Key Insights:
- It was a bearish Wednesday session for the crypto top ten, with Cardano (ADA) and Solana (SOL) leading the way down.
- US economic indicators and the NASDAQ 100 delivered support before Fed Fear weighed after the US closing bell.
- The total crypto market cap fell by $5.24 billion to $1,011 billion, with a late reversal leaving the market in negative territory.
It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) avoided sub-$21,000 while falling short of $22,000 for a fifth consecutive session. ADA and SOL led the way down, with a post-US closing bell reversal leaving the market in negative territory.
It was another choppy session for the crypto market on Wednesday. US economic indicators drew interest as central bankers headed to Jackson Hole, Wyoming.
In July, core durable goods orders rose by 0.3% versus a 0.3% increase in June. Economists forecast a 0.2% rise. Goods orders non-defense ex-air increased by 0.4% versus a forecasted 0.3% rise. In June, goods orders non-defense ex-air increased by 0.9%.
Pending home sales also beat forecasts, falling by 1.0% versus a forecasted 4.0% decline. In June, pending home sales slid by 8.9%.
The NASDAQ 100 ended Wednesday with a modest 0.41% gain as investors remained cautious ahead of Fed Chair Powell’s Friday speech at the Jackson Hole Symposium.
While US economic indicators have delivered mixed signals this week, there is plenty of uncertainty over what to expect from the next FOMC meeting.
The Total Crypto Market Cap Revisits $1,030 Billion Before Late Reversal
On Wednesday, the total crypto market cap fell to an early morning low of $991.3 billion before rising to a late high of $1,030 billion. However, a bearish end to the Wednesday session saw the market cap fall back to $1,011 billion.
The late reversal left the total crypto market cap down $5.24 billion on the day and down $52 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bearish Wednesday session for the crypto top ten.
ADA and SOL fell by 1.72% and 2.24%, respectively, to lead the way down.
BNB (-0.97%), BTC (-0.71%), DOGE (-1.37%), ETH (-0.55%), and XRP (-0.44%) also saw red.
From the CoinMarketCap top 100, it was a mixed session.
Decred (DCR) led the way, rallying by 9.14%, with Ankr (ANKR) and Cosmos (ATOM) rising by 7.17% and 7.35%, respectively.
However, XDC Network (XDC) led the way down, sliding by 6.55%. Chiliz (CHZ) and Monero (XMR) also struggled, falling by 3.15% and 2.45%, respectively.
Liquidations See a Final Hour Rise in Response to Late Reversal
Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.
At the time of writing, 24-hour liquidations stood at $93.11 million, down from $144 million on Wednesday morning.
Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 37,316 versus 47,048 on Wednesday morning. Liquidations over 12 hours and 4 hours fell, while one-hour liquidations increased as crypto investors locked in profits ahead of the Jackson Hole Symposium.
According to Coinglass, 12-hour liquidations stood at $60.77 million, down from $69.91 million on Wednesday morning. 4-hour liquidations fell from $25.87 million to $15.34 million, while one-hour liquidations increased from $1.12 million to $3.90 million. The chart below shows market conditions throughout the session.
