The global crypto market cap fell by 0.81 per cent to stand at $928.1 billion, while the total crypto market volume increased by 22.7 per cent to $44.8 billion in the last 24 hours.

According to Coinmarketcap, today’s top gainer was Maker; it was up by 5.1% at $769.09. The top loser was Chiliz, which was trading at $0.2183, falling 9.03% in the last 24 hours. Viberate (VIB), which is a music analytics platform, was today’s most trending crypto.

Cryptos tracked equities, which closed a dismal month with a final dismal trading day on Friday. The tech-focused Nasdaq, S&P 500, which has a strong technology component, and Dow Jones Industrial Average (DJIA) all finished down at least 1.5% amid ongoing fears that the struggle to end high inflation is leading inevitably to a harsh recession – a so-called hard, economic landing

What you need to know

On-chain data shows that September’s trading volumes saw the first notable increase since May of this year. September’s exchange trading volume jumped to $733 billion, or a 16% month-over-month increase.

September was the fifth month in a row during which fiat exchange volumes fell, with a decline of -3% compared to August. Exchanges reported $210.6 billion in total fiat exchange volume during Sept., compared to $219 billion in August.Of the crypto exchanges with fiat support, FTX saw the most volume in September — 24.6%. Next was Coinbase with 22.7%, followed by Upbit with 13%.

Over 24 hours, total liquidations rose on Sunday, with the NASDAQ 100 Mini leading to a spike in liquidations in the final hour. At the time of writing, 24-hour liquidations in the crypto market stood at $76.05 million, up from $29.26 million on Sunday morning. Liquidated traders over the last 24 hours also increased.

What you need to know

On-chain data shows that September’s trading volumes saw the first notable increase since May of this year. September’s exchange trading volume jumped to $733 billion, or a 16% month-over-month increase.

September was the fifth month in a row during which fiat exchange volumes fell, with a decline of -3% compared to August. Exchanges reported $210.6 billion in total fiat exchange volume during Sept., compared to $219 billion in August.Of the crypto exchanges with fiat support, FTX saw the most volume in September — 24.6%. Next was Coinbase with 22.7%, followed by Upbit with 13%.

Over 24 hours, total liquidations rose on Sunday, with the NASDAQ 100 Mini leading to a spike in liquidations in the final hour. At the time of writing, 24-hour liquidations in the crypto market stood at $76.05 million, up from $29.26 million on Sunday morning. Liquidated traders over the last 24 hours also increased.

Our take

Considering this correlation between the performance of the broader equity markets and cryptos, it’s feasible to expect further downside in the face of macroeconomic pressures. For instance, if the S&P 500 drops down to the next major region between 3200-3400 points, we can safely assume that crypto assets such Bitcoin could retest the $12,000-$13,000 price region.

It’s also important to note that many Bitcoin whales are holding the asset between the $10,000 to $17,000 range. These whales could sell if the price were to drop to around $17,000, tanking the asset even further. In the short term, however, Bitcoin bulls could inspire some confidence if they manage to reclaim the $20,000 price area.

Ethereum and ETH-oriented products are seeing their second consecutive week of inflows, according to a fresh weekly fund flow report from CoinShares. Thus, during the past week, there was an inflow of $5.6 million into these assets.

ETH is changing hands a little above $1,300, up approximately 1.5% from the previous day. The second largest crypto spent much of the past two weeks trading comfortably above this level despite being more volatile than Bitcoin. In the last 24 hours, Its trading volume rose by 34.4 per cent to $8.3 billion.

The asset has been hovering below the 2022 Point of Control (POC) at $1,326, which is the highest traded volume level for this year. This barrier is a support level, but a breakdown could flip it into a hurdle.

Our take

With the start of a new month and a new quarter, investors can expect a manipulative move that first pushes Ethereum's price lower, luring impatient bears, followed by a quick surge in bullish momentum that pushes ETH higher, trapping the short-sellers.

So market participants should expect a move that retests the immediate support level at $1,200 or the subsequent level at $1,050. Ideally, this level would be perfect for long-term investors to accumulate ETH, which could create a trend reversal, pushing Ethereum price back to $1,730.

Ripple was among the best performers in the past few weeks, mostly fueled by positive developments in its legal case against the US SEC. Today, though, the situation is different, and XRP has declined by more than 7.5% to $0.44.

Cardano is one of the losers in the crypto market in the last 24 hours. ADA has fallen close to 3% in the last 24 hours and is still showing bearish tendencies.

Solana, Dogecoin, Polkadot, Shiba Inu, MATIC, Tron, and Avalanche are also in the red now, albeit with less harmful percentages. Binance Coin is the only top 10 cryptocurrency slightly in the green.