Crypto Plunges Amid Market Pessimism

The crypto market experienced another bearish Tuesday session, led by Ethereum's 5.31% decline. Market sentiment continued to be influenced by the downturn in US equity markets, with the NASDAQ 100 leading the way lower. The total crypto market cap shed $25 billion, reaching $842 billion after three consecutive daily falls. In the top ten, ADA, BTC, and DOGE also faced losses, while BNB, SOL, and XRP's declines were more modest.

Cryptocurrencies Tumble Amid Bearish Market Sentiment

New York, July 13, 2023 - The cryptocurrency market faced another bearish session on Tuesday, with the top ten cryptocurrencies experiencing significant declines. Ethereum (ETH) led the way down, falling by 5.31%. Bitcoin (BTC) also faced losses, dropping by 3.18% for the fifth consecutive day.

Market Sentiment Dampened by U.S. Equity Markets

Bearish sentiment from the U.S. equity markets spilled over to the crypto market, which closely followed the NASDAQ 100's plunge into the red. The NASDAQ 100 fell by 0.95% on Tuesday, extending Monday's 2.26% loss. Investors remained apprehensive ahead of the release of U.S. inflation figures later today, which could influence the size of the next Federal Reserve rate hike.

Total Crypto Market Cap Slumps

The bearish session resulted in a $25 billion loss in the total crypto market cap, which ended the day at $842 billion. This represented the third consecutive daily decline, with the market cap losing a total of $24 billion in July.

Crypto Market Movers and Shakers

ADA, BTC, and DOGE also experienced losses, falling by 3.92%, 3.18%, and 3.18%, respectively. BNB, SOL, and XRP saw more modest losses, ranging from -1.14% to -2.26%.

Quant (QNT) and Huobi Token (HT) defied the overall trend and rose by 0.92% and 0.56%, respectively. However, TerraClassicUSD (USTC) led the way down among the top hundred cryptocurrencies, falling by 12.7%.

Crypto Liquidations Remain Elevated

Liquidations in the crypto market remained high, reflecting the bearish sentiment. 24-hour liquidations stood at $175 billion, although this was a slight decrease from Tuesday's $177 billion. Liquidated traders also decreased to 54,212 from 69,448.

Regulatory Developments

The G20 announced plans to establish a comprehensive crypto regulatory framework by October. The Central Bank of Russia discussed the digital Ruble and the potential risks associated with private stablecoins. The U.S. Treasury sought input on the risks and opportunities presented by cryptocurrencies.

SEC Delays Bitcoin ETF Decision

The Securities and Exchange Commission (SEC) postponed a decision on bitcoin exchange-traded fund (ETF) applications after a string of rejections. The SEC's ongoing review suggests the agency remains cautious about approving crypto ETFs.

Conclusion

The crypto market remains in a bearish state, with investor sentiment heavily influenced by economic outlook and Fed monetary policy. While regulatory developments and the Ripple case against the SEC may drive future market movements, the immediate outlook for cryptocurrencies appears uncertain, with price fluctuations likely to continue.