Crypto Market Daily Highlights – ETH Sees Winning Streak End

Key Insights:

• It was a mixed Tuesday session for the crypto top ten. BNB and XRP bucked a bearish trend, while MATIC led the way down.
• Recession fears resurfaced on Tuesday, with US economic indicators flashing red amidst a mixed corporate earnings backdrop.
• The crypto market cap fell by $2.91 billion to end the day at $943.60 billion.

It was a mixed session for the crypto top ten on Monday. MATIC hit reverse, with ETH seeing a nine-session winning streak end. However, BNB and XRP avoided the red. Notably, BTC revisited $21,000 for the fourth time since November 7 and the collapse of FTX.

On Tuesday, US economic indicators and corporate earnings drew interest after the Monday holiday. In January, the NY Empire State Manufacturing Index slid from -11.2 to -32.9 versus a forecasted -8.7, reigniting recession fears.

Goldman Sachs (GS) and Morgan Stanley (MS) earnings delivered mixed results, with Goldman Sachs the biggest drag on the Dow after reporting a larger-than-expected fall in quarterly profits. In contrast, Morgan Stanley beat estimates.

There were no crypto events to influence on Tuesday, with investors taking a breather after an extended rally from the start of the year.

Today, US economic indicators will provide riskier assets with direction. Following the disappointing manufacturing numbers on Tuesday, the focus will turn to wholesale inflation and retail sales. An unexpected pickup in wholesale inflation and a slide in retail sales would weigh on riskier assets.

Investors should also monitor FOMC member chatter, with deviation from a 25-basis point February interest rate hike likely to draw interest.

This morning, the NASDAQ mini was down 34.25 points.

Crypto Market Sees Fourth Loss of the Year on Recession Fears

It was another choppy session on Tuesday. A bearish start to the day saw the crypto market cap fall to an early morning low of $930.22 billion. However, recovering through the morning, the crypto market cap rose to an early afternoon high of $966.08 billion before hitting reverse.

The reversal left the crypto market cap down $2.91 billion to $943.60 billion for the day.

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

It was a mixed session for the crypto top ten.

MATIC slid by 2.58% to lead the way down, with ADA (-1.14%), BTC (-0.29%), DOGE (-0.96%), and ETH (-0.71%) also seeing red.

However, BNB and XRP bucked the trend, with gains of 0.10% and 0.27%, respectively.

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

Casper (CSPR) rallied by 13.28% to lead the way, with ethereumPoW (ETHW) and gala (GALA) seeing gains of 7.76% and 6.23%, respectively.

However, loopring (LRC) fell by 5.89%, with celo (CELO) and lido DAO (LDO) ending the day with losses of 5.81% and 5.76%, respectively.

24-Hour Liquidations Tumbled on a Bearish Tuesday Session

Over 24 hours, crypto liquidations returned to below-normal levels as the crypto market rally took a breather. At the time of writing, 24-hour liquidations stood at $90.50 million versus $217.60 million on Tuesday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 22,045 versus 43,784 on Tuesday morning. Crypto liquidations were lower over 12 and four hours while higher over one hour.

According to Coinglass, 12-hour liquidations stood at $57.81 million, down from $90.60 million on Tuesday, with four-hour liquidations falling from $11.82 million to $9.52 million. However, a late crypto market pullback led to a rise in one-hour liquidations from $1.15 million to $5.54 million.

The chart below shows market conditions throughout the session.