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Crypto Market Daily Highlights – ETH and XRP Lead the Top Ten Down

By:
Bob Mason
Updated: Oct 16, 2022, 23:28 GMT+00:00

It was another bearish session for the crypto market, with rising bets of 75-basis point Fed rate hikes in November and December weighing.

Cryptos news - FX Empire

Key Insights:

  • It was a bearish Saturday for the crypto top ten. XRP and ETH led the way down.
  • There were no events to provide market support, leaving the bearish sentiment from Friday to continue into the weekend.
  • The crypto market cap declined by $6.4 billion to $876.3 billion.

It was a bearish Saturday session for the crypto top ten. ETH and XRP led the way down after having bucked a bearish trend on Friday. BTC fell short of $20,000 for an eighth consecutive session while revisiting sub-$19,000.

There were no events to change the bearish sentiment from Friday’s session. Rising bets of 75-basis point Fed rate hikes in November and December left the crypto market in the red.

This morning, the probability of a 75-basis point hike in November stood at 97.2% and 69.8% for December. Last week, the chance of a 75-basis point hike in December stood at 23.4%.

With the crypto market continuing to track the NASDAQ 100, we expect the NASDAQ Mini to influence during the final hour (UTC).

NASDAQ correlation.
Total Market Cap – NASDAQ – 161022 Daily Chart

Crypto Market Fell for an Eleventh Session in Fourteen

The crypto market rose to an early morning high of $888.1 billion before falling to a final hour (UTC) low of $870.9 billion. While recovering from the session low, the crypto market ended the day down $6.4 billion to $876.3 billion.

The Saturday pullback left the market cap down by $29 billion (-3.1%) for the week.

Crypto market sees more losses.
Total Market Cap 161022 Daily Chart

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

It was a bearish Saturday session for the crypto top ten.

XRP and ETH led the way down, with losses of 1.48% and 1.64%, respectively.

ADA (-0.82%), BNB (-0.48%), BTC (-0.60%), DOGE (-0.12%), and SOL (-1.34%) also saw red.

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

Quant (QNT) and casper (CSPR) led the way, rallying by 11.34% and 8.90%, respectively, with maker (MKR) rising by 5.85%.

However, TerraclassicUSD (USTC) fell by 2.96%. Huobi Token (HT) and bittorrentnew (BTT) saw losses of 4.71% and 4.94%, respectively.

24-Hour Crypto Liquidations Slide on Range-Bound Session

Over 24 hours, total liquidations fell back for a second consecutive session, with the crypto market range-bound throughout the day. At the time of writing, 24-hour liquidations stood at $32.79 million, down from $137.94 billion on Sunday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 17,869 versus 46,549 on Saturday morning. Liquidations were down over 12 and four hours while up over one hour.

Crypto liquidations fall.
Total Crypto Liquidations 161022

According to Coinglass, 12-hour liquidations fell from $52.58 million to $21.08 million, with four-hour liquidations down from $17.29 million to $13.83 million. However, one-hour liquidations rose from $8.37 million to $11.20 million.

The chart below shows market conditions throughout the session.

Late pullback reflected in one-hour liquidations.
Total Market Cap 161022 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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