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Crypto Market Daily Highlights – Tesla Inc. Sends the Market South
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Dogecoin bucked the broader crypto market trend on Wednesday, with news of Tesla selling 75% of its BTC holding weighing on investor sentiment.
In this article:
Key Insights:
- It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.
- News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.
- The total crypto market cap fell by $17 billion to end the day at $1,018 billion.
It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.
Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.
Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.
On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.
According to the announcement,
“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single ZK validity proof.”
Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.
On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.
At the time of writing, the NASDAQ 100 Mini was down 39 points.
The Total Crypto Market Cap Sees Tesla Driven Loss
A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.
Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.
Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.
It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.
ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.
From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.
LDO rose by 3.45%, with XMR gaining 3.42%.
Leading the way down, however, were Quant (QNT), Arweave (AR), and Polygon (MATIC).
AR slid by 10.89%, with QNT and MATIC seeing losses of 9.87% and 9.22%, respectively.
Nexo (NEXO), Internet Computer (ICP), and Ethereum Classic (ETC) also struggled.
Total Crypto Liquidations Fall Further to Suggest a Bullish Session
On Thursday, 24-hour liquidations eased again, pointing to more favorable market conditions. While down from levels seen earlier this week, 24-hour liquidations remained elevated.
This morning, 24-hour liquidations stood at $338 million, down from $582 million on Wednesday.
Liquidated traders also eased over the last 24 hours, suggesting better market conditions. At the time of writing, liquidated traders stood at 98,758 versus 104,735 on Wednesday morning.
While 24-hour liquidation levels eased back, one-hour and four-hour liquidations were up from Tuesday.
According to Coinglass, one-hour liquidations stood at $6.90 million, up from $2.84 million on Wednesday. Four-hour liquidations stood at $101.16 million, up from $45.66 million on Wednesday.
The one-hour and four-hour liquidation levels reflected the post-US market close sell-off and the final hour partial recovery. (See hourly total crypto market cap chart below).
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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