Crypto Market Daily Highlights – DOGE Bucked a Bearish Top Ten Trend

Key Insights:

• It was a mixed Thursday session for the crypto top ten, with dogecoin (DOG) bucking a bearish trend.
• Inflation jitters and US economic indicators overshadowed earnings results for a second session to leave the crypto market in negative territory.
• The crypto market cap fell by $4.3 billion to $870.3 billion.

It was a mixed Thursday session for the crypto top ten. Dogecoin (DOGE) bucked the top ten trend with a modest rise, while cardano (ADA) continued its descent towards sub-$0.30. The bearish session saw BTC visit sub-$19,000 for the first time in five sessions while falling short of $20,000 for a thirteenth successive day.

US economic indicators, Fed monetary policy, and inflation left riskier assets on the back foot. In October, the Philly Fed Manufacturing Index rose from -9.9 to -8.7 versus a forecast of -5.0. While falling short of expectations, components of the Index were upbeat.

The New Orders Index rose from -17.6 to -15.9, with the Prices Paid Index up from 29.8 to 36.3. However, the employment numbers drew greater interest. The Philly Fed Employment Index jumped from 12.0 to 28.5.

Jobless claims also impressed, with a fall from 226k to 214k in the week ending October 14.

For the Fed, the labor market numbers provide further reason to front load rate hikes. The markets responded, with the probability of a December rate hike rising to 77.0%. According to the FedWatch Tool, the likelihood of a December rate hike had stood at 61.6% one week earlier.

The NASDAQ 100 fell by 0.61%, the downside limited by upbeat corporate earnings results. Things were not much better this morning, with the NASDAQ Mini down 65 points.

Crypto Market Extends Losing Streak to Three on US Stats and Fed Fear

A choppy start to the day saw the crypto market fall to an early low of $867.5 billion before rising to a post-stat high of $884.5 billion. However, market sentiment towards the US stats and the likely influence on Fed policy led the crypto market to a late low of $865.4 before steadying.

After finding late support, the crypto market ended the day down by $4.3 billion to $870.3 billion, extending the October loss to $38.7 billion.

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

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

DOGE bucked the top ten trend, rising by 1.25%.

However, it was a bearish session for the rest of the majors.

ADA and SOL led the way down, falling by 2.86% and 2.90%. respectively.

BNB (-1.07%), BTC (-0.39%), ETH (-0.17%), and XRP (-1.03%) saw relatively modest losses.

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

Chain (XCN) and toncoin (TON) saw gains of 11.24% and 10.09%, respectively, with terraclassicUSD (USTC) rallying by 16.05%.

At the other end of the table, uniswap (UNI) and ethereum name service (ENS) saw losses of 7.37% and 6.92%, respectively. Axie Infinity (AXS) fell by 5.89%.

24-Hour Crypto Liquidations Hold Steady in Choppy Thursday Session

Over 24 hours, total liquidations increased modestly. At the time of writing, 24-hour liquidations stood at $56.20 million, up from $49.74 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 30,641 versus 28,771 on Thursday morning. Liquidations were up over one and 12 hours while down over four hours.

According to Coinglass, 12-hour liquidations rose from $31.56 million to $46.65 million, with one-hour liquidations up from $2.21 million to $6.84 million. However, four-hour liquidations fell from $18.25 million to $9.44 million.

The chart below shows market conditions throughout the session.