Crypto Market Daily Highlights – SOL, ADA, and DOGE See Deep Red
- After two mixed sessions, the crypto top ten hit reverse on Friday, with Solana (SOL) leading the way down.
- For the NASDAQ 100, a three-day winning streak ended, with weak economic indicators reigniting fears of an economic recession.
- The total coin market cap slid by $20 billion to end the day at $1,009 billion.
US economic indicators weighed on riskier assets. In July, the services PMI slid from 52.7 to 47.0, according to prelim figures, reigniting fears of an economic recession. A PMI value below 50.0 indicates a sector contraction. Services account for more than 70% of the US economy.
The crypto news wires also weighed on bitcoin and the broader market. Investors struggled to shake off the news of Tesla Inc. (TSLA) selling off 75% of its bitcoin holding, with the latest SEC move against the crypto market also negative as the SEC v Ripple case drags on.
On Friday, the broader crypto market tracked the NASDAQ 100 into negative territory in response to the weak private sector PMIs.
The NASDAQ 100 fell by 1.87% to end the week up 3.45%, while the total crypto market cap increased by 8.36% to $1,009 billion, Monday to Friday.
The Total Crypto Market Cap Tracks the NASDAQ into the Red
After a choppy start to the session, the total crypto market cap hit a Friday high of $1,058 billion before hitting reverse.
The reversal saw the coin market cap slide to a day low of $1,001 billion before steadying.
Having tracked the NASDAQ 100 into the red, crypto investors continued to close positions after the US closing bell.
Notable moves across the crypto top ten were an Ethereum return to sub-$1,600 and a BTC fall to sub-$23,000.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
From the CoinMarketCap top 100, it wasn’t all doom and gloom.
Total Crypto Liquidations Eased Back from a Session High
On Saturday, 24-hour liquidations were on the rise, though the liquidation numbers over short-time horizons suggested improving market conditions.
This morning, 24-hour liquidations stood at $207 million, up from $198 million on Friday while down from $338 million on Thursday.
Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 62,274 versus 65,160 on Friday morning.
While 24-hour liquidations increased, one-hour liquidations were down from Friday.
According to Coinglass, one-hour liquidations stood at $3.74 million, down from $4.10 million on Friday. Four-hour liquidations stood at $51.48 million, up from $33.04 million on Friday, aligned with the late crypto sell-off (see below).
Daily News Highlights
- Ethereum co-founder Vitalik Buterin gave updates on the Ethereum network at the Annual Ethereum Community Conference.
- The Fear & Greed Index held steady on Friday, despite the investor reaction to the Tesla news.
- From the SEC v Ripple case, the Securities and Exchange Commission filed a request to appeal against the court ruling on the Hinman speech-related documents.
- SEC Chair Gary Gensler targeted crypto lending shops, claiming jurisdiction.