Key Insights:
- It was a bearish start to the week for the crypto top ten, with DOGE leading the way down.
- A mixed session saw news of China reopening deliver morning support before US economic indicators, and the NASDAQ sent the crypto market into reverse.
- The crypto market cap fell by $6.5 billion to end the week at $808.1 billion.
It was a bearish Monday session for the crypto top ten. DOGE led the way down, with BTC ending the day at sub-$17,000. Notably, BTC wrapped up the day at sub-$17,000 for the third time in six sessions.
US economic indicators and the NASDAQ Composite Index weighed on the broader crypto market. Following last week’s disappointing ISM Manufacturing PMI, the market interest was in the US services sector. With services accounting for almost 70% of the US economy, Monday’s stat was of greater significance.
In November, the ISM Non-Manufacturing PMI rose from 54.4 to 56.5 versus a forecasted fall to 53.3.
Sub-components were also positive. The Employment Index increased from 49.1 to 51.5, with the Prices Index slipping from 70.7 to 70.0. In terms of demand, the New Orders Index declined from 56.6 to 56.0, suggesting steady demand.
Following last Friday’s upbeat US Jobs Report, Monday’s stats delivered more uncertainty over what to expect from the Fed. In response, the NASDAQ Composite Index fell by 1.93%, adding further pressure on the crypto market.
Today, the US economic calendar is on the lighter side, with trade data and the Redbook in focus. However, we don’t expect a market reaction to the numbers, leaving investors to consider the recent string of stats that could force the Fed into another 75-basis point interest rate hike.
This morning, the NASDAQ mini was up 22.25 points.
Crypto Market Hit Reverse in Response to the NASDAQ and US Stats
On Monday, the crypto market cap rose to a mid-morning high of $830.6 billion before hitting reverse. The reversal saw the crypto market cap slide to a late low of $801.2 billion. $6.4 billion came off the table in the hour proceeding the ISM Non-Manufacturing PMI report.
However, finding late support, the crypto market cap ended the day at $808.1 billion, marking a $6.5 billion loss for the session.
ADA (-0.93%), BTC (-0.89%), and XRP (-0.12%) saw modest losses, however.
From the CoinMarketCap top 100, it was a mixed session.
Axie infinity (AXS) led the way, surging by 27.62%, with synthetix (SNX) and cronos (CRO) seeing gains of 8.74% and 6.49%, respectively.
However, celo (CELO) led the way down, falling by 7.21%, with ethereumPoW (ETHW) and immutableX (IMX) seeing losses of 5.25% and 4.59%, respectively.
24-Hour Liquidations Rise in Response to Choppy Crypto Session
Over 24 hours, total liquidations remained below-normal levels despite rising in response to a choppy session.
At the time of writing, 24-hour liquidations stood at $67.17 million versus $24.56 million on Monday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 23,150 versus 10,230 on Monday morning. Liquidations were up over 12 hours while down over four hours and one hour.
According to Coinglass, 12-hour liquidations rose from $12,73 million to $37.88 million. However, four-hour liquidations fell from $2.72 million to $1.49 million, with one-hour liquidations down from $1.57 million to $0.216 million.
The chart below shows market conditions throughout the session.
