WASHINGTON (dpa-AFX) - Negative sentiment prevailed in crypto markets early on Tuesday as markets reconciled to the Fed's reluctance in monetary policy easing. Continuing outflows from Bitcoin Spot ETF products in the U.S. amidst the Fed scaling back rate cut hints also dampened sentiment for cryptocurrencies. The CoinShares' Digital Asset Fund Flows Weekly report released on Monday that showed outflows of $600 million during the week ended June 15 as compared with inflows of $2.04 billion a week earlier also deepened the bearish sentiment.
Overall crypto market capitalization dropped to $2.36 trillion from $2.41 trillion a day earlier. More than 30 percent of the top 100 cryptocurrencies are trading with overnight losses of more than 10 percent. Among the top 100 cryptocurrencies, only 2 cryptocurrencies are trading with overnight gains in excess of half a percent.
55th ranked Ondo (ONDO) topped overnight gains with an addition of 1.4 percent. 62nd ranked Core (CORE) and 57th ranked Fantom (FTM) topped overnight losses with a plunge of more than 16 percent.
Bitcoin shed 0.8 percent in the past 24 hours and 2.5 percent in the past week to trade at $65,615.22. The slippage curtailed year-to-date gains to 55 percent. In the last 24 hours, the leading cryptocurrency traded between a high of $67,252.08 and a low of $64,597.25, a level last recorded on May 15.
Bitcoin's price movement came amidst Bitcoin Spot ETF products in the U.S. continuing to record outflows. Latest data from Farside Investors revealed an outflow of $146 million on Monday as compared with outflows of $190 million on Friday and $226 million on Thursday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $92 million followed by ARK 21Shares Bitcoin ETF (ARKB) that recorded outflows of $50 million. Only Bitwise Bitcoin ETF (BITB) which recorded addition of $2.9 million withstood the outflows.
Ethereum plunged 3 percent in the past 24 hours to trade at $3,435.73. Despite weekly losses of 2.5 percent, the leading altcoin has added more than 50 percent in 2024. Bitcoin dominates 54.9 percent of the overall crypto market followed by Ethereum that has a 17.8-percent market share. With a market cap of $163 billion, stablecoins account for 6.9 percent of the overall crypto market.
4th ranked BNB (BNB) shed 1.8 percent overnight to trade at $591.00.
5th ranked Solana (SOL) slipped 6.0 percent overnight and more than 10 percent in the past 7 days. SOL is currently trading at $137.76.
7th ranked XRP (XRP) edged down 0.26 percent in the past 24 hours but is the highest-ranking cryptocurrency to trade with gains on a weekly basis. Ironically, XRP is also the highest-ranking crypto to trade with year-to-date losses.
8th ranked Toncoin (TON) slipped 6.2 percent overnight to trade at $7.32. TON also topped weekly gains among the top-10 cryptocurrencies with an addition of more than 6 percent.
Dogecoin (DOGE) slipped to 9th rank overall amidst an overnight decline of more than 8 percent. Other top-ranked meme coins also followed suit causing the meme category's market capitalization to plunge close to 10 percent in the past 24 hours.
10th ranked Cardano (ADA) declined 7.3 percent overnight and 11.9 percent over the past week. ADA is currently trading at $0.3788.
Meanwhile cryptocurrency company Tether has announced the launch of Alloy by Tether, a new digital asset backed by Tether Gold that aims to combine the strengths of a stable unit of account with the security and reliability of gold.
The first token in the Alloy by Tether lineup is aUSDT, a digital currency designed to track the value of one US dollar. According to Tether, aUSDT would be over-collateralized by Tether Gold (XAUT), which means it is supported by real physical gold stored in Switzerland.
Users can create aUSDT tokens using Tether Gold (XAUT) as collateral. This would allow users who want to engage in digital transactions, payments, and remittances with a currency that feels as familiar as the US dollar without having to sell their XAUT.
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