3 December Crypto Market Highlights – MATIC Leads NASDAQ Decoupling

  • Crypto top ten saw a mixed Friday, with Polygon leading the upsides as XRP witnessed red.
  • Market response to the United States Jobs Report supported a late surge, backed by more dollar declines.
  • The cryptocurrency market capitalization gained $7.1B, ending yesterday at $817.8B.

Digital assets saw a mixed session on Friday. MATIC led the upsides as XP endured further slides. Meanwhile, Bitcoin completed the day at the $17K region for 2nd time since 11 November. That comes as the market responded to Jerome Powell’s Wednesday hawkish speech, Thursday economic indicators, and United States Jobs data on Friday.

The figures beat estimates, with non-farm payrolls coming at 263K versus the predicted 200K surge. Substantially, the figures reflected an unanticipated wage growth pick-up. November saw average hourly wages increasing by 5.1% Y/Y versus October’s 4.9%. Economists had estimated a slowed wage growth of 4.6%.

Nevertheless, the unemployment rate stayed at 3.7%, regardless of upbeat NFP figures. A decline in the participation rate to 62.1% from 62.2% cushioned the effect of the 263K in non-farm payrolls (NFP) on the unemployment (headline) figure.

Markets initially reacted to the Jobs data with a bearish move before the US dollar reversed to support a Nasdaq revival from earlier losses. And the cryptocurrency market rebounded into the positive region. Meanwhile, Powell’s Wednesday remarks continued to resonate, with United States economy cracks supporting a Federal Pivot.

Friday’s session saw the Nasdaq Composite dipping by a minor 0.18%, with the S&P 500 dropping 0.12% on the day.

Crypto Market Closes the Day in Optimistic Region Despite US Jobs Report

The cryptocurrency market cap dropped to $800 billion early morning low before support emerged. The market reacted to the initial drop following the United States Jobs data before climbing to $820.4 billion during the final hour. Nevertheless, a late slide left the market capitalization with a $7.1B upswing, closing the session at around $817.8 billion.

Crypto Shakers & Movers

The top ten crypto assets saw a mixed Friday. MATIC gained 4.64% to lead the pack. Also, Cardano (+1.27%), Binance Coin (+0.41%), Bitcoin (+0.65%), Dogecoin (+0.20%), and Ethereum (+1.50%) secured support, whereas Ripple’s XRP lost 0.20%.

Also, Coinmarketcap shows the top 100 witnessed an assorted Friday session. GNX led the upside, surging 10.78%, while TrustWallet Token and Uniswap followed with +9.64% and +7.25%, respectively. Meanwhile, Fantom led the top-100 slide, declining by 3.54%. Also, Chainlink and binary surrendered 0.98% and 1.08%, respectively.

Daily Liquidations Beneath Usual Levels Despite US Jobs Report

The last day saw overall liquidations at beneath-normal levels, with United States economic pointers offering mixed cues. The starts could not trigger a lasting reversal following earlier gains. That left the marketplace with a minor uptick for the session.

While publishing this blog, 24h liquidations hovered at $40.38M versus $38.53M early yesterday. Meanwhile, the previous day saw 24hr liquidated traders declining. While writing these lines, liquidated traders wavered at 13,147, a dip from early Friday’s 14,122. Liquidations remained down over 12hrs while soaring over 4hrs and 1hr.

Coinglass data indicates that 12hr liquidations dipped to $26.70 million from $28.04 million. Meanwhile, the 4hr liquidation climbed to $7.36 million from $4.0 million, whereas 1hr liquidations soared to $4.56 million from $0.563 million.

Indeed, the cryptocurrency market dodged a swift pullback during Friday’s session, regardless of the United States Jobs data.

Stay tuned for the upcoming crypto market updates.