, respectively. EOS (EOS) was also a front-runner, gaining 3.21%.

However, immutableX (IMX) led the way down, sliding by 8.88%, with flow (FLOW) and apecoin (APE) seeing losses of 6.42% and 6.95%, respectively.

24-Hour Liquidations Jumps on Crypto Market Reversal

Over 24 hours, increased in response to Wednesday’s sell-off, but liquidations remained below-normal levels.

At the time of writing, 24-hour liquidations stood at $68.28 million versus $23.96 million on Wednesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 27,343 versus 10,929 on Wednesday morning. However, liquidations were down over 12 and four hours and one hour, supported by a steady afternoon session.

According to Coinglass, 12-hour liquidations fell from $12,13 million to $7.40 million, with four-hour liquidations down from $3.54 million to $2.17 million. One-hour liquidations declined from $2.90 million to $0.227 million.

The chart below shows market conditions throughout the session.