Crypto Market Daily Highlights – DOGE Bucks Top Ten Trend

Key Insights:

• It was a mixed session for the crypto to ten. Dogecoin (DOGE) rallied by 5.25% to buck the trend while Ethereum (ETH) and Solana (SOL) struggled.
• Bitcoin and the broader crypto market tracked the NASDAQ 100 through the US session. A late pullback left the crypto market with heavier losses.
• The total crypto market cap fell for a fourth consecutive day. An $11 billion decline left the market cap at $875 billion.

It was a mixed Wednesday for the crypto market. Bitcoin (BTC) fell for a fourth consecutive day, with Ethereum (ETH) and Solana (SOL) struggling. Crypto market news delivered Dogecoin (DOGE) with support, however.

Through the US session, the NASDAQ 100 led the broader crypto market into the red. However, Bitcoin and the pack failed to track a late NASAQ 100 recovery to limit the losses on the day.

The NASDAQ 100 slipped by 0.03%, recovering a 0.70% loss from earlier in the session. For H12022, the NASDAQ 100 faces the prospect of its worst first-half yearly loss on record.

Disappointing US GDP numbers tested appetite for riskier assets. In the first quarter, the US economy contracted by 1.6%, worse than a previous 1.5% estimate.

The Total Crypto Market Cap Falls for a Fourth Consecutive Day

It was another testy session for the crypto market. A bullish start saw the total crypto market cap rise to $892.5 billion before selling pressure kicked in.

The crypto market cap fell to a day low of $865.7 billion before a partial recovery to $875 billion. $11 billion came off the table, leaving the market cap down $418 billion for June.

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

On Tuesday, DOGE rallied by 5.25% to buck the broader market trend. News of Coinbase, including DOGE, SHIB, and other cryptos as payment methods, delivered support.

However, it was a bearish session for the rest, with ETH and SOL falling by 3.81% and 3.62%, respectively, to lead the top ten into the red.

BNB (-3.22%) and XRP (-2.27%) also struggled, while BTC (-0.78%) ADA (-0.64%) saw modest losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) grabbed the spotlight again, surging by 86%. After reentering the top 100 on Wednesday, USTC ranked at #53.

Other notables that bucked the broader market trend included Ox (ZRX) and Stacks (STX), which ended the day with gains of 11% and 7%, respectively.

One-Hour Total Crypto Liquidations Spike Again

For a second consecutive day, one-hour liquidations spiked in the final hour.

This morning, 24-hour liquidations were comparable to Wednesday morning. Down marginally from Wednesday ($159m), 24-hour liquidations stood at $154 million.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 58,096 versus 65,335 on Wednesday morning.

While 24-hour liquidations were down, liquidations over one hour were on the higher side.

According to Coinglass, one-hour liquidations stood at $13 million. On Tuesday, one-hour liquidations had stood at sub-$1 million. One-hour liquidations will need a marked decline to reflect a shift in crypto market conditions.

Daily News Highlights

• Big Four Shop KPMG entered the metaverse and targeted Web3 with a $30 million investment.
• Russia announced plans to ease crypto taxes as sanctions bite.
• DOGE and SHIB saw losses followed by gains in response to Crypto.com and Coinbase exclusions and inclusions.
• The EU backed anti-money laundering rules for crypto assets.
• Coinbase renewed ambitions to expand into Europe.