Crypto Market Daily Highlights – DOGE Bucks the Bearish Top Ten Trend

Key Insights:

• It is a mixed Tuesday for the crypto top ten. Cardano (ADA) and solana (SOL) lead the way down, while dogecoin (DOGE) bucks the trend.
• Risk aversion continued to sweep across the global financial markets, with central bank policy and jitters ahead of the US CPI report testing risk appetite.
• The crypto market cap is down $5.5 billion to $881.7 billion.

It is a mixed Tuesday session for the crypto top ten. Dogecoin (DOGE) bucks the top ten trend, with 60 minutes (UTC) of the session remaining. BTC has fallen short of $20,000 for the fourth consecutive day whilst recovering from sub-$19,000.

Central bank chatter weighed on riskier assets. Bank of England Governor Andrew Bailey spoke at the IIF Annual Membership Meeting, ruling out an extension to its bond-buying program beyond the Friday deadline.

Market apprehension ahead of tomorrow’s US CPI report added to the market angst, with the Fed on course for a 75-basis point rate hike in November and possibly more of the same in December.

On Tuesday, the NASDAQ 100 fell by 1.10%. Later today, US wholesale inflation and the FOMC meeting minutes will influence along with central bank chatter. This morning, the NASDAQ 100 Mini was up 22.25 points.

Crypto Market on Target for the Sixth Loss from Seven Sessions

On Tuesday, the crypto market rose to a mid-day high of $893.7 billion before falling to an early afternoon low of $871.5 billion. Late support limited the damage, with the crypto market down $5.5 billion to $881.7 billion, with 60-minutes (UTC) of the session remaining.

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

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

DOGE bucks the top ten trend, rising by 0.98% with 60-minutes (UTC) of the session remaining.

However, ADA and SOL lead the way down, with losses of 2.00% and 2.05%, respectively.

BNB (-0.22%), BTC (-0.44%), ETH (-0.73%), and XRP (-0.66%) have seen modest losses.

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

TerraClassicUSD (USTC) and huobi token (HT) lead the way, rising by 3.62% and 4.08%, respectively. Ethereum name service (ENS) is also amongst the front runners, gaining 2.81%.

However, apecoin (APE) leads the way down, sliding by 9.05%, with stellar’s lumen (XLM) and chainlink (LINK) seeing losses of 5.89% and 2.62%, respectively.

24-Hour Crypto Liquidations Ease Back as Late Support Kicks In

Over 24 hours, total liquidations slipped back as investors brace themselves for Thursday’s US CPI report. At the time of writing, 24-hour liquidations stood at $98.62 million, down from $104.41 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 52,221 versus 46,638 on Tuesday morning. Liquidations were down over one, four, and 12 hours.

According to Coinglass, 12-hour liquidations were down from $61.25 million to $28.13 million, with four-hour liquidations down from $41.70 million to $3.07 million. One-hour liquidations declined from $4.22 million to $0.319 million. The one and four-hour liquidations reflected improving market conditions later in the session.

The chart below shows market conditions throughout the session.