Daily Crypto Market Highlights – BTC and BNB Buck Top Ten Trend
Key insights:
- It was a mixed Thursday for the crypto top ten. Bitcoin (BTC) and binance coin (BNB) received the top ten trend with modest gains.
- The US CPI report delivered a choppy afternoon session, with the broader crypto market falling deep into the red before a late recovery.
- The crypto market cap rose by $2.0 billion to $887.1 billion.
It was a mixed Thursday session for the crypto top ten. BTC and BNB bucked the top ten trend, while SOL and XRP led the way. Notably, BTC fell below $20,000 for a sixth consecutive session, while it fell to an October low of $18,161.
US economic indicators delivered market volatility on Thursday. The US CPI report sent the crypto market deep into negative territory. However, a NASDAQ rally provided much-needed support throughout the US session.
The US annual inflation rate fell from 8.3% to 8.2% in September, boosting bets on 75 basis point rate hikes in November and December.
In response to the CPI report, the probability of a rate hike of 75 basis points in November increased from 84.5% to 96.3%. Notably, the odds of a 75 basis point Fed rate hike in December jumped from 28.6% to 71.5%.
The market reaction to the CPI number and the FedWatch Tool’s interest rate forecasts suggest that investors are willing to accept front-loading until the end of the year. On Thursday, the NASDAQ 100 rose 2.23%, while the NASDAQ Mini was down 24 points this morning.
Economic indicators will continue to attract interest throughout today’s session. Trade data from retail sales in China and the US and consumer sentiment figures will influence.
The crypto market avoided the red for a second session in a row
On Thursday, the crypto market fell to a mid-day low of $832.7 billion before rising to a late high of $895.9 billion. Despite the afternoon rally, the crypto market cap fell below $900 billion for a third session in a row.
With an increase of $2.0 billion, the market cap is down $19 billion to $887.1 billion for the week.
Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Thursday session for the crypto top ten.
BTC led the way, rising 1.17%, with BNB (+0.33%) also bucking the top ten trend.
However, it was a bearish session for the rest of the majors.
SOL and XRP led the way, with losses of 2.14% and 1.91% respectively.
ADA (-1.05%), DOGE (-0.29%) and ETH (-0.57%) also struggled.
From the CoinMarketCap top 100, it’s a mixed session.
Ethereum Name Service (ENS) gained 12.99%, and terraclassicUSD (USTC) and Synthetix (SNX) gained 4.19% and 5.67% respectively.
However, Konveks finans (CVX) and klaytn (KLAY) led the way, falling 9.63% and 11.48% respectively. Terra (LUNA) also struggled, falling 3.04%.
24-Hour Crypto Liquidations Spike in Response to US CPI Report
Over the course of 24 hours, the total number of liquidations increased as investors reacted to the US CPI report. At the time of writing, 24-hour liquidations stood at $307.46 million, up from $28.82 million on Thursday morning.
Liquidated traders in the last 24 hours also jumped. At the time of writing, liquidated traders stood at 133,664 against 31,684 on Thursday morning. Liquidations increased over 12 hours and over one and four hours.
According to Coinglass, 12-hour liquidations were up from $15.62 million to $132.24 million, with four-hour liquidations rising from $3.70 million to $132.24 million. One-hour liquidation increased from $0.584 million to $0.709 million.
The chart below shows market conditions throughout the session.
