Crypto Market Daily Highlights – ETH and SOL Led the Top Ten

Key Insights:

• It was a bullish session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) leading the way.
• After plenty of market angst over US inflation, the crypto market bounced back from day lows despite the US annual rate of inflation hitting 9.1%.
• The total crypto market cap rose by $38 billion to end a three-day losing streak.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) ended a five-day losing streak, with ETH and SOL leading the top ten.

US inflation figures sent the crypto market into the deep red before a broad-based crypto rally kicked in.

In June, the US annual rate of inflation accelerated from 8.6% to 9.1% versus a forecasted 8.8%. While the latest spike may force the Fed into a 75-basis point rate hike this month, retail sales figures tomorrow could bring a 50-basis point rate hike back into play.

This month, the FOMC meeting minutes revealed concerns over the effect of rate hikes on the US economy. The minutes also showed that members considered a 50-basis point rate hike more appropriate.

Through the US session, the broader crypto market tracked the NASDAQ before a post-US market close rally.

On Wednesday, the NASDAQ 100 fell by 0.15%, following a Tuesday 0.95% loss.

At the time of writing, the NASDAQ 100 Mini was down 70.5 points, with the markets now looking ahead to the US wholesale inflation and jobless claims figures.

The Total Crypto Market Cap Bounces Back Despite NASDAQ Loss

A choppy Wednesday session led the crypto market cap to a day low of $824 billion before finding support. Investor reaction to the US inflation figures weighed before a rebound to a high of $884 billion.

Investors poured $38 billion back into the market to take the crypto market cap up $14 billion for July.

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

ETH and SOL led the way, rallying by 7.42 and 6.90%, respectively.

ADA (+5.04%), BNB (+4.54%), and BTC (+4.77%) also found strong support, while XRP (+3.95%) and DOGE (+3.58%) trailed the front runners.

From the CoinMarketCap top 100, TerraClassicUSD (USTC), Amp (AMP), and Internet Computer (ICP) were among a handful of cryptos to buck the trend.

USTC slid by 11.13%, with AMP and ICP seeing losses of 5.94% and 3.38%, respectively.

However, leading the top 100 was Lido DAO (LDO), which surged by 51%, with Convex Finance (CVX) up 19.5%.

Total Crypto Liquidations Spike in Response to US Inflation

On Wednesday, 24-hour liquidations increased as investors responded to US inflation figures.

This morning, 24-hour liquidations stood at $230 million, up from $175 million on Wednesday.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 72,955 versus 54,212 on Wednesday.

However, one-hour and Four-hour liquidations reflected improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $7.12 million, down from $4.69 million on Wednesday. Four-hour liquidations stood $13.28 million, down from $89 million on Wednesday.

Daily News Highlights

• California Department of Financial Protection and innovation announced investigations into multiple US-based crypto platforms.
• Hackers stole $8 million worth of ETH from Uniswap (UNI) phishing attack.
• The judge presiding over the SEC v Ripple case denied the SEC motion to protect the Hinman speech-related documents under the attorney-client privilege.