Key ideas:
- It was a mixed Friday for the top ten crypto. XRP led the way, while BTC bucked the trend for a second session.
- US economic indicators and the NASDAQ index left markets flat during the session, with statistics pointing to a cooling off in the US economy.
- The crypto market capitalization fell $96.68 million to end the day at $770.14 billion.
It was a mixed Friday session for the crypto top ten. XRP paved the way, while BTC it broke the top ten trend for a second session. Notably, BTC was unable to revisit $17,000 for the third session in a row.
US economic indicators tested investor appetite in the afternoon session. Personal spending rose just 0.1%, while personal income rose 0.4%. Durable goods orders fell 2.1% in November, reversing a 0.7% increase in October.
However, the inflation figures were crypto-friendly. The all-important core PCE price index rose 4.7% yoy in November from 5.0% in October, and Michigan's inflation expectations index dipped to 4.4% from 4.6%.
The drop in inflation expectations supported a rebound in consumer confidence, with the Michigan Consumer Sentiment Index rising from 56.8 to 59.7 in December. In response to the statistics, the NASDAQ Index ended the day up 0.21%, and the S&P 500 gained 0.59%.
The mixed numbers gave markets little to go with regarding the Fed and whether the Fed can take its foot off the gas.
Since trading volumes are likely to drop during the holidays, investors should monitor crypto news wires around the clock. While FTX will be a focal point, regulatory risk, sentiment towards the economic outlook and the Federal Reserve remain other considerations.
Crypto Market Sees Pre-Holiday Range Bound Session
It was a limited range Friday session. After a mixed morning, the crypto market capitalization rose to a high of $771.82 billion in the early afternoon before falling to a low of $769.21 billion.
The afternoon moves came in response to US economic indicators, with the statistics sending mixed messages for investors and the Fed to consider.
Finding late support, however, the crypto market cap ended the day down $98.68 million at $770.14 billion.
The top ten crypto market movers and shakers and beyond
It was a mixed Friday session for the top ten crypto.
ADA (+1.17%) and XRP (+1.47%) rose 1.17% and 1.47%, respectively, to lead the way.
bnb (+0.12%), DOGE (+0.65%), ETH (+0.20%), and MATIC (+0.33%) also found support, while BTC broke the trend with a loss of 0.21%.
From the CoinMarketCap top 100, it was a mixed session.
Decentralized (MANNA) led the way, rallying 6.94%, with lido DAO (I DO) and helium (HNT) with gains of 4.78% and 3.98%, respectively.
However, tron โโ(TRX) was among the worst performers, falling 2.05%, with monero (XMR) and synthetic (SNX) with losses of 1.53 % and 1.98 %, respectively.
24-hour liquidations drop in pre-holiday trading volumes
Over 24 hours, cryptocurrency liquidations fell to below normal levels, with trading volumes on the lower side.
At the time of writing, 24-hour settlements stood at $14.60 million, up from $34.55 million on Friday morning.
Traders liquidated in the last 24 hours also decreased. At the time of writing, traders liquidated stood at 4,706, up from 11,948 on Friday morning. Crypto settlements decreased by one hour and by four and 12 hours.
According to coin purse, 12-hour sales fell from $29.70 million to $7.38 million, and four-hour sales fell from $12.69 million to $0.702 million. One-hour settlements fell from $0.290 million to $0.097 million.
The following chart shows the market conditions throughout the session.
