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Crypto Market Daily Highlights – Risk Aversion Sends DOGE and SOL South
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It is a bearish Wednesday session for the crypto market, with US economic indicators and the FOMC meeting minutes weighing on riskier assets.
Key Insights:
- It is a bearish Wednesday session for the crypto top ten, with Dogecoin (DOGE) and Solana (SOL) leading the top ten into negative territory.
- US economic indicators and the FOMC meeting minutes weighed on the appetite for riskier assets.
- The bearish session leaves the total crypto market cap down $25 billion to $1,090 billion.
It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for a second consecutive session. However, DOGE and SOL lead the way down.
Disappointing US economic indicators and the FOMC meeting minutes weighed on riskier assets mid-week. In July, retail sales were flat, falling short of a forecasted 0.1% rise. Core retail sales provided some comfort, rising by 0.4% versus a forecasted 0.1% decline.
The market reaction towards the FOMC meeting minutes was also bearish, despite a dovish tone. While finding initial support, the crypto market extended losses late in the Wednesday session.
The crypto market tracked the NASDAQ 100, which ended the day with a 1.25% loss.
The Total Crypto Market Cap Heads for another Daily Loss
On Wednesday, the total crypto market cap rose to an early morning high of $1,147 billion before falling to a low of $1,081 billion. Bearish late in the session, there are no signs of a possible recovery with two hours remaining.
Down by $25 billion, the total crypto market cap is up by $31 billion for August.
ADA (-3.59%), BNB (-3.38%), BTC (-2.39%), and ETH (-2.22%) also struggled, while XRP is down by a more modest 0.51%.
From the CoinMarketCap top 100, it is a mixed session.
Celsius (CEL) leads the way, rallying by 16.2%, with EOS (EOS) and Cosmos (ATOM) seeing gains of 8.6% and 2.6%, respectively.
However, STEPN (GMT) leads the way down, sliding by 9.9%, with Curve DAO Token (CRV) and Mina (MINA) seeing losses of 8.5% and 8.4%, respectively.
Total Crypto Liquidations Rise in Response to Risk Aversion
This morning, total liquidations increased, with US economic indicators and the FOMC meeting minutes weighing on riskier assets.
At the time of writing, 24-hour liquidations stood at $239 million, up from $127 million on Wednesday morning.
Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 83,286 versus 43,551 on Wednesday morning. One-hour liquidations provide little comfort, with the crypto market extending losses late in the Wednesday session.
According to Coinglass, 12-hour liquidations stand at $147.41 million, up from $61.95 million, with 4-hour liquidations rising from $22.93 million to $31.97 million. One-hour liquidations are up from $0.800 million to $15.42 million.
The liquidation figures reflected market conditions over the Wednesday session, with the one-hour numbers highlighting deteriorating conditions ahead of the Thursday session. (See hourly crypto market cap chart below).
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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