Friday was a bearish session for the crypto market, as US economic indicators weighed on both the NASDAQ 100 and the crypto market.
Key Insights:
- Solana (SOL) led the way down after two mixed sessions in the crypto top ten on Friday.
- Weak economic indicators reignited recession fears for the NASDAQ 100, ending a three-day winning streak.
- At $1,009 billion, the total coin market cap fell by $20 billion.
The crypto top ten had a bearish Friday session. BTC (Bitcoin) lost early gains to end the day at under $23,000, while SOL (Solana) and ADA (Cardano) lost significant amounts.
Riskier assets were weighed down by US economic indicators. According to prelim figures, the services PMI fell from 52.7 to 47.0 in July, causing concerns about an economic downturn. A PMI value below 50.0 indicates a contraction in the sector. More than 70% of the US economy is based on services.
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Bitcoin and the broader market were also affected by the crypto news wires. It was difficult for investors to shake off the news that Tesla Inc. (TSLA) sold off 75% of its bitcoin holdings, while the latest SEC move against the cryptocurrency market also contributed to a negative reaction.
Due to weak private sector PMIs, the broader crypto market tracked the NASDAQ 100 into negative territory on Friday.
From Monday to Friday, the NASDAQ 100 fell by 1.87%, while the total crypto market cap increased by 8.36% to $1,009 billion.
Total Market Cap – NASDAQ – 230722 5 Min Chart
The Total Crypto Market Cap Tracks the NASDAQ into the Red
Despite a choppy start, the total crypto market cap hit a high of $1,058 billion on Friday before reversing.
After reversing, the coin market cap declined to $1,001 billion before stabilizing.
After the US closing bell, crypto investors continued to close positions after tracking the NASDAQ 100 into the red.
A return to sub-$1,600 for Ethereum and a drop to sub-$23,00 for Bitcoin were notable moves across the crypto top ten.
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The Crypto Market Movers and Shakers from the Top Ten and Beyond
SOL slid by 5.98% to lead the way down, with ADA (-3.40%) and DOGE (-3.68%) also struggling.
BNB (-1.20%), BTC (-2.02%), ETH (-2.53%), and XRP (-2.40%) saw relatively modest losses.
From the CoinMarketCap top 100, it wasn’t all doom and gloom.
Bitcoin Gold (BTG), surged by 23.33% to lead the top 100, with EOS (EOS), Kusama (KSM), and NEO (NEO) also finding strong support.
Leading the way down, however, was THORChain (RUNE), which slid by 10.81%, with Synthetix (SNX), Arweave (AR), and Lido DAO (LDO) also struggling.
Total Crypto Liquidations Eased Back from a Session High
A rise in 24-hour liquidations was observed on Saturday, although short-term liquidation numbers suggested a better market.
On Friday, 24-hour liquidations amounted to $198 million, while Thursday’s figure was $338 million.
Over the past 24 hours, liquidated traders have also fallen. Liquidated traders stood at 62,274 at the time of writing, down from 65,160 on Friday.
One-hour liquidations decreased from Friday, while 24-hour liquidations increased.
A total of $3.74 million was liquidated in the first hour of trading on Saturday, down from $4.10 million last Friday, according to Coinglass. With the late crypto sell-off (see below), four-hour liquidations reached $51.48 million, up from $33.04 million on Friday.
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