Crypto Market Daily Highlights – ADA Stumbles Despite Vasil Hard Fork Progress

Key Insights:

• It was a bearish Tuesday session for the crypto top ten, with Cardano (ADA) leading the way down for a second session.
• Positive US economic indicators pressured the crypto market, which responded to a better-than-expected US service sector PMI.
• The total crypto market cap tumbled by $49.4 billion to $913.7 billion.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) ended the day at sub-$19,000 for the first time since June 18, while DOGE held on to the number ten spot. ADA led the way down, with ETH also seeing red.

Positive market sentiment towards the Vasil hard fork and the Merge failed to cushion a US session sell-off. While under pressure ahead of the US opening bell, a reopening of the US markets after the Labor Day holiday did the crypto market few favors.

Positive US economic indicators added to the market angst. In August, the all-important ISM Non-Manufacturing PMI increased from 56.7 to 56.9. Economists forecast a fall to 55.1.

While the Non-Manufacturing Prices component fell from 72.3 to 71.5, orders and employment increased. The Non-Manufacturing Employment sub-component rose from 49.1 to 50.2, reflecting a return to hiring, with the Orders sub-component up from 59.9 to 61.9. The numbers supported a 75-basis point rate hike later in the month.

Crypto market sensitivity was evident, while the NASDAQ 100 showed a more muted response.

Today, there are no US economic indicators that can impact the crypto market. However, FOMC member chatter will influence. Members Barkin, Mester, and Brainard will deliver speeches later today, with any hawkish comments likely to force another sell-off.

Crypto Market Cap Slides through the US Session

On Tuesday, the total crypto market cap rose to an early morning high of $979.3 billion before sliding to a late low of $908.3 billion. A partial recovery to end the day at $913.7 billion left the market cap down $49.4 billion for the session.

A sharp deterioration in investor sentiment throughout the US session weighed, with the US economic indicators adding to the market angst.

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

It was a bearish Tuesday session for the crypto top ten.

ADA slid by 7.23% to lead the way down, with DOGE ending the day with a 6.17% loss.

BNB (-5.17%), BTC (-5.03%), ETH (-3.63%), SOL (-4.00%), and XRP (-3.41%) also saw the red.

From the CoinMarketCap top 100, it was a bearish session.

UNUS SED LEO (LEO) bucked the market trend, rising by 1.81%, with TerraClassicUSD (USTC) rallying by 6.86%.

However, Helium (HNT) led the way down, sliding by 14.4%, with EOS (EOS) and Nexo (NEXO) falling by 11.06% and 13.14%, respectively.

Crypto Liquidations Surge as US Investors Return from the Holidays

Over 24 hours, total liquidations surged as the US markets reopened after the Labor Day holidays.

At the time of writing, 24-hour liquidations stood at $385.59 million, up from $181.40 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 100,232 versus 48,388 on Tuesday morning. Liquidations over one hour and four hours were lower while 12 hours were higher, reflecting the bearish session and brief support late in the session.

According to Coinglass, 12-hour liquidations stood at $263.96 million, up from $153.50 million on Tuesday morning. 4-hour liquidations were down from $117.35 million to $32.50 million, with one-hour liquidations down from $11.99 million to $7.31 million. The chart below shows market conditions throughout the session.