Daily Crypto Market Highlights – ETH and ADA Lead the Top Ten Meltdown
- It was a bearish Friday session for the top ten cryptos, with Ethereum (ETH) and Cardano (ADA) leading the extended selloff.
- Investor anxiety over the Fed’s monetary policy weighed on riskier assets, with the pullback in the NASDAQ 100 adding to the bearish mood.
- The bearish session left the total crypto market cap down from $98.9 billion to $979.71 billion.
It was a bearish session for the top ten cryptos. Bitcoin (BTC) fell below $21,000 before a partial recovery. Ethereum (ETH) and Cardano (ADA), however, led the way.
There were no US economic indicators to send the crypto market into a tailspin. However, hawkish chatter from FOMC members on Thursday set the tone for the weekend.
FOMC member James Bullard favored a 75 basis point hike. FOMC member Mary Daly, speaking at the start of Thursday’s session, would have favored a move of 50 or 75 basis points. Significantly, the two also talked about a climb and hold strategy rather than reversing course at a later date.
The NASDAQ 100 also succumbed to the flight to safety, adding further pressure to the crypto market that extended the selloff beyond the US closing bell.
Total Crypto Market Cap Slips Below $1,000 on Fed Chatter
On Friday, the total crypto market capitalization fell from a high of $1.078 billion to a last-hour low of $973.99 billion. The crypto market fell $99 billion in response to hawkish chatter from Thursday’s FOMC members who talked about the end of free money.
Friday’s selloff also left the crypto market capitalization down $79 billion for August, raising the outlook for a fourth five-month decline.
Crypto Market Drivers and Shakers from the Top Ten and Beyond
It was a Friday bearish session for the top ten cryptos.
ETH and ADA led the way, slipping 12.85% and 12.11% respectively.
BTC (-10.21%), DOGE (-9.31%), SOL (-9.35%) and XRP (-9.62%) were not far behind, while BNB recorded a relatively lower modest 6.31%.
From the CoinMarketCap top 100, this is a bearish session.
Trust Wallet Token (TWT) and Celsius (CEL) bucked the overall market trend, gaining 1.57% and 2.10%, respectively.
However, STEPN (GMT) and Filecoin (FIL) recorded losses of 15.19% and 13.50%, respectively. Lido DAO (LDO) led the way, slipping 16.95%.
Soaring Crypto Total Liquidations in a Crypto Market Crash
This morning, total liquidations surged over 24 hours as investor sentiment towards the Fed drove BTC longs lower.
As of this writing, 24-hour liquidations were $639 million, down from $57 million as of Friday morning.
Liquidated traders have increased over the past 24 hours. At the time of writing, liquidated traders stood at 149,854 from 30,221 on Friday morning. The 12-hour, 4-hour and final hour sell-offs reflected volatile market conditions.
According to Coinglass, 12-hour liquidations were $144.05 million from $36.43, with 4-hour liquidations dropping from $7.12 million to $94.04 million. One-hour clearouts increased from $1.33 million to $19.36 million. The sell-off numbers reflected deteriorating market conditions during Friday’s session, with hourly numbers suggesting choppy waters ahead. (See hourly market cap chart below).