Crypto Market Daily Highlights – BTC Set to Extend Losing Streak to Four

Key Insights:

• It is a mixed session for the crypto top ten, with Cardano (ADA) making a move while others struggled.
• Updates from developers on the Vasil hard fork delivered ADA support, while the broader market looked ahead to the Fed monetary policy decision on Wednesday.
• With an hour to go, the total coin market cap was down $1.88 billion to end the day at $1,007 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) revisited sub-$22,000, while Cardano (ADA) recovered from the Friday pullback.

Input Output-HK provided a weekly update on progress towards the end of the month Vasil hard fork, which delivered the ADA upside.

Following disappointing US economic indicators from Friday, the Fed monetary policy decision on Wednesday brings plenty of uncertainty.

Talks of a 75-basis point rate hike ahead of the Fed blackout period provided some cushion while concerns over the US economy linger.

Beyond the Vasil hard fork update, however, there were no crypto news stories to support a bullish start to the weekend.

The Total Crypto Market Cap Falls as the Focus Shifts to the Fed

A bullish start to the Saturday session saw the total crypto market cap rise to a high of $1,031 billion.

However, through the second half of the day, the crypto market cap slid to a low of $981 before support kicked in.

The reversal left the market cap down $1.88 billion for the day. Significantly, the market cap fell back to sub-$1,000 billion before the late recovery. While down for the day, the crypto market looks set to extend the weekly winning streak to three. The total market cap is currently up $76 billion for the week.

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

At the time of press, ADA was up by 6.83%, with DOGE gaining 1.16%. ETH (+0.56%) and XRP (0.43%) found late support to end the day in positive territory.

However, BNB and SOL led the way down, with losses of 1.07% and 1.10%, respectively. BTC was down by a modest 0.89%.

From the CoinMarketCap top 100, some fared better than others.

With one hour to go, Axie Infinity (AXS) was up 11.8% to lead the broader market. ApeCoin (APE), NEM (XEM), and Decentraland (LAND) also found strong support.

However, NEO (NEO) led the way down, sliding by 6.57%, with Cosmos (ATOM) and Cronos (CRO) close behind.

Total Crypto Liquidations Slide as Cryptos Begin the Recovery

On Sunday, 24-hour liquidations fell, with liquidation levels returning to normal after a mid-week spike.

This morning, 24-hour liquidations stood at $127 million, down from $207 million on Saturday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders fell modestly over the last 24 hours. At the time of writing, liquidated traders stood at 61,924 versus 62,274 on Saturday morning.

One-hour liquidations saw a sharp decline, coinciding with the crypto market recovery from Saturday’s lows.

According to Coinglass, one-hour liquidations stood at $0.526 million, down from $3.74 million on Saturday. Four-hour liquidations stood at $9.33 million, down from $51.48 million on Saturday. (See hourly crypto market cap chart below).

Daily News Highlights

• Caduceus announced a partnership with cricketing legend Lord Ian Botham to take cricket to the metaverse.
• Spanish footballing giant, Barcelona FC, launched an NFT live auction at New York Sotheby’s that ends on July 29.
• Bloomberg reported FTX entering into talks to acquire Bithumb, a South Korean crypto exchange.
• Activity in the ongoing SEC v Ripple case peaked ahead of the weekend, with William Hinman still the area of focus.