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Crypto Market Daily Highlights – SOL Leads ETH and the Top Ten into the Red
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While the crypto top ten see red on Monday, weighed by fears of a hawkish Fed Chair, EOS and Chiliz have found strong support to buck the trend.
Key Insights:
- It is a bearish start to the week for the crypto top ten, with Solana (SOL), Dogecoin (DOGE), and Ethereum (ETH) leading the way down.
- Risk aversion hit the global financial markets, with Fed Fears mounting ahead of this week’s Jackson Hole Symposium.
- With three hours of the session remaining, $15.5 billion has come off the table, with the crypto market cap back to sub-$1,000 billion.
It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) revisited sub-$21,000 while also falling short of $22,000. However, Solano (SOL) has taken the biggest hit, with sub-$30 no in view.
After the bullish Sunday session, dip buyers jumped ship, with market angst over the Fed sending riskier assets into negative territory. Market expectations are for Fed Chair Powell to deliver a hawkish speech at the Jackson Hole Symposium, which has caused the broad-based sell-off.
However, ahead of Powell’s Friday speech, crypto investors have a busy US economic calendar to navigate. US economic indicators include service PMI (Tue), core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri).
On Monday, the NASDAQ 100 ended the day with a 2.55% loss, closely followed by the S&P 500 (-2.14%).
The Total Crypto Market Cap Slides Back to Below $1 Trillion
On Monday, the total crypto market cap rose to an early high of $1,009 billion before sliding to a late morning low of $969.3 billion. Early afternoon support led to a partial recovery to $997 billion before a slide back into the deep red.
With three hours of the Monday session left, the total crypto market cap is down $15.5 billion to $988.4 billion. The Monday pullback leaves the crypto market cap down $71 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
With three hours remaining of the Monday session (UTC), SOL leads the way down, sliding by 4.33%.
DOGE (-2.48%) and ETH (-2.24%) aren’t far behind SOL, with ADA (-1.52%), BNB (-1.09%), BTC (-1.76%), and XRP (-1.82%) also in the red.
From the CoinMarketCap top 100, it is a bearish session.
Celsius (CEL) is down by 26.55% to lead the way down, with Lido DAO (LDO) and Helium (HNT) falling by 6.67% and 6.79%, respectively.
However, EOS (EOS) is up by 19.57% to lead the way, with Chiliz (CHZ) rallying by 16.22%.
Total Crypto Liquidations Head Northwards as Fed Fears Hit
Over the last 24 hours, total liquidations inched northwards as risk aversion spread across the global financial markets.
At the time of writing, 24-hour liquidations stood at $158 million, up from $97 million on Monday morning.
Liquidated traders also increased over the last 24 hours. At the time of writing, liquidated traders stood at 61,144 versus 31,317 on Monday morning. Liquidations over 12 hours have increased, while 4-hour and one-hour liquidations are down modestly, reflecting a choppy start to the week.
According to Coinglass, 12-hour liquidations stood at $64.55 million, up from $54.16 million on Monday morning. 4-hour liquidations fell from $31.60 million to $24,98 million, with one-hour liquidations down from $14.08 million to $12,16 million. The chart below shows market conditions throughout the session.
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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