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Crypto Market Daily Highlights – DOGE Slides on PoS Chatter
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It was a mixed Friday session. The NASDAQ Index wrapped up its worst year since 2008, with US economic indicators dragging the crypto market south.
Key Insights:
- It was a mixed Friday for the crypto top ten. DOGE took a hit, with MATIC struggling.
- US economic indicators and the NASDAQ Index pegged the market back from fully reversing morning losses.
- The crypto market cap slipped by $0.874 billion to end the day at $757.39 billion.
It was a mixed Friday session for the crypto top ten. DOGE led the way down, with MATIC struggling. BTC was back in the red, with the $17,000 elusive for the tenth consecutive session.
While bearish through the morning, US economic indicators sent the crypto market to a session low before finding support.
In December, the Chicago PMI jumped from 37.2 to 44.9, raising the threat of the Fed pursuing its aggressive interest rate trajectory to bring inflation to target. The crypto market tracked the NASDAQ Index through the afternoon session, falling to a session low before reversing the losses.
On Friday, the NASDAQ Index ended the session down 0.11%. Nonetheless, the NASDAQ Index had its worst year since 2008, tumbling by 33.5%.
Despite the late partial recovery, Fed and recession fears continued to plague riskier assets. For the crypto market, regulatory uncertainty and fallout from the crypto winter are other headwinds for investors to fret over.
Today, there are no stats to consider, leaving investors to track the crypto news wires. However, barring a crypto event, any upside will likely be modest, with investors needing a catalyst to support a breakout from the current rut.
Crypto Market Finds Late NASDAQ Support
It was a bearish Friday session. After a bearish morning, the crypto market cap fell from an early high of $761.56 billion to a mid-afternoon low of $745.80 billion as investors responded to the better-than-expected Chicago PMI. However, finding support from the NASDAQ Index, the crypto market cap revisited $757 billion before easing back.
The pullback left the crypto market cap down by $0.874 billion (0.12%) to $757.39 billion for the day.
While BNB (-0.28%), BTC (-0.24%), and ETH (-0.05%) also saw red, ADA (+0.82%) and XRP (+0.81%) found much-needed support.
From the CoinMarketCap top 100, it was a mixed session.
Aptos (APT) led the way, rallying by 6.54%, with stacks (STX) and OKB (OKB) seeing gains of 4.00% and 5.27%, respectively.
However, gatetoken (GT), huobi token (HT), and terra classic (LUNC) were among the worst performers. HT fell by 4.75%, with GT and LUNC seeing losses of 4.03% and 4.20%, respectively.
24-Hour Liquidations Rises in a Choppy Friday Session
Over 24 hours, crypto liquidations remained below-normal levels as trading volumes eased back.
At the time of writing, 24-hour liquidations stood at $47.68 million versus $36.66 million on Friday morning.
Liquidated traders over the last 24 hours decreased. At the time of writing, liquidated traders stood at 15,733 versus 17,948 on Friday morning. Crypto liquidations decreased over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations stood at $23.87 million, down from $29.81 million on Friday, with four-hour liquidations down from $3.50 million to $3.30 million. One-hour liquidations slipped from $0.591 million to $0.427 million.
The chart below shows market conditions throughout the session.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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