WASHINGTON (dpa-AFX) - Cryptocurrencies jumped in the past 24 hours amidst a toning down in the harsh rhetoric that intensified the global trade war. Expectations that the trade stand-off between U.S. and China would soon ease fueled optimism in markets.
President Trump's comments that he does not intend to remove Fed Chief Jerome Powell also supported sentiment.
Overall crypto market capitalization has rallied more than 6 percent overnight to $2.94 trillion. The 24-hour trading volume also spiked 60 percent overnight to $140 billion. Bitcoin touched a 24-hour high of $94,460 whereas Ethereum jumped to a high of $1,817 in the past 24 hours.
Meme category cryptos witnessed a 13.2-percent surge in market capitalization. Cryptocurrencies associated with AI & Big Data rallied 9.8 percent. The Made in America cryptocurrencies recorded an overnight addition of 8.2 percent in market capitalization. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 6.6 percent overnight.
The CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the cryptocurrency market has rebounded to 52 denoting a neutral state. It was at 38 a day ago, 29 a week ago and 27 a month ago, that all connote a state of fear in the market.
The increase in inflows to Bitcoin Spot ETF products in the U.S. underscored the change in market momentum.
Inflows to Bitcoin Spot ETF products in the U.S. jumped to $913 million on Tuesday from $381 million a day earlier. Ark 21Shares Bitcoin ETF (ARKB) topped with near-record inflows of $267 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that witnessed inflows of $254 million. iShares Bitcoin Trust ETF (IBIT) also recorded inflows of $194 million.
Ether Spot ETF products in the U.S. recorded inflows of $39 million on Tuesday as compared with outflows of $25 million a day earlier. Fidelity Ethereum Fund (FETH) topped with inflows of $33 million.
Bitcoin has added 5.6 percent overnight to trade at $93,519. With weekly gains of 11.6 percent and a surge of 6.6 percent over the 30-day horizon, the leading cryptocurrency is trading with gains of 0.13 percent on a year-to-date basis.
The rally in prices and the surge in market capitalization to $1.857 trillion has helped Bitcoin rise to the 6th position in the global ranking of all assets as per companiesmarketcap.com. Only Gold (market capitalization $22.5 trillion), Apple (market capitalization $3 trillion), Microsoft (market capitalization $2.7 trillion), NVIDIA (market capitalization $2.4 trillion) and Alphabet (market capitalization $1.859 trillion) are valued higher.
Ethereum has also rallied 10.9 percent in the past 24 hours to trade at $1,806. Though Ether has added 14.5 percent in the past week, it is still saddled with losses of 13.7 percent over the 30-day horizon and 45.8 percent in 2025.
4th ranked XRP jumped 8 percent during the past 24 hours as it changes hands at $2.26. 5th ranked BNB gained 1.3 percent whereas 6th ranked Solana rallied 8.7 percent during the past 24 hours. 8th ranked Dogecoin jumped 11.4 percent. 9th ranked Cardano surged 10.8 percent in the past 24 hours followed by 10th ranked TRON that slipped 0.7 percent overnight.
64th ranked Immutable (IMX) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 37 percent. 13th ranked Sui (SUI) rallied 24.5 percent followed by 59th ranked Bonk (BONK) that added 22.9 percent in the past week.
82nd ranked Tether Gold (XAUt) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.7 percent. 78th ranked PAX Gold (PAXG) also slipped 3.5 percent in the past 24 hours.
Meanwhile in Europe, the European Central Bank and the European Commission diverged on the risks posed by the U.S. Administration's support for the crypto industry. According to a report in Politico, battle lines are being drawn between the two over whether landmark rules to govern cryptocurrencies are strong enough to withstand the full force of Donald Trump. According to the report, the ECB thinks that the U.S. President's lavish support for the American crypto sector risks causing financial 'contagion' that could blow up the European economy and is demanding an urgent rewrite of laws brought fully into force only four months ago. The European Commission has however dismissed the Bank's alarmist analysis, signaling that it had misunderstood the EU's own rules.
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