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Crypto Market Daily Highlights – XRP Stumbles Despite NASDAQ Support

By:
Bob Mason
Updated: Dec 30, 2022, 03:39 GMT+00:00

Following a mixed Thursday session, the crypto market was under pressure this morning. We expect more NASDAQ Index influence in the afternoon session.

Crypto news - FX Empire.

In this article:

Key Insights:

  • It was a mixed Thursday for the crypto top ten. XRP took a hit, with ADA and MATIC also seeing red.
  • US economic indicators and the NASDAQ Index delivered much-needed support, though the gains were modest.
  • The crypto market cap rose by $2.20 billion to end the day at $758.27 billion.

It was a mixed Thursday session for the crypto top ten. XRP took a hit, with ADA and MATIC struggling. However, BTC ended a two-day losing streak while failing to revisit $17,000 for the ninth consecutive session.

The bearish sentiment from Wednesday spilled over to the Thursday session, with recession fears lingering. However, US economic indicators and the NASDAQ Index provided much-needed support.

US initial jobless claims increased from 216k to 225k in the week ending December 23. While the increase was modest, the numbers relieved investors gripped by Fed fear. The NASDAQ Index responded to the softer number, rallying by 2.59%, with the S&P 500 rising by 1.75%.

However, the markets will need to wait for the December jobs report to gauge whether labor market conditions have weakened enough to force the Fed to take its foot off the gas.

Today, US economic indicators are on the lighter side, with the Chicago PMI unlikely to move the dial. Barring a crypto event, we expect the NASDAQ Index to continue to provide direction. The NASDAQ mini was down 7.5 points this morning, delivering early pressure.

NASDAQ Correlation.
Total Market Cap – NASDAQ – 301222 Hourly Chart

Crypto Market Finds NASDAQ Support on US Jobless Claims

It was a mixed Thursday session, with the crypto market cap falling to an early morning low of $749.43 billion before finding support. The crypto market cap rose to a mid-afternoon high of $763.42 billion before easing back.

A mixed end to the session left the crypto market cap up by $2.20 billion to $758.27 billion

Crypto market cap sees modest rise.
Total Market Cap 301222 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.

XRP slid by 3.86% to lead the way down, with ADA (-1.61%) and MATIC (-0.64%) struggling.

However, BNB (+0.78%), BTC (+0.60%), DOGE (+0.71%), and ETH (+0.88%) avoided the red.

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

BitDAO (BIT) surged by 20.16% to lead the way, with trust wallet token (TWT) and ethereum classic (ETC) seeing gains of 6.54% and 3.87%, respectively.

However, holo (HOT) fell by 6.08%, with chain (XCN) and helium (HNT) seeing losses of 5.92% and 5.60%, respectively.

24-Hour Liquidations Slide Back on a Bullish Thursday Session

Over 24 hours, crypto liquidations remained below-normal levels. At the time of writing, 24-hour liquidations stood at $36.66 million versus $77.53 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 17,948 versus 29,766 on Thursday morning. Crypto liquidations decreased over 12 and four hours while rising over one hour.

Crypto liquidations fall.
Total Crypto Liquidations 301222

According to Coinglass, 12-hour liquidations stood at $29.81 million, down from $31.39 on Thursday, with four-hour liquidations down from $14.71 million to $3.50 million. However, one-hour liquidations rose from $0.421 million to $0.591 million.

The chart below shows market conditions throughout the session.

Crypto market sees a choppy turn of the day.
Total Market Cap 301222 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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