Crypto Market Daily Highlights – ADA Leads Top Ten on Vasil Hard Fork News

Key Insights:

• It is a mixed Thursday session and start to September for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) leading the way.
• US economic indicators tested investor support while crypto news updates were market positive.
• The total crypto market cap is up $7.5 billion to $962 billion.

It is a mixed Thursday session for the crypto top ten, with one hour of the session remaining. Bitcoin (BTC) revisited sub-$20,000 for a sixth consecutive session before moving into positive territory. However, ADA and ETH lead the way, supported by investor sentiment towards the Merge and the Vasil hard fork.

News of Robinhood (HOOD) listing ADA also delivered a price boost.

For the broader market, US economic indicators weighed. In August, the ISM Manufacturing PMI held steady at 52.8. Economists forecast a decline to 52.0. Significantly, the employment sub-component jumped from 49.9 to 54.2. The jump in the employment sub-index provides the Fed more wriggle room to front-load rate hikes.

Earlier in the session, initial jobless claims fell from 237k to 232k, with the 4-week average down from 245.5k to 241.5k. Thursday’s data set suggests that the Fed’s rate hikes and forward guidance had a muted impact on hiring.

Today, the focus will shift to US nonfarm payrolls and wage growth figures for August. Being the official labor market numbers, another spike in hiring could force the Fed to take a more aggressive path to normalization.

The economic data from the US left the NASDAQ 100 down 0.26% on Thursday.

Crypto Market Cap Responds to US Stats Before a Late Recovery

On Thursday, the total crypto market cap responded to the US economic indicators, falling to a low of $933 billion. However, a late rally saw the market cap rise to a high of $969.5 billion before easing back.

The total market cap is up by $2.0 billion on Thursday, with one hour of the session remaining. For the current week, the market cap is up $41 billion to $962 billion.

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

It is a mixed Thursday session for the crypto top ten.

ADA and ETH lead the way, rising by 2.24% and 2.11%, respectively, with DOGE (+1.26%) and XRP (+1.30%) also finding support.

However, BTC is up by a modest 0.16%, with BNB (-0.47%) and SOL (-0.10%) bucking the top ten trend.

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

TerraClasicUSD (USTC) leads the top 100, rallying by 23.42%. Decred (DCR) and Balancer (BAL) are up 9.81% and 9.26%, respectively, to make up the top 3.

However, Helium (HNT) leads the way down, sliding by 7.50%, with Chiliz (CHZ) and Kava (KAVA) down 2.64% and 2.98%, respectively, to make up the bottom 3.

Crypto Liquidations Ease Back over 24-Hours but Climb Over the Hour

Over 24 hours, total liquidations slipped back, supported by a late NASDAQ 100 rebound. However, US economic indicators remained crypto bearish, leading to higher liquidations over shorter time periods.

At the time of writing, 24-hour liquidations stood at $154.58 million, down from $164.73 million Thursday morning.

However, liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 52,615 versus 40,952 on Thursday morning. Liquidations over 12 hours, four hours, and one hour are higher in a choppy second half of the day.

According to Coinglass, 12-hour liquidations stood at $105.75 million, up from $75.84 million on Thursday morning. 4-hour liquidations rose from $12.42 million to $25.37 million, with one-hour liquidations up from $3.60 million to $4.59 million. The chart below shows market conditions throughout the session.