Crypto Market Daily Highlights – ADA, BTC, and SOL Buck the Trend

Key Insights:

• It was a mixed Tuesday session for the crypto top ten, with Solana (SOL), Cardano (ADA), and bitcoin (BTC) seeing red.
• Investor reaction to US corporate earnings and apprehension ahead of the Fed monetary policy decision tested appetite for riskier assets.
• Recovering from a $36 billion slump, the total crypto market cap increased by $1.77 billion.

It was a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) visited sub-$21,000, with Cardano (ADA) and Solana (SOL) joining bitcoin in the red.

On Tuesday, Walmart Inc. (WMT) weighed on riskier assets with a grim earnings outlook for the current quarter and the fiscal year. Shares slid by 7.6% after the company said that higher prices for fuel and food would cause consumers to cut back on spending.

The doom and gloom outlook comes ahead of the Fed monetary policy decision. Uncertainty over Fed monetary policy and the US economic outlook has weighed on the crypto market.

Walmart’s outlook warning added to investor angst over the economic outlook, which could force the Fed to lift rates by just 50 basis points on Wednesday.

On Tuesday, the broader crypto market tracked the NASDAQ into the red before a post-US market close rebound. The NASDAQ 100 slid by 1.87%.

The Total Crypto Market Cap Recovers From Walmart Induced Slump

On Tuesday, the crypto market succumbed to uncertainty over the Fed and corporate earnings. The total market cap fell from a high of $961 billion to a low of $924 billion before bouncing back.

A post-US market close rebound saw the total market cap bounce back to end the day at $957 billion, up by $1.77 billion. The market cap had been down by $36 billion before the late recovery.

For the current month, the total crypto market cap is up $90 billion. However, the Fed will need to be crypto-friendly for the crypto market to end a three-month losing streak.

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

SOL and ADA fell by 1.07% and 1.47%, respectively, with BTC ending the day with a 0.23% loss.

It was a bullish session for the rest of the top ten, with BNB and DOGE rising by 2.04% and 1.02%, respectively, to lead the way.

ETH (+0.62%) and XRP (+0.50%) saw relatively modest gains.

From the CoinMarketCap top 100, it is also a mixed session.

Qtum (QTUM), OKB (OKB), and Trust Wallet Token (TWT) led the way. QTUM rallied by 11.95%, with OKB and TWT gaining 7.49% and 5.35%, respectively.

At the other end of the table, Uniswap (UNI) led the way down, with a 5.21% loss. Convex Finance (CVX) and ApeCoin (APE) weren’t far behind, falling by 4.89% and 3.97%, respectively.

Total Crypto Liquidations Inched Higher with the Fed in Focus

On Wednesday, 24-hour liquidations continued to move northwards, though liquidation levels remained low relative to last week’s spike.

This morning, 24-hour liquidations stood at $207 million, up from $182 million on Tuesday. In the previous week, liquidations spiked at $691 million.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 73,706 versus 67,978 on Tuesday morning.

One-hour and four-hour liquidations were in decline, reflecting the post-US market close market rebound.

According to Coinglass, four-hour liquidations stood at $24.01 million, down from $76.67 million on Tuesday. One-hour liquidations stood at $4.41 million, down from $18.00 million. (See hourly crypto market cap chart below).

Daily News Highlights

• Corporate earnings sent the crypto market into the red before a late rebound.
• The news hit the wires of crypto exchange Kraken suspected of violating US sanctions.
• Coinbase hit the news, with the US SEC reportedly investigating the US platform for unregistered securities listings.