Daily Crypto Market Highlights – ADA and DOGE Fight

Key ideas:

  • It was a choppy Friday for the crypto top ten, with Ethereum (ETH) and Solana (SOL) struggling.
  • Investor reaction to the US non-farm payrolls numbers tested buying appetite as bitcoin failed to hold the $22,000 handle.
  • The total crypto market capitalization fell by $6.8 billion to register the second decline in seven sessions.

It was a Friday bearish session for the top ten cryptos. Bitcoin (BTC) ended the day flat, while SOL and ETH struggled.

Fears of a recession have eased, with U.S. nonfarm payrolls figures pointing to a further increase in hiring. In June, non-farm payrolls increased by 372,000, following a jump of 384,000 in May.

However, the surge in hiring has also raised fears that the Fed will raise rates more aggressively this month. Sentiment changed despite less hawkish minutes from the FOMC meeting.

Wednesday, the FOMC Meeting Minutes pointed to the risk that rate hikes would have a “larger-than-expected effect on economic growth.” Prior to the minutes, markets had forecast a rate hike of 75 basis points for July. However, the minutes revealed that participants thought a 50 or 75 basis point increase was appropriate.

The nonfarm payrolls numbers could allow the Fed to make another 75 basis point rate hike before easing off.

In response to the NFP numbers, the NASDAQ 100 pulled back before finding late support to post a 0.12% gain. The crypto market trailed the NASDAQ throughout the day before pulling back after the US market closed.

Total Market Cap – NASDAQ – 090722 5 Minute Chart

Total Crypto Market Cap Sees Modest Decline

A bullish start to Friday’s session saw the crypto market cap hit a high of $962 billion.

In response to the NFP numbers, market capitalization slipped to a low of $916 billion before ending the day at $930 billion.

Total Market Cap 090722 Daily Chart

Support from the NASDAQ 100 was again key, although the $1 trillion mark remained elusive.

Despite the NFP figures, the threat of a global economic recession remains. The numbers also delivered market uncertainty over the Fed’s monetary policy decision in July.

Crypto Market Drivers and Shakers from the Top Ten and Beyond

ADA (-2.51%) and DOGE (-2.07%) led the way lower, with losses of 2.51% and 2.07%, respectively. ETH also struggled, falling 1.94%.

BTC slid 0.09%, with BNB (-0.33%), SOL (-0.90%) and XRP (-0.88%) posting modest losses.

From CoinMarketCap top 100, Quant (ND) led the way, up 13%, with Internet Computer (ICP) up 11%.

Polygon (MATIC) and 1inchNetwork (1INCH) were also among the first.

Total Crypto Liquidations Reflect Worse Market Conditions

Following the mixed session, the 24-hour liquidations increased during the Friday session.

This morning, 24-hour liquidations were $215 million, down from $169 million Friday morning.

Traders liquidated in the last 24 hours have also increased. At the time of writing, liquidated traders stood at 51,694 from 42,406 on Friday.

The hour-long selloffs reflected a late pullback in the crypto market.

According coin glass, one-hour closeouts were $10.6 million, down from $1.36 million on Friday. Those following crypto liquidations will be looking for a return to under $1 million over the weekend.

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