Crypto Market Daily Highlights – SOL and DOGE Slide

Published: Jun 29, 2022, 00:14 UTC•3min read

It was a bearish session for the broader crypto market, with US consumer confidence figures sinking riskier assets over fears of an economic recession.

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Key Insights:

It was another bearish session for the crypto to ten, with Dogecoin (DOGE) and Solana (SOL) leading the way down.
Market reaction to US consumer confidence figures and a rise in crude oil prices hit riskier assets, with the crypto market tracking the NASDAQ into the deep red.
The total crypto market cap slid by $26 billion to $886 billion, with the $1,000 billion mark now more elusive.

It was a bearish Tuesday for the crypto market. Bitcoin (BTC) fell for a third consecutive day, with Dogecoin (DOGE) and Solana (SOL) leading the top ten into the deep red.

Once more, crypto news updates failed to influence. Bitcoin and the broader crypto market remained firmly in sync with the NASDAQ 100.

Economic data from the US and another rise in crude oil prices sent the NASDAQ and the crypto market into the red.

In June, the US CB Consumer Confidence Index declined from 103.2 to 98.7 versus a forecasted 100.4. The weaker number led to a reversal of gains for the NASDAQ and the crypto market.

Adding to the negative sentiment was a rise in crude oil prices. WTI crude oil increased by 2% on Tuesday, reinforcing the inverse correlation between crude oil prices and the NASDAQ/Cryptos.

While the consumer confidence index pointed to weaker consumption, the increase in crude oil prices suggested a further pickup in inflationary pressure, both negative for the US economy and riskier assets.

Total Market Cap – NASDAQ – WTI 290622 15 Min Chart

The Total Crypto Market Cap Slides to Sub-$900bn

A bullish start to the day saw the crypto market cap rise to a day high of $929.8 billion before succumbing to market forces.

The reversal saw the total market cap slide to a day low of $885.2 billion before steadying. $26 billion came off the table.

Tuesday’s tumble left the total crypto market cap down by $407 billion for the current month.

Total Market Cap 290622 Daily Chart

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

On Tuesday, DOGE and SOL slid by 8.33% and 8.27%, respectively, to lead the top ten into the red.

ETH (-4.08%), BNB (-2.96%), ADA (-3.30%), and XRP (-4.56%) also struggled, while BTC fell by a more modest 2.25%.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) grabbed the spotlight, surging by 111.4% to reenter the top 100. Other notables that bucked the broader market trend included 1inch Network (1INCH), which rose by 10.4%, and BitTorrent-New (BTT), which ended the day up 12.1%.

One-Hour Total Crypto Liquidations Spike

This morning, 24-hour total crypto liquidations were higher when compared with Tuesday morning.

Going into the Wednesday session, total 24-hour liquidations stood at $159 million, up from $137 million on Tuesday.

Liquidated traders over the last 24 hours also picked up. At the time of writing, liquidated traders stood at 65,335.

With 24-hour liquidations up, liquidations over one hour were also on the higher side.

According to Coinglass, one-hour liquidations stood at $14.26 million. On Tuesday, one-hour liquidations had stood at $0.86 million. The higher one-hour liquidation figure will need to come down to support a bullish start to the Wednesday session.