Daily Crypto Market Highlights BTC and ETH Top 10

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Key Insights: It was a mixed Tuesday session for the crypto top ten. BTC and ETH led the way while BNB struggled. Weaker than expected US inflation figures boosted demand for riskier assets, with the NASDAQ index and the crypto market benefiting from the inflation figures. The crypto market rose $19.94 billion to end the day at $827.21 billion.

It was a Tuesday mixed session for the crypto top ten. BTC and ETH led the way, while BNB bucked the trend. Notably, BTC visited $18,000 for the first time since Nov. 10 while avoiding under $17,000.

BNB continued to struggle as investors reacted to news that US authorities planned to charge Binance with financial crimes.

However, US economic indicators provided broader support for the crypto market. The much-awaited US CPI report showed weaker than expected inflation figures, which boosted demand for riskier assets.

Total Market Cap 141222 30-Minute Chart

In November, the US annual inflation rate rose from 7.7% to 7.1% against forecasts of a drop to 7.3%. In response to the numbers, the probability of a 75 basis point rate hike fell to just 17.0% from 26.5% on Monday.

Growing bets of a Fed pivot in December supported the NASDAQ index and the S&P500, which posted gains of 1.01% and 0.73%, respectively. Rates below 7% may have provided more substantial support and raised bets of a shorter-term pause on interest rate hikes.

Today’s focus will be on the Fed’s interest rate decision, the FOMC’s economic projections and Fed Chairman Powell’s press conference.

With markets expecting a 50 basis point rate hike, economic projections and the press conference will likely have the most influence. Beyond the interest rate outlook, investors will also consider economic growth forecasts.

This morning, the NASDAQ mini was up 23.5 points.

Total Market Cap NASDAQ 141222 5 Minute ChartCrypto Market Finds NASDAQ Index Support on US CPI Report

A bearish start to Tuesday’s session saw the crypto market slide to a mid-morning low of $795.03 billion. However, weaker-than-expected US inflation numbers prompted an afternoon breakout session. The crypto market capitalization hit a high of $840.98 billion in the early afternoon before heading back down.

Despite the pullback, the crypto market capitalization increased by $19.94 billion to end the session at $827.21 billion.

Total Market Cap 141222 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

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

BTC and ETH led the way, rallying 3.23% and 3.51% respectively.

ADA (+2.28%), MATIC (+1.49%) and XRP (+2.21%) were not far behind, while DOGE trailed with a gain of 0.11%.

BNB bucked the trend, falling 1.48%.

Of the CoinMarketCap top 100, it’s a mixed session.

Toncoin (TON) and OKB (OKB) led the way with gains of 9.09% and 8.47%, respectively. Fantom (FTM) also led with a rise of 6.57%.

However, GMX (GMX) led the way, slipping 8.90%, with apecoin (APE) and trusted wallet token (TWT) posting losses of 7.32% and 4.77%, respectively.

Increase in 24-hour liquidations on a choppy but bullish session

Within 24 hours, crypto liquidations spiked as the market reacted to the highly anticipated US CPI report.

As of this writing, 24-hour liquidations stood at $132.06 million versus $53.52 million as of Tuesday morning.

Traders liquidated in the last 24 hours have also increased. At the time of writing, liquidated traders stood at 31,207 from 26,298 on Tuesday morning. The 12-hour and 1-hour crypto liquidations rose while falling on the four-hour mark.

Total Crypto Clearance 141222

According to Coinglass, 12-hour liquidations rose from $14.15 million to $93.61 million, with one-hour liquidations rising from $0.723 million to $1.24 million. However, the four-hour closeouts dropped from $9.03 million to $2.33 million.

The chart below shows market conditions throughout the session.

Total Market Cap 141222 Hourly Chart

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