Crypto Market Daily Highlights – SOL and BTC Lead the Top Ten Sell-Off

Key Insights:

• It is a bearish Tuesday session for the crypto top ten, with solana (SOL) leading the way down and bitcoin (BTC) revisiting sub-$20,000.
• Fed Fear resurfaced, with the US CPI report for August sending riskier assets into the deep red.
• The total crypto market cap is down by $75.7 billion to $954.6 billion, with 60 minutes of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Solana (SOL) leads the way down, sliding by 11.01. The bearish session also saw bitcoin (BTC) slide to sub-$20,000 before a partial recovery. Currently down by 9.63%, BTC is set to end a six-day winning streak.

Crypto news wires had a muted impact on the broader crypto market. The US CPI report for August caught investors by surprise, leading to a flight to safety.

In August, the US annual rate of inflation softened from 8.5% to 8.3%, while the core annual rate of inflation accelerated from 5.9% to 6.3%. Economists forecast inflation rates of 8.1% and 6.1%, respectively.

The numbers raised bets of a percentage point rate hike at next week’s FOMC meeting and a more hawkish move in November. The numbers also sent the NASDAQ 100 into a tailspin. On Tuesday, the NASDAQ 100 tumbled by 5.16%, the largest one-day loss since the early days of the COVID-19 pandemic.

Today, US wholesale inflation figures could test investor resilience further. A pickup in wholesale inflationary pressure would point to an uptrend in consumer prices in the coming months.

Crypto Market Sees Six-Day Winning Streak Crashing to an End

On Tuesday, the crypto market cap rose to an early evening high of $1,049 billion before hitting reverse. Responding to the US CPI report, the crypto market cap tumbled to a day low of $942.8 billion before steadying.

With 60 minutes of the Tuesday session remaining, the crypto market cap is down $75.7 billion to $954.6 billion. The Tuesday sell-off brings a six-day winning streak to an end.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bearish Tuesday session for the crypto top ten.

SOL leads the way down, sliding by 11.01%, with BTC (-9.63%) close behind.

However, things are not much better for the rest of the top ten

ADA (-6.99%), BNB (-5.78%), DOGE (-6.26%), ETH (-7.65%), and XRP (-7.48%) also seeing heavy losses.

From the CoinMarketCap top 100, it is a bearish session.

Trust Wallet Token (TWT) and Kyber Network (KNC) are bucking the broader market trend, with gains of 2.20% and 2.62%, respectively.

However, The Graph (GRT) leads the way down, sliding by 15.44%. Golem (GLM) and Helium (HNT) are down by 14.57% and 12.69%, respectively.

24-HourCrypto Liquidations Spike in Response to the US CPI Report

Over 24 hours, total liquidations increased as investors reacted to the US CPI report for August.

At the time of writing, 24-hour liquidations stood at $353.74 million, up from $206.12 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,381 versus 64,872 on Tuesday morning. Liquidations over twelve and four hours were up, while liquidations over one hour declined as the crypto market steadied late in the session.

According to Coinglass, 12-hour liquidations stood at $296.84 million, up from $91.64 million on Tuesday morning, with four-hour liquidations up from $14.45 million to $54.37 million. However, one-hour liquidations were down from $6.68 million to $2.88 million. The chart below shows market conditions throughout the session.