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Crypto Market Daily Highlights – ETH Leads the Top Ten into the Red

By:
Bob Mason
Published: Aug 1, 2022, 22:35 GMT+00:00

It is a bearish start to August, with Filecoin hitting reverse and Ethereum leading the top ten into the red. Recession fears remain a crypto headwind.

Crypto Market Daily Highlights – ETH Leads the Top Ten into the Red

In this article:

Key Insights:

  • It is a bearish start to August for the crypto top ten, with Ethereum (ETH) leading the way down.
  • A lack of cues from the crypto market leaves investors to stew over a string of weak US economic indicators.
  • The bearish session sees the total crypto market cap heading for a third consecutive loss, with $16.4 billion coming off the table.

It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) failed to visit the $24,000 handle for the first time in four sessions. The bearish start to August sees ADA and SOL also struggle.

There were no cues for the crypto market, leaving investors to consider weak US economic indicators.

On Monday, the ISM Manufacturing PMI fell from 53.0 to 52.8, with the Markit survey-based PMI falling from 52.7 to 52.2.

Following Q2 GDP numbers from last week, investors are getting jittery ahead of this week’s nonfarm payrolls.

The NASDAQ 100 slipped by 0.18%, with the NASDAQ already baking in the prospects of a recession.

NASDAQ correlation remains firm
Total Market Cap – NASDAQ – 020822 5 Min Chart

The Total Crypto Market Cap Starts August on a Bearish Footing

On Monday, the total crypto market cap rose to an early high of $1,070 billion before sliding to a low of $1,037 billion.

Finding late support, the market cap currently stands at $1,043 billion, down $16.4 billion for the session.

Total crypto market cap falls on recession jitters
Total Market Cap 020822 Daily Chart

There were no cues from the crypto market to weigh on investor sentiment. Following a bearish Sunday, a modest NASDAQ 100 fall over recession jitters sent the crypto market into the red.

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

It is a bearish start to the month for the crypto top ten.

With two hours of the session to go, ETH (-3.34%) is leading the way down, with ADA (-1.55%) and SOL (-2.89%) also struggling.

BNB (-0.85%), BTC (-1.14%), DOGE (-0.32%), and XRP (-0.57%) are seeing relatively modest losses.

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

Hive (HIVE) leads the way, surging by 67%, with Chiliz (CHZ) and Gala (GALA) up by 15.71% and 7.23%, respectively.

However, at the other end of the table, Filecoin (FIL) led the way, sliding by 17%. Arweave (AR) and Ethereum Classic (ETC) are also in the deep red, falling by 12% and 11%, respectively.

Total Crypto Liquidations Highlight Bearish Start to August

Late in the Monday session, 24-hour liquidations have risen, while market conditions have improved with two hours left to go.

At the time of writing, 24-hour liquidations stood at $163 million, up from $133 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 72,497 versus 62,484 on Monday morning.

However, the one and four-hour liquidations reflect improving market conditions.

Crypto liquidations rise over 24-hours
Total Crypto Liquidations 020822

According to Coinglass, four-hour liquidations stand at $12.96 million, down from $35.37 million on Monday morning. One-hour liquidations are $1.28 million, down from $4.81 million (see hourly crypto market cap chart below).

Crypto market steadies
Total Market Cap 020822 Hourly Chart

Daily News Highlights

  • Binance.US announced Amp (AMP) delisting in response to SEC security tag.
  • Kadena launched the first gas-free decentralized exchange (DEX) called Kaddex.
  • Tiffany goes NFT with 250 CryptoPunk NFT necklaces.
  • Research shows that Metaverse and Gaming are weathering the crypto winter.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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