Crypto Market Daily Highlights – XRP and BNB Buck a NASDAQ-Fueled Loss

Key Insights:

• It was a mixed Tuesday for the crypto top ten. BNB and XRP bucked the bearish trend.
• Risk aversion hit the crypto market, with the NASDAQ Index weighing on investor sentiment.
• The crypto market cap fell by $7.35 billion to end the day at $767.51 billion.

It was a mixed Tuesday session for the crypto top ten. XRP and BNB bucked the trend. Notably, BTC failed to revisit $17,000 for the seventh consecutive session while avoiding sub-$16,500.

There were no crypto events to guide investors, with FTX chatter continuing to dominate the crypto news wires. The lack of crypto events left the broader crypto market in the hands of the NASDAQ Index.

Following a bullish end to the Monday session, supported by the NASDAQ mini, market conditions deteriorated through the afternoon session. Investor jitters over Fed monetary policy and an economic recession overshadowed China’s reopening plans to support an economic revival.

US holiday retail sales figures had also delivered early NASDAQ mini support before the shift in mood. According to Mastercard (MA), US retail sales increased by 7.6% between November 1 and December 24, which is better than a forecasted 7.1% rise.

Today, it is a quiet session, with no economic indicators to spook investors. The lack of stats will leave the crypto market in the hands of the crypto news wires, FOMC member chatter, and the NASDAQ Index. On Tuesday, the NASDAQ fell by 1.38%, with the NASDAQ mini down 12.5 points this morning.

Crypto Market Tracks the NASDAQ Index into Negative Territory

It was a mixed Tuesday session. A bullish start to the day saw the crypto market cap rise to an early high of $779.46 billion before hitting reverse. The reversal saw the crypto market cap slide to a late afternoon low of $759.91 billion.

However, finding late support, the crypto market cap ended the day at $767.51 billion, marking a $7.35 billion loss for the day.

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

It was a mixed Tuesday session for the crypto top ten.

XRP consolidated Monday’s 5.69% rally, rising by 0.51%, with BNB gaining 0.94% to buck the trend.

However, DOGE fell by 2.90%, with ADA (-1.89%), BTC (-1.33%), ETH (-1.35%), and MATIC (-1.13%) struggling.

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

Terra classic (LUNC) led the way, rallying by 11.91%, with quant (QNT) and OKB (OKB) seeing gains of 4.89% and 3.91%, respectively.

However, chain (XCN) slid by 7.02%, with helium (HNT) and toncoin (TON) falling by 4.27% and 4.53%, respectively.

24-Hour Liquidations Rise as Global Markets Reopen

Over 24 hours, crypto liquidations remained below-normal levels, despite rising trading volumes. At the time of writing, 24-hour liquidations stood at $40.24 million versus $12.87 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 14,101 versus 7,879 on Tuesday morning. Crypto liquidations spiked over 12 while falling over four hours and one hour.

According to Coinglass, 12-hour liquidations stood at $27.91 million versus $6.42 million on Tuesday. However, four-hour liquidations fell from $2.54 million to $1.19 million, with one-hour liquidations down from $1.30 million to $0.353 million.

The chart below shows market conditions throughout the session.