Daily Crypto Market Highlights – ETH and XRP Fall on Fed Sell

the main ideas:

  • Wednesday’s session is bearish for the top ten cryptocurrencies, with ETH and XRP leading the top ten in the red.
  • The Fed rate hike, FOMC expectations and Fed Chair Powell’s press conference sent the Nasdaq 100 index and the crypto market south.
  • The total crypto market capitalization decreased by $22.0 billion to $862.4 billion.

Wednesday’s session is bearish for ten cryptocurrencies. ETH and XRP top the top ten cryptocurrency declines as investors respond to the Fed’s policy decisions, expectations and Powell’s press conference. BTC fell below $20,000 for the third consecutive session.

The Federal Reserve sent riskier assets into negative territory, with a 75 basis rate hike and talk of more to come. Cuts in growth forecasts and upward revisions to inflation and average interest rates for 2022 and 2023 were also negative in the cryptocurrency market.

On Wednesday, the Nasdaq 100 fell by 1.79%, with the cryptocurrency market closely following the Nasdaq during the US session. This morning the NASDAQ 100 Mini is down 90 points.

Total Market Cap – NASDAQ – 220,922 5-Minute Chart

Cryptocurrency Market Declines as Investors Respond to the Federal Reserve

On Wednesday, the cryptocurrency market capitalization surged to a pre-Fed Fed high of $927.1 billion before dropping to a post-Fed low of $847.0 billion. A late partial recovery drove the market capitalization down by $21.7 billion to $862.4 billion with 40 minutes remaining in the session.

Total market capitalization 220,922 daily chart

Crypto market movers and shakers from the top ten and beyond

Wednesday’s session is bearish for ten cryptocurrencies.

With 40 minutes remaining in the session, ETH and XRP lead the way to the downside, with losses of 5.61% and 4.79%, respectively.

Bitcoin (-2.00%), DOGE (-2.14%) and SOL (-2.27%) are also struggling, while ADA (-0.90%) and BNB (-0.86%) have recovered from heavier losses.

From CoinMarketCap Top 100, it’s a mixed session.

EOS (EOS) and Helium (HNT) are among the worst performers, down 11.78% and 10.08%, respectively. Curve DAO Token (CRV) is down 8.86%.

At the top of the table, Celsius (CEL), Compound (COMP) and Lido DAO (LDO) lead the way. COMP stock is up 4.62%, with CEL and LDO up 3.83% and 2.18%, respectively.

24-Hour Cryptocurrency Liquidations Retreat From Hawkish Fed Move

Over the 24-hour period, total liquidations increased in response to federal policy decisions, expectations and the press conference.

At the time of writing, 24 hour liquidations are at $318.09 million, up from $121.53 million Wednesday morning. The number of traders who were liquidated also increased in the last 24 hours. At the time of writing, the number of traders who had their accounts liquidated was 88,169 versus 37,436 on Wednesday morning.

Liquidations increased over twelve and four hours, while liquidations decreased in one hour.

Total Cryptocurrency Liquidations 220,922

According to Congress, 12-hour liquidations came in at $291.50 million, up from $82.23 million Wednesday morning, with four-hour liquidations rising from $16.13 million to $148.65 million.

However, one-hour liquidations fell from $11.61 million to $2.78 million, reflecting a partial recovery on Wednesday. The chart below shows market conditions throughout the session.

Total market capitalization 220,922 hourly chart

Daily Crypto Market Highlights – ETH and XRP Fall on Fed Sell – Coinphony [SV]

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