Crypto Market Daily Highlights – XRP Brushes Aside the US Jobs Report

Key Insights:

• It was another mixed day for the crypto top ten on Friday, with ripple (XRP) extending its winning streak to five in another trend-bucking session.
• US jobs report sent the NASDAQ 100 and the crypto market deep into negative territory.
• The mixed session saw the crypto market cap fall by $10.9 billion to $907.9 billion.

It was a mixed Friday session for the crypto top ten. XRP saw green to buck the top ten trend for a third consecutive session. However, BTC led the way down, ending the day at sub-$20,000 for the second time in four sessions.

US economic indicators sent riskier assets into the deep red. In September, nonfarm payrolls increased by 288k, following a 275k rise in August. The NFP increase and a fall in the participation rate left the unemployment rate at 3.5%, down from 3.7% in August.

The numbers cemented a 75-basis point Fed rate hike in November. According to the FedWatch Tool, the probability of a 75-basis point Fed rate hike sits at 79.6% versus 20.4% for a 50-basis point hike. The chance of a 75-basis point hike stood at 56.5% on September 30.

The NASDAQ 100 tumbled by 3.80% on Friday, with the crypto market tracking the NASDAQ throughout the US session.

Crypto Market Sees Red on Hawkish Fed Chatter

On Friday, the crypto market rose to an early morning high of $927.2 billion before sliding to a late low of $896.5 billion. However, finding late support, the crypto market ended the day at $907.9 billion, a $10.9 billion loss for the session.

The third consecutive daily loss left the crypto market cap up by $22 billion (+2.5%), Monday to Friday.

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

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

XRP bucked the trend for a third consecutive session, rallying by 5.13%.

However, BTC led the way down, sliding by 2.14%, with BNB (-1.60%), DOGE (-1.69%), and ETH (-1.56%) also struggling.

ADA (-1.17%) and SOL (-1.11%) saw modest losses.

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

1inch network (1INCH) rallied by 6.94% to lead the way, with Huobi Token (HT) and eCash (XEC) seeing gains of 4.40% and 4.73%, respectively.

However, Reserve Rights (RSR) and Helium (HNT) led the way down, sliding by 6.79% and 5.10%, respectively, with EOS (EOS) falling by 2.94%.

24-Hour Crypto Liquidations Inched Higher After Fed Green Light

Over 24 hours, total liquidations climbed as the crypto market responded to the US labor market numbers that gave the Fed a green light to hike rates by another 75 basis points. At the time of writing, 24-hour liquidations stood at $82.53 million, up from $48.84 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 23,689 versus 20,518 on Friday morning. Liquidations were up over one hour and 12 hours increased while down over four hours.

According to Coinglass, 12-hour liquidations were up from $27.24 million to $72.50 million, with one-hour liquidations up from $0.347 million to $0.482 million. However, four-hour liquidations were down from $7.89 million to $3.70 million.

The chart below shows market conditions throughout the session.