Crypto Market Daily Highlights: MATIC Bucked a Bearish Top Ten Trend
- It was a mixed Wednesday session for the crypto top ten, with MATIC bucking a bearish trend.
- Fed chatter and Alphabet (GOOGL) sent the NASDAQ Index and the broader crypto market into the red.
- The crypto market cap fell by $11.99 billion to end the day at $1,025 billion.
It was a mixed session for the crypto top ten on Wednesday. MATIC bucked a bearish trend while DOGE led the way down. BTC ended the day at sub-$23,000 for the third time in four sessions.
The crypto news wires took a backseat for a second session, with the Fed and the NASDAQ Composite Index in the driving seat.
Following Fed Chair Powell’s market-friendly speech on Tuesday, FOMC members were in focus on Wednesday. FOMC member John Williams talked of a strong labor market and the need to do more to bring inflation to target. Williams reportedly said that a peak rate of 5%-5.25% is still a reasonable view that contrasted with Fed Chair Powell’s hope of rates staying below 5%.
FOMC member Christopher Waller reportedly spoke of needing to keep monetary policy tighter for longer than anticipated.
Adding to the bearish mood was Alphabet Inc. (GOOGL), which tumbled by 7.68% in response to the new AI chatbot Bard giving an incorrect answer online.
The NASDAQ Index ended the day down 1.68%, with the S&P 500 falling by 1.11%. This morning, the NASDAQ mini was up 16.5 points.
Today, US jobless claims will be in the spotlight. A further decline in initial jobless claims would deliver another test for the bulls. Investors also need to monitor FOMC member chatter, with hawkish commentary likely to weigh on riskier assets.
However, investors should continue monitoring the crypto news wires for FTX, Genesis, and Silvergate Bank updates. Regulatory chatter and SEC v Ripple news will also provide direction.
Crypto Market Falls but Avoided Sub-$1,000 billion
It was a bearish Wednesday session. The crypto market rose to an early high of $1,051 billion before hitting reverse. The reversal saw the crypto market cap slide to a late afternoon low of $1,009 billion. However, finding late support, the crypto market cap ended the day at $1,025 billion, marking an $11.99 billion loss 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 rose by 2.50% to buck the top ten trend.
However, DOGE fell by 2.81% to lead the way down.
ADA (-1.25%), BNB (-1.47%), BTC (-1.24%), ETH (-1.23%), and XRP (-1.44%) also struggled.
From the CoinMarketCap top 100, it was also a mixed session.
Oasis (ROSE) rallied by 12.75% to lead the way, with near protocol (NEAR) and algorand (ALGO) seeing gains of 5.85% and 3.55%, respectively.
However, render token (RNDR) and singularityNET (AGIX) slid by 17.74% and 16.78%, respectively, with the graph (GRT) falling by 16.01%.
24-Hour Liquidations Climbs on Bearish Crypto Session
Over 24 hours, crypto liquidations rose but remained below-normal levels. Long positions had a higher share of liquidations, accounting for 67.92% of total liquidations. At the time of writing, 24-hour liquidations stood at $91.34 million versus $79.12 million on Wednesday morning.
Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 44,138 versus 34,831 on Wednesday morning. Crypto liquidations were higher over 12 hours while lower over four hours and one hour.
According to Coinglass, 12-hour liquidations stood at $67.99 million versus $61.08 million on Wednesday. However, four-hour liquidations fell from $16.72 million to $5.56 million, with one-hour liquidations down from $3.30 million to $0.785 million.
The chart below shows market conditions throughout the session.