Crypto Market Daily Highlights – Elon Musk Sends DOGE Tumbling

Key Insights:

• It was a bearish Monday session for the crypto top ten. Dogecoin (DOGE) led the way down.
• News of Elon Musk planning to quit as Twitter CEO weighed on DOGE, while recession fears and the NASDAQ Index sent the broader market into the red.
• The crypto market cap fell by $16.06 billion to end the day at $752.56 billion.

It was a bearish Monday session for the crypto top ten. DOGE stumbled, with ADA, BNB, and MATIC seeing heavy losses. Despite the bearish session, BTC avoided sub-$16,000 while falling short of $17,000 for the third consecutive session.

Recession fears gripped the crypto throughout the session, with Fed monetary policy uncertainty adding to the market angst.

Following Wednesday’s FOMC economic projections and the Fed Chair Powell press conference, hawkish FOMC member chatter has further questioned Fed pivot bets. The hawkish commentary has come despite weak economic indicators, suggesting that the Fed will continue to push ahead.

The markets are hoping for a soft landing, while an aggressive Fed interest rate trajectory could force a hard landing. With the US unemployment rate at 3.7%, there’s a long way to go for unemployment to hit 5%.

On Monday, the NASDAQ Index fell by 1.49%, with the S&P500 ending the day with a 0.90% loss.

Twitter news hit DOGE, with Twitter CEO Elon Musk announcing that he will step down in response to a Twitter poll.

On Monday, Elon Musk held a poll asking whether he should step down as the head of Twitter. 57.5% voted in favor of Musk stepping down. Musk stated that he would adhere to the results of the poll.

Today, there are no US economic indicators for investors to consider, leaving the crypto news wires and the NASDAQ Index to provide direction. The NASDAQ mini was up 26 points this morning, providing early support.

Crypto Market Tumbles as Fed Uncertainty Ignites Recessionary Fears

A mixed start to the day saw the crypto market cap rise to an early high of $774.12 billion before hitting reverse. Weighed by bearish sentiment across the Asian equity markets and the NASDAQ Index through the afternoon session, the crypto market fell to a late low of $744.10 billion.

However, finding late support, the crypto market ended the day at $752.56 billion, marking a loss of $16.06 billion for the session.

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

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

DOGE led the way down, tumbling by 8.93%, with ADA (-4.89%), BNB (-4.26%), MATIC (-4.69%), and XRP (-3.05%) struggling.

BTC (-1.84%) and ETH (-1.33%) saw relatively modest losses.

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

XDC (XDC) led the way, rallying by 10.05%, with immutableX (IMX) and bitcoin SV (BSV) seeing gains of 2.36% and 1.19%, respectively.

However, trust wallet token (TWT) and toncoin (TON) led the way down, sliding by 13.73% and 13.94%, respectively. Chiliz (CHZ) also struggled, falling by 10.10%.

24-Hour Liquidations Climb on Bearish Session

Over 24 hours, crypto liquidations rose as recessionary fears sent trading volumes higher.

At the time of writing, 24-hour liquidations stood at $68.92 million versus $18.16 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 33,322 versus 6,802 Monday morning. Crypto liquidations decreased over one hour while rising over four and 12 hours.

According to Coinglass, 12-hour liquidations rose from $8.38 million to $60.23 million, with four-hour liquidations up from $4.13 million to $35.82 million. However, one-hour liquidations fell from $0.842 million to $0.635 million.

The chart below shows market conditions throughout the session.