WASHINGTON (dpa-AFX) - Cryptocurrencies plunged more than 7 percent and Bitcoin tumbled to $64.7k in the past 24 hours amidst investor sentiment dampened by recent data from the U.S. that triggered a downsizing of Fed rate cut bets.
Data released on Monday showed a sharp rebound in manufacturing PMI in the U.S. that far exceeded investor expectations. The jump in ISM Manufacturing PMI in the U.S.to 50.3 in March, from 47.8 in the previous month and 48.4 that the markets were expecting, triggered a scaling down of rate cut expectations.
The strong economic data that is perceived as limiting the headroom available to the Fed to cut interest rates reflected in the CME FedWatch tool that measures the expectations of interest rate traders. The tool shows a zero percent probability for a rate cut in May. It was 1.8 percent a day earlier, 9.5 percent a week earlier and 26 percent a month earlier. Likewise, expectations for a rate cut by the Fed in the review scheduled for June now stands at 61.8 percent, versus 57.9 percent a day earlier, 70.2 percent a week earlier and 74 percent a month earlier.
The resumption of outflows from Bitcoin spot ETF products and the Dollar's renewed strength exacerbated the decline in cryptocurrency prices.
Data released by Farside Investors showed a net outflow of $85.7 million form Bitcoin Spot ETF products on Monday, versus a net inflow of $182.8 million on Thursday and a net inflow of $243.5 million on Wednesday.
The Dollar Index, a measure of the Dollar's strength against a basket of 6 currencies touched a 5-month high of 105.07 on Monday and 105.10 on Tuesday. It is currently at 104.90, after ranging between 104.85 and 105.10 in the day's trade.
Overall crypto market capitalization has dropped to $2.48 trillion, from $2.64 trillion a day earlier whereas the 24-hour trading volume jumped almost 48 percent overnight to $125 billion.
Among the top 100 cryptocurrencies, more than 90 percent have suffered overnight losses of more than a percent whereas more than 85 percent have incurred weekly losses of more than a percent. Close to 20 percent of the top 100 cryptocurrencies have plunged to the red zone on a year-to-date basis.
Bitcoin's market cap has fallen to $1.27 trillion or 52.0 percent market dominance, versus $1.37 trillion or 52.1 percent dominance a day earlier. Ether's market cap is currently $391 billion accounting for 16.02 percent of the crypto market, versus a 16.2-percent market share and market capitalization of $426 billion a day earlier. Though market capitalization of stablecoins is steady at $151 billion, market dominance has increased to 6.14 percent as compared with 5.7 percent a day earlier.
Bitcoin has slipped 7.5 percent overnight to trade at $64,627.29, around 12 percent below the all-time high. The 24-hour trading range was between $70,080.98 and $64,700.57.
Ethereum also dropped 8.6 percent in the past 24 hours to trade at $3,252.92, almost 34 percent below the all-time high. Ether touched a high of $3,569.73 and a low of $3,251.48 in the past 24 hours.
4th ranked BNB (BNB) slipped 7.2 percent overnight and its current price is $548.88.
5th ranked Solana (SOL) shed more than 10 percent overnight and is trading at $176.84.
XRP (XRP) which has slipped to the 7th rank overall has slipped 5.4 percent overnight to change hands at $0.5806. XRP has shed 9.3 percent in the past week and 5.6 percent in 2024. It is the highest ranking crypto to trade with year-to-date losses.
8th ranked Dogecoin (DOGE) slipped 13.8 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1811.
9th ranked Cardano (ADA) shed 8.2 percent in the past 24 hours to trade at $0.5765.
10th ranked Avalanche (AVAX) has also slipped 12.6 percent overnight. AVAX is currently trading at $46.40.
46th ranked Core (CORE) resisted the bearish trend to add more than 15 percent in the past 24 hours. 38th ranked Bittensor (TAO) and 66th ranked Bitget Token (BGB), both gained more than 3 percent, followed by 36th ranked Maker (MKR) that gained 1.3 percent.
91st ranked Axelar (AXL) and 42nd ranked Pepe (PEPE) topped overnight losses with a decline of more than 15 percent. 69th ranked Conflux (CFX) also slipped 14.8 percent in the past 24 hours.
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