Crypto Market Daily Highlights – DOGE Led a Mixed Top Ten Session

Key Insights:

• It was a mixed Thursday session for the crypto top ten. DOGE led the way, while BNB and BTC bucked the trend.
• US economic indicators and the NASDAQ Index sent the broader crypto market into the deep red before a late recovery.
• The crypto market cap rose by $1.66 billion to end the day at $770.84 billion.

It was a mixed Thursday session for the crypto top ten. DOGE led the way, while BNB and BTC bucked the top ten trend. Notably, BTC failed to revisit $17,000 for the fifth time in six sessions.

US economic indicators and corporate earnings sent the crypto market deep into the red before finding support.

In the week ending December 16, initial jobless claims rose from 214k to 216k. Economists forecast an increase to 222k. US GDP numbers for Q3 also came in hotter than expected. In Q3, the US economy expanded by 3.2%, up from a prelim 2.9%. In Q2, the economy contracted by 0.6%.

Both reports supported the hawkish Fed and FOMC economic projections, sinking riskier assets.

Micron Technology Inc (MU) added to the bearish mood, announcing layoffs in response to a slump in demand for computer chips. The NASDAQ Index slid by 2.18% in response, with the S&P500 falling by 1.45%.

There were no crypto news stories to provide direction, leaving a NASDAQ Index recovery from session lows to deliver the late rebound. The big crypto news story of the day was former FTX CEO Sam Bankman-Fried posting $250 million bail.

Today, US economic indicators and crypto news wires will provide direction. US inflation and personal spending will influence. Updates on FTX and regulatory chatter will also need consideration. This morning, the NASDAQ mini was down 27.5 points.

Hotter-than-expected US inflation numbers would give the Fed more reason to continue on its aggressive interest rate trajectory that would further fuel fears of an economic hard landing.

Crypto Market Sees a Modest Rise After a Choppy Afternoon Session

After a range-bound morning session, the crypto market cap tumbled to a late afternoon low of $756.38 billion. However, finding late support, the crypto market cap rose to a high of $776.40 billion before easing back. A NASDAQ Index recovery from a Thursday session low supported the crypto market rebound.

The crypto market rose by $1.66 billion to end the day at $770.84 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 led the way, gaining 4.20%, with ADA (+1.19%), ETH (+0.31%), MATIC (+0.25%), and XRP (+1.34%) finding support.

However, BNB and BTC bucked the trend, with modest losses of 0.16% and 0.04%, respectively.

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

Terra classic (LUNC) led the way, gaining by 5.46%, with huobi token (HT) and axie infinity (AXS) among the front-runners, rising by 3.31% and 3.20%, respectively.

However, helium (HNT) led the way down, sliding by 13.04%. Toncoin (TON) and lido DAO (LDO) saw losses of 6.14% and 4.60%, respectively.

24-Hour Liquidations Climb in a Choppy Thursday Session

Over 24 hours, crypto liquidations rose as investors tracked US stats and the NASDAQ Index.

At the time of writing, 24-hour liquidations stood at $34.55 million versus $14.77 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 11,948 versus 8,388 on Thursday morning. Crypto liquidations decreased over one hour while rising over four and 12 hours.

According to Coinglass, 12-hour liquidations rose from $6.88 million to $29.70 million, with four-hour liquidations up from $2.45 million to $12.69 million. However, one-hour liquidations slipped from $0.471 million to $0.290 million.

The chart below shows market conditions throughout the session.