Crypto Market Daily Highlights – DOGE Tracked the NASDAQ into the Red

Key Insights:

• It was a mixed Tuesday for the crypto top ten, with DOGE and ADA seeing red to buck the top ten trend.
• A bearish NASDAQ dragged the crypto market into the red before a final-hour rebound as investors continued to respond to the latest round of US economic indicators.
• The crypto market cap rose by $3.3 billion to end the day at $811.4 billion.

It was a mixed Tuesday session for the crypto top ten. DOGE and ADA bucked a bullish trend, while BTC ended the day at $17,000 for the fourth time in seven sessions.

A quiet day on the US economic calendar left investors to consider the latest round of US stats and possible influence on the Fed.

Friday’s Jobs Report and Monday’s ISM Non-Manufacturing PMI showed strength in the labor market and the US economy. With wage growth accelerating and inflation falling modestly, the weak ISM Manufacturing PMI may not be enough to prevent another bullish rate hike in just under eight days.

The NASDAQ Composite Index slid by 2.00%, with the S&P500 falling by 1.44%, reflecting increased investor uncertainty toward next week’s policy decision.

However, the NASDAQ mini provided support in the final hour (UTC). This morning, the NASDAQ mini was up 18.25 points. Avoiding a bearish start to the session was good enough to draw dip buyers back.

Today, the US economic calendar is on the lighter side, with nonfarm productivity and unit labor costs due. The lack of stats could see greater interest in today’s labor cost figures following last week’s jobs report.

This morning, the NASDAQ mini was up 22.25 points.

Crypto Market Finds Final Hour Support to Avoid a Session Loss

On Tuesday, the crypto market cap rose to an early morning high of $816.2 billion before hitting reverse. The reversal saw the crypto market cap slide to a late afternoon low of $800.3 billion. However, finding late support, the crypto market cap bounced back to end the day at $811.4, logging a $3.3 billion gain for the session.

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

It was a mixed Tuesday session for the crypto top ten.

DOGE and ADA bucked the trend, falling by 1.18% and 0.31%, respectively.

While it was a bullish session for the rest of the top ten, the gains were modest.

ETH led the way, rising by 0.95%.

BNB (+0.55%), BTC (+0.70%), MATIC (+0.70%), and XRP (+0.67%) also avoided the red.

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

MultiversX (EGLD) and apecoin (APE) led the way, rising by 5.07% and 5.84%, respectively. Near protocol (NEAR) was also among the front runners, gaining 4.22%.

However, kava (KAVA) led the way down, falling by 3.66%, with cronos (CRO) and celo (CELO) seeing losses of 3.48% and 2.61%, respectively.

24-Hour Liquidations Slide in a Mixed Crypto Session

Over 24 hours, total liquidations remained below-normal levels. At the time of writing, 24-hour liquidations stood at $23.96 million versus $67.17 million on Tuesday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 10,929 versus 23,150 on Tuesday morning. Liquidations were down over 12 hours while up over four hours and one hour.

According to Coinglass, 12-hour liquidations fell from $37.88 million to $12,13 million. However, four-hour liquidations rose from $1.49 million to $3.54 million, with one-hour liquidations up from $0.216 million to $2.90 million.

The chart below shows market conditions throughout the session.