Crypto Market Daily Highlights – MATIC and DOGE Track the NASDAQ
- It was a bearish Friday for the crypto top ten, with DOGE and MATIC leading the way down.
- US economic indicators and the NASDAQ Composite Index weighed on investor sentiment in the afternoon session.
- The crypto market cap fell by $4.8 billion to $809.7 billion.
US economic indicators weighed on riskier assets in the afternoon session. Wholesale inflation figures for November sent the crypto market into the red.
The annual wholesale inflation rate softened from 8.1% to 7.4%. While softer, economists forecast a rate of 7.2%. In November, the producer price index rose by 0.3% versus a forecasted 0.2%.
However, the Michigan Consumer Sentiment Index and the sub-indexes provided modest crypto support. The Index rose from 56.8 to 59.1 in December. Significantly, the Inflation Expectations Index fell from 4.9% to 4.6%.
Friday’s economic indicators raised the bets of a more hawkish Fed, with the probability of a 75-basis point interest rate hike sitting at 23.0%. One week prior, the chance of a 75-basis point rate hike stood at 21.8%, according to the FedWatch Tool.
The NASDAQ Composite Index and the S&P500 responded to the stats, falling by 0.70% and 0.74%, respectively.
Crypto Market Tracks the NASDAQ Composite Index into the Red
On Friday, the crypto market cap rose to a mid-day high of $822.8 billion before responding to the US stats. The crypto market cap fell to a late $805.1 billion low before steadying.
The late partial recovery left the market cap down $4.8 billion to $809.7 billion for the session.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bearish Friday session for the crypto top ten.
From the CoinMarketCap top 100, it is a mixed session.
24-Hour Liquidations Slide Further Below Pre-FTX Levels
Over 24 hours, liquidations fell back despite a bearish Friday session, sitting below pre-FTX levels.
At the time of writing, 24-hour liquidations stood at $20.67 million versus $40.01 million on Friday morning.
Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 7,841 versus 15,170 on Friday morning. Crypto liquidations were down over 12 and four hours and one hour.
According to Coinglass, 12-hour liquidations fell from $32.26 million to $12.87 million, with four-hour liquidations down from $22.97 million to $1.49 million. One-hour liquidations decreased from $0.996 million to $0.199 million.
The chart below shows market conditions throughout the session.