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Key insights:
- It was an optimistic session for the top 10 cryptocurrencies with Ethereum (ETH) and Solana (SOL) taking the lead.
- After much market unrest over US inflation, the cryptocurrency market rebounded from daytime lows despite the US annual inflation rate reaching 9.1%.
- Total cryptocurrency market cap increased by $38 billion, closing losses for the third straight day.
It was a bullish Tuesday session for the top 10 cryptocurrencies. Bitcoin (BTC) ended its fifth straight day of decline, with ETH and SOL leading the top 10.
US inflation figures sent crypto markets into deep deficits before the broad crypto rally kicked off.
In June, the annual US inflation rate accelerated from 8.6% to 9.1%, better than expected 8.8%. The most recent surge could allow the Fed to raise rates by 75 basis points this month, but tomorrow’s retail sales figures could resume raising rates by 50 basis points.
The minutes of this month’s FOMC meeting have raised concerns about the impact of rate hikes on the US economy. Minutes show that members think a 50 basis point rate hike is more appropriate.
Throughout the US session, the broader crypto market followed the Nasdaq before the US market closed.
The Nasdaq 100 fell 0.15% on Wednesday, following a 0.95% decline on Tuesday.
As of this writing, the NASDAQ 100 Mini is down 70.5 points and the market is now expecting wholesale inflation and unemployment claims figures in the US.
Total Crypto Market Cap Rebounds Despite Nasdaq Losses
An uneven Wednesday session lowered the crypto market cap to $824 billion before finding support. Investor reaction to US inflation figures was burdensome before rebounding to $884 billion.
Investors poured $38 billion back into the market to boost the cryptocurrency market cap to $14 billion in July.
People and Shakers Who Move the Crypto Market in the Top 10 and Above
ETH and SOL lead the way, rising 7.42% and 6.90% respectively.
ADA (+5.04%), BNB (+4.54%) and BTC (+4.77%) also received strong support, followed by XRP (+3.95%) and DOGE (+3.58%).
In the CoinMarketCap Top 100, TerraClassicUSD (USTC), Amp (AMP) and Internet Computer (ICP) are among the few cryptocurrencies that are against the trend.
USTC fell 11.13% while AMP and ICP lost 5.94% and 3.38% respectively.
However, in the top 100, Lido DAO (LDO) rose 51% and Convex Finance (CVX) rose 19.5%.
Total Crypto Liquidation Surge Against US Inflation
24-hour liquidations increased on Wednesday as investors reacted to US inflation figures.
24-hour liquidation this morning was $230 million, up from $175 million on Wednesday.
The number of traders liquidated over the past 24 hours has also increased. As of this writing, liquidated traders were at 72,955 versus 54,212 on Wednesday.
However, the 1-hour and 4-hour liquidations reflected improving market conditions during the day.
One-hour liquidation amounted to $7.12 million, down from $4.69 million on Wednesday, according to Coinglass. Four-hour liquidation was $13.28 million, down from Wednesday’s $89 million.