Crypto Market Daily Highlights – ETH Leads the Way on Gloomy US Stats

Key Insights:

• It is a mixed Tuesday session for the crypto top ten, with Ethereum (ETH) leading the way while Binance Coin (BNB) and Cardano (ADA) struggle.
• Disappointing US service sector PMI numbers for August supported the crypto market. The weak numbers bring the hope of a less hawkish September policy move.
• With two hours of the session remaining, the total crypto market cap is up $6.6 billion to $1,009 billion.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) revisited sub-$21,000 while also falling short of $22,000 for a fourth consecutive session. Ethereum (ETH) leads the way, despite a brief fall back to sub-$1,600.

Following Monday’s late session rebound, it was a choppy start to the Tuesday session. Fed fear continued to test crypto investor resilience ahead of the key US economic indicators of the day.

Prelim August private sector PMI numbers fell short of forecasts, delivering crypto support. Significantly, the Services PMI slid from 47.3 to 44.1. The deeper contraction across the services sector raised hopes of a more dovish policy move in September.

However, several influential US stats are on the docket ahead of Fed Chair Powell’s keynote speech from Jackson Hole. US economic indicators include core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri).

The NASDAQ 100 ended Tuesday flat, reflecting a mixed reaction to Tuesday’s stats. While the services PMI could force the Fed to deliver a smaller rate hike, the deeper contraction also reignited fears of a US economic recession.

The Total Crypto Market Cap Returns to $1,009 Billion on Fed Hopes

On Tuesday, the total crypto market cap fell to a mid-morning low of $977.5 billion before rising to an early afternoon high of $1,020 billion. Through the afternoon session, the crypto market cap fell back to $1,004 billion before finding support.

With two hours of the Tuesday session left, the total crypto market cap is up $6.6 billion to $1,009 billion. The Tuesday rise leaves the crypto market cap down $51 billion for August.

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

With two hours remaining of the Tuesday session (UTC), ETH leads the way, rising by 1.52%, with BTC (+0.44%), DOGE (+0.10%), SOL (+0.07%), and XRP (+0.32%) also finding support.

However, ADA and BNB are bucking the top ten trend, with losses of 0.43% and 0.57%, respectively.

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

Chiliz (CHZ) leads the way, rallying by 13.88%, with Cosmos (ATOM) and Convex Finance (CVX) also finding strong support.

However, EOS (EOS) is leading the way down, falling by 4.40%. Celsius (CEL) and Trust Wallet Token (TWT) also saw red to buck the broader market trend.

Total Crypto Liquidations Slip Back on Weak US Services PMI Numbers

Over 24 hours, total liquidations fell back as investors responded to the weak service sector PMI.

At the time of writing, 24-hour liquidations stood at $144 million, down from $158 million on Tuesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 47,048 versus 61,144 on Tuesday morning. Liquidations over 12 hours and 4 hours have held relatively steady, while one-hour liquidations are down, suggesting a bullish end to the Tuesday session.

According to Coinglass, 12-hour liquidations stood at $69.91 million, up from $64.55 million on Tuesday morning. 4-hour liquidations rose from $24,98 million to $25.87 million, while one-hour liquidations are down from $12,16 million to $1.12 million. The chart below shows market conditions throughout the session.