Highlights from the Crypto Market on a Daily Basis - ETH Leads the Crypto Top Ten

Highlights from the Crypto Market on a Daily Basis - ETH Leads the Crypto Top Ten

Highlights from the Crypto Market on a Daily Basis - ETH Leads the Crypto Top Ten

Key Insights:

  • It was another bullish session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The upside came despite a spike in US wholesale inflation, with FOMC member chatter of a 75-basis point rate hike easing fears of a 100-basis point hike later this month.
  • The total crypto market cap rose by $23 billion to log the second increase of the week.

The crypto top 10 had a positive Thursday session. Bitcoin (BTC) extended its Wednesday rally, while Ethereum (ETH) returned near $1,200.

A surge in US wholesale inflation and lackluster unemployment claims data put the market's appetite for riskier assets to the test.

The wholesale annual rate of inflation in the United States increased from 10.9 percent to 11.3 percent in June, above the projected 10.7 percent. Jobless claims increased from 235k to 244k in the week ended July 8, adding to the pessimistic mood.

However, riskier assets gained support later in the US session from Fed Governor Christopher Waller, who advocated for a 75-basis-point rate rise in July. The most recent consumer pricing and nonfarm payroll numbers have prompted the Fed to raise interest rates by 100 basis points.

Waller's statements elicited a market reaction, with the crypto market increasing in response.

The NASDAQ 100 averted a fourth straight day in the negative, gaining 0.03 percent ahead of US retail sales data anticipated later today.

The NASDAQ 100 Mini was up 61 points at the time of writing, with retail sales numbers presumably being the final piece of the puzzle for the Fed. Solid data would back up the more hawkish rate increase expectations. In addition to greater attention to FOMC member talk, Fed speech will be closely watched.

The whole cryptocurrency market cap has returned to $900 billion.

The crypto market value fell to a day low of $855 billion on Thursday before regaining support. Investors analyzed the impact of US wholesale inflation and unemployment claims data before a surge to a high of $914 billion.

While a late downturn restricted the gains, investors poured another $23 billion into the market, bringing the crypto market worth to $37 billion for the month.

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

ETH led the way with a 7.04 percent gain, followed by BNB (+3.47 percent) and SOL (+6.31 percent).

The leading runners were followed by ADA (+0.68 percent), BTC (+1.71 percent), DOGE (+0.87 percent), and XRP (+2.93 percent).

Uniswap (UNI) and Polygon (MATIC) were among the CoinMarketCap top 100 gainers, with 14.70 percent and 10.94 percent increases, respectively.

To the contrary, TerraClassicUSD (USTC) and Decred (DCR) plummeted 11.25 percent and 1.22 percent, respectively, bucking the market trend.

Total Crypto Liquidations Recover in a Bullish Session

On Thursday, 24-hour liquidations slowed as the crypto market ignored US wholesale inflation figures.

The 24-hour liquidations were at $180 million this morning, down from $230 million on Thursday.

Liquidated traders have decreased in the previous 24 hours, reflecting improved market conditions. At the time of writing, there were 51,568 liquidated traders, compared to 72,955 on Thursday.

At the end of the day, one-hour and four-hour liquidations revealed better market conditions.

One-hour liquidations were at $2.41 million, down from $7.12 million on Thursday, according to Coinglass. The total value of four-hour liquidations was $9.20 million, down from $13.28 million on Thursday.

Daily News Highlights

  • CEL Token price plunged 50% in response to Celsius filing for bankruptcy.
  • Walt Disney (DIS) selected Polygon (MATIC) to join the 2022 Disney Accelerator.
  • The crypto winter hit Open Sea, which announced a 20% reduction in headcount
  • Uniswap surged in response to Robinhood (HOOD) listing.
  • The UK’s Financial Conduct Authority (FCA) called for global crypto rules to keep the markets clean.

This article was first published on FX Empire.

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