- It was a bullish Wednesday session for the crypto top ten, with Ethereum (ETH) leading the melt.
- US wholesale inflation numbers and the NASDAQ 100 provided support throughout the US session.
- The total crypto market cap increased by $12.46 billion to $963.88 billion.
It was a bullish Wednesday session for the top ten cryptos. ETH and ADA paved the way ahead of Vasil’s merger and hard fork. Bitcoin (BTC) did not shine after Tuesday’s 9.9% drop, dropping to a low of $19,624 before ending the day at $20,234.
Market anticipation of the merger generated a bullish ETH session, with ADA benefiting from the focus on network updates.
In the United States, economic indicators were compatible with crypto. In August, the annual wholesale price inflation rate fell from 9.8% to 8.7%, with the core wholesale price inflation rate falling from 7.7% to 7.3% . The weaker numbers eased bets of a one percentage point Fed rate hike, supporting riskier assets.
On Wednesday, the NASDAQ 100 rose 0.74%. This morning, markets priced a 76% chance of a 75 basis point rate hike and a 24% chance of a percentage point hike. Before the headline inflation figures, there was a 31% chance of a one percentage point move.
Today, US Retail Sales, Unemployment Insurance Claims and Philly Fed Manufacturing figures are due. However, with the Fed’s commitment to bringing inflation back to its target at all costs, the numbers should be hugely influential.
Crypto Market Resumes Pre-Merger Uptrend
On Wednesday, the crypto market capitalization fell to a late afternoon low of $933.4 billion before rising to a high of $975.6 billion. Weaker US headline inflation numbers provided modest support.
Despite falling bets on a one percentage point Fed rate hike, the crypto market capitalization only increased by $12.5 billion to $963.9 billion. The rise was modest from Tuesday’s $78.9 billion drop.
Crypto Market Drivers and Shakers from the Top Ten and Beyond
It was a bullish Wednesday session for the top ten cryptos.
ETH led the way, rising 4.09%, closely followed by ADA (+3.66%), SOL (+3.46%) and XRP (+2.80%).
BNB (+0.72%), BTC (+0.29%) and DOT (+1.84%) followed the first.
From CoinMarketCap top 100, it’s a mixed session.
Celsius (CEL) led the way, jumping 28.97% as investors reacted to news of corporate restructuring plans. Ravencoin (RVN) and Ethereum Classic (ETC) posted gains of 17.44% and 11.23%, respectively, as the crypto market focused on meltdown.
However, Terra (LUNA), Terra Classic (LUNC) and TerraClassicUSD (USTC) led the way. LUNA and LUNC fell 16.10% and 23.34% respectively, while USTC fell 27.97%. News of South Korea issuing an arrest warrant for founder Do Kwon and several others weighed in.
24-Hour Liquidations Drop as Crypto Market Stabilizes
Over 24 hours, the total number of liquidations fell as investors reacted to falling US wholesale inflation figures and a bullish session in the NASDAQ 100. At the time of writing, the 24-hour liquidations were $164.33 million, down from $353.74 million as of Wednesday morning.
Traders liquidated in the last 24 hours have also decreased. At the time of writing, liquidated traders stood at 65,683 from 99,381 on Wednesday morning.
Twelve-hour and four-hour liquidations were down. However, one-hour liquidations rose slightly as the crypto market turned bearish at the start of Thursday’s session.
According coin glass, 12-hour liquidations were $93.39 million, down from $296.84 million Wednesday morning, with four-hour liquidations down $54.37 million to $25.46 million. However, one-hour closeouts went from $2.88 million to $5.19 million. The chart below shows market conditions throughout the session.