Wednesday was a bullish start to the month for the top ten cryptos, with MATIC and ETH leading the way. China’s economic indicators provided a standout session, with manufacturing data fueling optimism for a strong economic recovery. The crypto market capitalization increased by $25.04 billion, ending the day at $1.040 billion.
It was a bullish session for the top ten cryptos on Wednesday. MATIC and ETH led the recovery of the cryptocurrency market. BTC revisited the $24,000 handle for the first time in five sessions.
Economic data from China gave a bullish start to the month. Better-than-expected private sector PMI figures for February boosted demand for riskier assets. The all-important Caixin manufacturing PMI rose from 49.2 to 51.6 versus the 50.2 expected. Significantly, the manufacturing sector expanded for the first time since July 2022.
US economic data and the NASDAQ Composite Index failed to reverse gains from the morning session. While the ISM Manufacturing PMI reflected a continued contraction in the manufacturing sector, the subcomponents supported the more hawkish sentiment toward the Fed’s monetary policy. The ISM Manufacturing Price Index jumped from 44.5 to 51.3.
The Hawkish Fed talk also weighed on the NASDAQ Composite Index. The Kashkari Fed dove is reportedly open to a 25 or 50-basis point rate hike in March.
On Wednesday, the NASDAQ Composite Index fell 0.66%, while the NASDAQ mini rose 4.5 points this morning. However, news from the crypto market had a mixed influence on investor sentiment. Visa (V) addressed rumors of a pause in its crypto plans due to increased regulatory scrutiny.
The Day Ahead
Investors should continue to monitor crypto news wires for regulatory activity and chatter from US lawmakers. The updates from Binance and FTX should be noted along with news of the ongoing SEC v Ripple case.
Economic indicators will also attract interest. The US labor market will be in the spotlight, with the Fed talks likely to play a role.
It was a bullish start to the month. A mixed start to the day saw the crypto market capitalization drop to an early low of $1.011 billion. The downside was short-lived, however, as the cryptocurrency market peaked at $1.057 billion late in the morning.
A late pullback saw the crypto market capitalization briefly return to below $1.030 billion before ending the day at $1.040 billion to mark a gain of $25.04 billion on Wednesday.
Twenty-Four-Hour Sell-Offs Rise in Bullish Mid-Week Session
Over 24 hours, crypto settlements increased but remained below normal levels. Short positions had a higher proportion of liquidations, accounting for 64.66% of total cryptocurrency liquidations. This morning, 24-hour settlements stood at $70.98 million, up from $66.69 million on Wednesday morning (UTC).
However, traders liquidated in the last 24 hours were lower. This morning, traders settled stood at 20,915 compared to 28,953 on Wednesday morning. Crypto liquidations were lowest for 12 and four hours, while highest for one hour.
According to Coinglass, 12-hour settlements stood at $34.10 million, up from $51.26 million on Wednesday morning, and four-hour settlements fell from $30.32 million to 11, 28 million dollars. However, one-hour settlements increased from $0.619 million to $2.86 million.
On the whole, it was a bullish session for the top ten crypto. MATIC and ETH were up 4.60% and 3.72%, respectively, to lead the way. ADA (+2.27%), BTC (+2.18%), and XRP (+1.81%) also posted solid gains, while BNB (0.50%) and DOGE (+1.36%) lagged behind. behind.
By Audy Castaneda
