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Crypto Market Daily Highlights – XRP, MATIC, and DOGE Struggled

By:
Bob Mason
Updated: Jan 6, 2023, 02:22 GMT+00:00

Following the bearish Thursday, the crypto market will be at the mercy of the US jobs report. A solid set of numbers would also weigh on the NASDAQ Index.

Crypto News - FX Empire

In this article:

Key Insights:

  • It was a mixed Thursday session for the crypto top ten. XRP, MATIC, and DOGE led the top ten into the red, while ADA bucked the trend.
  • US economic indicators reignited Fed fear, sending the NASDAQ Index and the broader crypto market into negative territory.
  • The crypto market cap fell by $3.42 billion to end the day at $777.12 billion.

It was a mixed session for the crypto top ten on Thursday, with XRP, MATIC, and DOGE leading the way down. BTC joined the broader market in the red. Notably, BTC failed to revisit $17,000 while avoiding sub-$16,500 for the sixth consecutive session.

Following Bitcoin’s fourteenth birthday, it was back to business on Thursday, with the US economy in the spotlight.

After the disappointing manufacturing PMI numbers on Wednesday, stats on Thursday reignited hawkish Fed bets ahead of today’s US Jobs Report.

In December, the ADP reported a 235k increase in nonfarm payrolls versus a forecasted 150k rise. Nonfarm payrolls increased by 182k in November, according to the ADP.

The weekly jobless claim numbers added to the bearish mood, with initial jobless claims falling from 223k to 204k, its lowest level since September. For investors looking for the Fed to take its foot off the gas, the latest numbers suggest that the Fed has plenty of wriggle room to bring inflation to target before risking the 5% unemployment mandate.

Crypto market responds to the US stats.
Total Market Cap 060123 Hourly Chart – Stats

The NASDAQ Index and the S&P 500 fell by 1.47% and 1.16%, respectively, in response to more hawkish Fed bets.

Today, the market focus will be on the US jobs report. Expect plenty of market volatility, with the jobs report likely to define the Fed’s February policy move.

A better-than-expected increase in nonfarm payrolls and a steady or lower unemployment rate would send riskier assets and the broader crypto market into the red.

Later in the US session, ISM Non-Manufacturing PMI numbers will also be in focus. The headline and sub-components, including employment and non-manufacturing prices, will influence.

The NASDAQ mini was up 12.5 points this morning.

NASDAQ Correlation.
Total Market Cap – NASDAQ – 060123 Hourly Chart

Crypto Market Hits Reverse on US Stats and a NASDAQ Index Slide

It was a bearish Thursday session. A mixed start to the day saw the crypto market cap rise to an early high of $783.69 billion. In response to Thursday’s US economic indicators, the crypto market cap fell to a low of $772.20 billion. However, finding late support, the crypto market cap recovered to end the day at $777.12 billion, marking a loss of $3.42 billion for the day.

Crypto market hit by US stats and Fed fear.
Total Market Cap 060123 Daily Chart

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

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

ADA bucked the top ten trend, rising by 0.37%.

However, it was a bearish session for the rest, with XRP (-2.80%), MATIC (-2.20%), and DOGE (-2.19%) leading the way down.

BNB (-0.93%), BTC (-0.13%), and ETH (-0.43%) saw relatively modest losses.

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

Helium (HNT) led the way, rising by 7.68%, with bitDAO (BIT) and Chiliz (CHZ) seeing gains of 5.23% and 5.64%, respectively.

However, huobi token (HT) slid by 9.97%, with casper (CSPR) and ethereum classic (ETC) seeing losses of 6.17% and 5.14%, respectively.

24-Hour Liquidations Slide on a Mixed Thursday Session

Over 24 hours, crypto liquidations retreated below normal levels through Thursday. At the time of writing, 24-hour liquidations stood at $20.96 million versus $112.20 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 9,923 versus 24,642 on Thursday morning. Crypto liquidations were lower over 12 and four hours while up over one hour.

Crypto liquidations fall.
Total Crypto Liquidations 060123

According to Coinglass, 12-hour liquidations stood at $10.76 million, down from $36.00 million on Thursday morning, with four-hour liquidations down from $3.95 million to $3.94 million. However, one-hour liquidations rose from $0.606 million to $2.97 million.

The chart below shows market conditions throughout the session.

Cryptos see a choppy end to the day.
Total Market Cap 060123 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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