Daily Crypto Market Highlights - The Merge raises the value of ETH to $1,500.

Daily Crypto Market Highlights - The Merge raises the value of ETH to $1,500

Daily Crypto Market Highlights - The Merge raises the value of ETH to $1,500.

Key Insights:

  • The crypto top ten maintained their current rise on Monday, with Ethereum (ETH) leading the way with an 18 percent gain.
  • The crypto market decoupled from the NASDAQ 100 due to a shift in mood, with market attention shifting back to crypto network news updates.
  • For the first time since June 13, the overall crypto market cap increased by $82.59 billion to reach $1 trillion.

The crypto top 10 had a positive Monday session. Bitcoin (BTC) surged out of its previous ranges, reaching $22,000, while Ethereum (ETH) brought $2,000 within view.

The NASDAQ 100's effect on investor appetite was dampened by market emotions around the Ethereum Merge and the Cardano (ADA) Vasil hard fork.

We discussed the crypto market disconnecting from the US equities markets on Sunday, as earnings season began. A breakthrough after the closure of the US market indicates the start of a decoupling.

With the Fed in a blackout period until July 28, there were no FOMC member remarks to examine. Easing predictions on a 100-basis-point rate rise later this month boosted the crypto market even more.

At the time of writing, the NASDAQ 100 Mini was up 33 points.
At the time of writing, the NASDAQ 100 Mini was up 33 points.

The total cryptocurrency market cap has surpassed $1 trillion.

The overall crypto market cap rose from a low of $929 billion to a high of $1,026 billion on Monday before reversing.

The NASDAQ 100-weighted reversal resulted in a drop back to $966 billion before a post-US market crypto surge.

On Monday, the global crypto market cap increased by $82.59 billion to $1 trillion for the first time since June 12.

The comeback of bitcoin to $22,000 and the jump of Ethereum to $1,500 were the catalysts for the broad-based crypto rally.

See related article: This is why Bitcoin's return to $30K could take as long as August 22

Total Market Cap 190722 Daily Chart
Total Market Cap 190722 Daily Chart

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

ETH surged by 18.17% to lead the crypto top ten, with ADA (+9.37%) and SOL (+12.73%) also making impressive gains.

However, BNB (+6.62%), BTC (+7.95%), DOGE (+7.15%), and XRP (+6.47%) trailed the front runners.

From the CoinMarketCap top 100, Ethereum Classic (ETC) surged by 31.4% to lead the 100.

Polygon (MATIC) and STEPN (GMT) were close behind, with gains of 27.4% and 25.77%, respectively.

Lido DAO (LDO) bucked the broader market trend, with a 10.55% loss as investors locked in profits.

Total Crypto Liquidations Increase, Suggesting a Market Pullback

On Tuesday, 24-hour liquidations increased, indicating a likely retreat from Monday levels. Over the weekend, we witnessed a similar increase in 24-hour liquidations leading up to Sunday, which predicted a negative session that came to pass after a strong start.

The 24-hour liquidations totaled $691 million this morning, up from $116.95 million on Monday.

The number of liquidated traders has increased in the previous 24 hours, indicating that market conditions are worsening. At the time of writing, there were 128,281 liquidated traders, up from 40,592 on Monday morning.

One-hour liquidations reached at $161.66 million, up from $5.22 million on Monday, according to Coinglass.

Total Crypto Liquidations 190722
Total Crypto Liquidations 190722

Highlights from the Daily News

  • Bitcoin mining was in the limelight, with US politicians demanding more transparency.
  • Binance was fined €3.3 million by the Dutch Central Bank for providing services without being registered.
  • Coinbase has received regulatory authority in Italy to provide continuing cryptocurrency services.
  • Three Arrows Capital (3AC) reportedly owes creditors $3 billion, $2.36 billion of which is owed to Genesis.
  • The Paraguay Senate approved legislation to regulate cryptocurrency trade and mining.

Post a Comment

Previous Post Next Post