Crypto Market Daily Highlights – SOL and DOGE Slide in a Choppy Session

Key Insights:

• It was a bearish Tuesday for the crypto to ten, with Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) leading the way down.
• The growing risk of an economic recession weighed, despite the broader market finding NASDAQ support through the US session.
• The total crypto market cap fell by $6.2 billion to end a three-day winning streak.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) failed to make it three in a row, with a late pullback leaving bitcoin in the red. SOL, DOGE, and ADA saw the heaviest losses in a particularly choppy session.

Significantly, DOGE saw its four-day winning streak end, weighed by fears of a global recession.

Ahead of the US session, economic indicators for the Eurozone weighed on riskier assets and the crypto market. Bitcoin and the broader market tracked a slide in WTI crude oil prices.

Economic data from the US supported a broad-based crypto rebound, however.

For the day ahead, we can expect more of the same.

EU economic forecasts will influence ahead of US ISM Non-Manufacturing PMI numbers later in the day. From the Fed, the FOMC meeting minutes will also need consideration later in the US session.

At the time of writing, the NASDAQ 100 Mini was down 29.5 points.

The Total Crypto Market Cap Sees Red as Recession Fears Weigh

A choppy Tuesday session saw the crypto market cap slide to a low of $849.6 billion before jumping to a high of $906.2 billion.

NASDAQ 100 support was the key to a brief return to $900 billion levels. However, risk aversion lingered, with the crypto market giving up gains after the US market close.

The bearish end of the day left the total crypto market cap down by $6.2 billion to $882.1 billion.

Despite the Tuesday decline, the crypto market cap remained in positive territory for July.

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

SOL and DOGE slid by 3.63% and 3.18%, respectively, to lead the way down, with ADA (-2.56%) close behind.

BTC (-0.27%),  BNB (-0.22%), ETH (-1.63%), and XRP (-0.98%) also saw red.

From the CoinMarketCap top 100, Convex Finance (CVX) led the way, with a 29% rally.

At the other end of the table, TerraClassicUSD (USTC) saw the heaviest loss, sliding by 14%, with Compound (COMP) declining by 5%.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations continued an upward trend going into Wednesday, which could test investor resilience ahead of the US session.

This morning, 24-hour liquidations stood at $170.7 million, up from $147 million on Tuesday and sub-$100 million on Monday.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 54,606 versus 41,573 on Tuesday morning.

However, one-hour liquidation figures suggested improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $3.31 million versus $12.79 million on Tuesday.

Daily News Highlights

• Institutional investors shorting BTC made up 80% of weekly inflows.
• Crypto exchange volumes took a hit in India on new tax rules.
• H2O Water Securities launched the first crypto water token, raising $150 million.
• Celsius repaid $120 million to Maker.
• Crypto lender Vauld became the latest crypto winter casualty.
• The crypto rumor mill targeted Crypto.com and Cronos (CRO).