Key ideas:
- It was a bearish Friday for the top ten crypto, with DOGE and MATIC leading the way.
- US economic indicators and the NASDAQ Composite Index weighed on investor sentiment in the afternoon session.
- The crypto market capitalization fell $4.8 billion to $809.7 billion.
It was a bearish Friday session for the crypto top ten. DOGE Y MATIC led the way down. Despite the bearish session, BTC avoided less than $17,000 for the first time since November 7.
US economic indicators weighed on riskier assets in the afternoon session. Wholesale inflation numbers for November sent the crypto market into the red.
The annual wholesale inflation rate eased from 8.1% to 7.4%. Although softer, economists forecast a rate of 7.2%. In November, the producer price index rose 0.3% versus the 0.2% forecast.
However, the Michigan Consumer Sentiment Index and sub-indices provided modest crypto support. The index rose from 56.8 to 59.1 in December. It should be noted that the Inflation Expectations Index fell from 4.9% to 4.6%.
Economic indicators on Friday raised bets on a more hawkish Fed, with the probability of a 75 basis point interest rate hike at 23.0%. A week earlier, the chance of a 75 basis point rate hike was 21.8%, according to the FedWatch Tool.
The NASDAQ Composite Index and S&P500 responded to the statistics, falling 0.70% and 0.74%, respectively.
Crypto Market Tracks NASDAQ Composite Index in the Red
On Friday, the crypto market capitalization rose to a high of $822.8 billion at midday before responding to US statistics. The crypto market capitalization fell to a late low of $805.1 billion before leveling off.
The late partial recovery left the market capitalization at $4.8 billion to $809.7 billion for the session.
Top Ten Crypto Market Movers and Shakers and Beyond
It was a bearish Friday session for the top ten crypto.
DOGE (-1.83%) and MATIC (-1.96%) led the decline, with bnb (-1.55%), ETH (-1.36%), and XRP (-1.41%) very close.
ADA (-0.95%) and BTC (-0.63%) experienced relatively modest losses.
From the CoinMarketCap top 100, it's a mixed session.
Dash (DASH), string (XCN), and OKB (United Nations) were among the first. XCN rose 4.53%, and DASH and OKB posted gains of 3.16% and 2.27%, respectively.
However, GMX (GMX) led the way down, falling 3.99%, with the DAO curve token (CRV) and infinite axis (AXIS) with losses of 3.37% and 3.12%, respectively.
24-hour sell-offs slide further below pre-FTX levels
Over 24 hours, sell-offs pulled back despite a bearish session on Friday, trading below pre-FTX levels.
At the time of writing, 24-hour settlements stood at $20.67 million, up from $40.01 million on Friday morning.
Traders liquidated in the last 24 hours also decreased. At the time of writing, traders liquidated stood at 7,841, up from 15,170 on Friday morning. Crypto liquidations were down for 12 and four hours and one hour.
According to purse, 12-hour sales fell from $32.26 million to $12.87 million, and four-hour sales dropped from $22.97 million to $1.49 million. One-hour settlements decreased from $0.996 million to $0.199 million.
The following chart shows the market conditions throughout the session.
