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Crypto Market Daily Highlights – XRP and DOGE Trail the Top Ten

By:
Bob Mason
Updated: Jan 4, 2023, 00:36 UTC

It is a busy day ahead, with US economic indicators and the FOMC meeting minutes to influence the NASDAQ Index and the crypto market.

Crypto News - FX Empire

In this article:

Key Insights:

  • It was a mixed Tuesday session for the crypto top ten. BNB and ETH bucked a bearish trend.
  • Fed fear and the NASDAQ Index weighed on investor appetite as the US markets reopened.
  • The crypto market cap rose by $0.419 billion to end the day at $766.06 billion.

It was a mixed Tuesday session for the crypto top ten. XRP and DOGE struggled, while ETH and BNB bucked the bearish trend. BTC ended the day flat while avoiding sub-$16,500 for the fourth consecutive session.

The US markets reopened after the holidays. While US economic indicators failed to influence, investor sentiment towards the Fed weighed on the NASDAQ Index to peg back the broader crypto market.

In December, the Markit-survey Manufacturing PMI fell from 47.7 to 46.2, in line with prelim numbers. The lack of a revision to the prelim number limited the impact on the markets ahead of today’s ISM-survey Manufacturing PMI, the JOLTs job openings report, and the FOMC meeting minutes.

For crypto investors, a joint statement from the Office of the Comptroller of the Currency, the Federal Reserve System, and the Federal Deposit Insurance Corporation Office appeared to have a muted impact on crypto appetite. Investors have become accustomed to US regulators and lawmakers issuing stark warnings about the risks associated with cryptos.

The NASDAQ Index fell by 0.76% on the first day of trading, with the S&P 500 falling by 0.40%.

Today, we expect the ISM Manufacturing PMI and JOLTs job openings report to influence. However, the FOMC meeting minutes should have the most impact.

Following the latest round of US economic indicators, the minutes are unlikely to provide comfort to riskier assets. The hawkish FOMC interest rate projections suggest more pain on the horizon.

The NASDAQ mini was up 5 points this morning.

NASDAQ correlation.
Total Market Cap – NASDAQ – 040123 Hourly Chart

Crypto Market Sees another Choppy Session on Tuesday

It was a choppy Tuesday session. A bullish start to the day saw the crypto market cap rise to a mid-morning high of $771.56 billion before hitting reverse. The reversal saw the crypto market cap slide to a late afternoon low of $760.11 billion.

However, finding late support, the crypto market cap ended the day at $766.06 billion, gaining $0.419 billion (+0.05%) for the day.

Crypto market ends flat after choppy session.
Total Market Cap 040123 Daily Chart

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

It was a mixed Tuesday session for the crypto top ten.

BNB and ETH bucked the trend, with modest gains of 0.29% and 0.04%, respectively.

However, XRP and DOGE fell by 1.21% and 1.40%, respectively, to lead the way down.

ADA slipped by 0.39%, with BTC (-0.01%) and MATIC (-0.10%) ending the in the red.

From the CoinMarketCap top 100, it was a mixed session.

Solana (SOL) led the way, rallying by 18.53%, with flow (FLOW) and mina (MINA) seeing gains of 8.57% and 6.21%, respectively.

However, GMX (GMX) and XDC network (XDC) fell by 4.03% and 3.47%, respectively, with trust wallet token (TWT) seeing a 2.06% loss.

24-Hour Liquidations Slide in a Choppy Tuesday Session

Over 24 hours, crypto liquidations fell back to below-normal levels. At the time of writing, 24-hour liquidations stood at $28.70 million versus $73.34 million on Tuesday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 13,094 versus 18,988 on Tuesday morning. Crypto liquidations were higher over 12 hours and one hour while down over four hours.

Crypto liquidations slide.
Total Crypto Liquidations 040123

According to Coinglass, 12-hour liquidations stood at $21.10 million, up from $10.40 million on Tuesday morning, with one-hour liquidations up from $1.67 million to $1.81 million. However, four-hour liquidations fell from $6.28 million to $2.52 million.

The chart below shows market conditions throughout the session.

Crypto market finds support at the turn of the day.
Total Market Cap 040123 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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