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Crypto Market Daily Highlights – SOL Falls While Optimism (OP) Surges
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The crypto market looks set to end a four-day losing streak, with Optimism (OP) leading the way. US economic indicators and earnings delivered support.
Key Insights:
- It is a mixed Wednesday session for the crypto top ten, with Solana (SOL) in the red to buck the top ten trend.
- Geopolitics took a back seat as investors responded to upbeat US economic indicators and corporate earnings.
- The Wednesday bullish session sees the total crypto market cap ending a four-day losing streak, with the market cap rising by $14 billion.
It is a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the third consecutive session, while SOL suffers at the hands of a Solana wallet heist.
A busier day on the economic calendar provided the crypto market with direction. While geopolitics remained a focal point following Nancy Pelosi’s Taiwan visit, US economic indicators eased fears of a US recession.
In July, the ISM Non-Manufacturing PMI unexpectedly rose from 55.3 to 56.7. Economists forecast a PMI of 53.5. With services accounting for more than 70% of the US economy, the numbers delivered the FOMC hawks a reason to skew towards a 75% basis point rate hike in September.
US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100’s 2.59% rally.
US corporate earnings have influenced the crypto market this earnings season. Crypto investors showed sensitivity to earnings results and outlooks from Amazon.com (AMZN), Apple Inc. (AAPL), Microsoft (MSFT), and Walmart (WMT).
The Total Crypto Market Cap Aims to End Four Day Losing Steak
On Wednesday, the total crypto market cap slid to a day low of $1,023 billion before rising to a high of $1,074 billion.
However, another bearish end to the session sees the market cap back down to $1,054 billion. The total crypto market cap is up $14 billion, reducing the August deficit to $5.7 billion.
A shift in market focus away from the US-China tensions to US economic indicators and corporate earnings delivered the boost. Cybercriminal activity failed the dampen the mood, despite the news of several attacks hitting the crypto wires.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Wednesday session for the crypto top ten.
BNB is up 6.41% to lead the way, with ADA (+2.62%) a distant second.
BTC (+1.07%), DOGE (+1.31%), ETH (+0.24%), and XRP (+0.81%) also find support.
SOL bucks the trend, falling by 0.73%.
From the CoinMarketCap top 100, it is a mixed session.
Optimism (OP), Lido DAO (LDO), and Stacks (STX) are among the front runners.
OP is up 35.77%, with LDO and STX gaining 16.29% and 8.16%, respectively.
At the other end of the table, Cronos (CRO), Oasis Labs (ROSE), and yearn.finance (YFI) are among the biggest losers. CRO is down 5.38%, with ROSE and YFI falling by 3.17% and 3.03%, respectively.
Total Crypto Liquidations Ease Back in Positive Crypto Session
24-hour liquidations are declining ahead of the Thursday session, reflecting improving crypto market conditions. A pullback in 24-hour liquidations coincides with the crypto market ending the four-day losing streak that saw BTC fall back to the $22,600 handle before finding support.
At the time of writing, 24-hour liquidations stand at $120 million, down from $208 million on Wednesday morning.
Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stand at 43,241 versus 78,905 on Wednesday morning.
While four-hour liquidations also signal steadying market conditions, one-hour liquidations reflect the late crypto pullback.
According to Coinglass, four-hour liquidations stand at $13.04 million versus $37.01 million on Wednesday morning. One-hour liquidations are down from $5.39 million to $3.88 million, while up from Tuesday’s $1.28 million (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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