Advertisement
Advertisement

Crypto Market Daily Highlights – ETH Slides to Sub-$1,400

By:
Bob Mason
Updated: Sep 19, 2022, 01:18 UTC

It was a bearish end to a bearish week, with the crypto market ending the day at sub-$900 billion for the first time since July. Fed Fear may be at fault.

BTC and ETH under pressure - FX Empire

Key Insights:

  • It was a bearish end to a bearish week for the crypto top ten, with ethereum (ETH) leading the way down.
  • Fed Fear resurfaced on Sunday, with investors looking ahead to Wednesday’s monetary policy decision and economic projections.
  • The total crypto market cap slid by $46.5 billion to $895.3 billion.

It was a bearish Sunday session for the crypto top ten. ETH led the way down, tumbling to sub-$1,400. BTC ended the session at sub-$20,000 for a third session in the week.

News of a replay attack on Ethereum Proof-of-Work may have contributed to the bearish session. However, investor apprehension ahead of the Fed’s monetary policy decision likely led to the market pullback.

Late in the session, the market steadied, with the NASDAQ 100 Mini delivering much-needed support. At the time of writing, the NASDAQ 100 Mini was up 10.0 points, easing immediate fears of another bearish US session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

NASDAQ correlation.
Total Market Cap – NASDAQ – 190922 Daily Chart

Crypto Market Slides to End the Week at Sub-$900bn

On Sunday, the crypto market cap fell from an early high of $944.6 billion to a late low of $888.2 billion. While steadying late in the session, the market cap slid by $46.5 billion to end the session at $895.3 billion. The market cap last ended a session at sub-$900 billion on July 13.

The bearish Sunday left the crypto market cap down by $130.2 billion in the week.

Total market cap tumbles to sub-$900bn.
Total Market Cap 190922 Daily Chart

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

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

ETH tumbled by 9.14% to lead the way down, with ADA (-7.82%), DOGE (-7.65%), and SOL (-7.69%) close behind.

BNB (-4.59%), BTC (-3.51%), and XRP (-5.34%) saw relatively modest losses.

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

Ravencoin (RVN), ethereum classic (ETC), and Curve DAO Token (CRV) led the way down. RVN slid by 15.84%, with ETC and CRV seeing losses of 14.30% and 13.68%, respectively.

Chiliz (CHZ) bucked the broader market trend, rising by 2.65%.

24-HourCrypto Liquidations Spike on Bearish Sunday Session

Over 24 hours, total liquidations spiked in response to a late Sunday sell-off.

At the time of writing, 24-hour liquidations stood at $264.19 million, up from $58.46 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,009 versus 23,956 on Sunday morning.

Liquidations over twelve and four hours were also up, while one-hour liquidations declined.

Crypto liquidations spike.
Total Crypto Liquidations 190922

According to Coinglass, 12-hour liquidations stood at $226.35 million, up from $39.49 million on Sunday morning. Four-hour liquidations rose from $12.02 million to $140.44 million. However, one-hour liquidations fell from $3.76 million to $2.79 million as market conditions steadied. The chart below shows market conditions throughout the session.

Crypto market cap finds NASDAQ 100 support.
Total Market Cap 190922 Hourly Chart

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.

Did you find this article useful?

Advertisement