WASHINGTON (dpa-AFX) - Renewed trade jitters dragged down sentiment across the crypto market. Worries about the legal ramifications of the tariffs in the U.S. complicating the trade tariff environment as well as the trade negotiations between the U.S. and its trading partners dampened crypto market sentiment. Outflows from Bitcoin Spot ETF products also swayed market sentiment. The PCE-based inflation readings from the U.S. that more or less matched expectations limited losses.
Close on the heels of a trade court in the U.S. setting aside the reciprocal tariffs imposed by the Trump administration, an appeals court temporarily reinstated it, rattling global market sentiment.
Bitcoin-based Spot ETF products in the U.S. recorded outflows of $347 million on Thursday versus inflows of $433 million on Wednesday.
Overall crypto market capitalization is currently at $3.32 trillion, implying a decline of 2.9 percent in the past 24 hours. With an overnight surge of more than 14 percent, the 24-hour trading volume has however increased to $149 billion.
Negative sentiment is witnessed across the crypto spectrum. Meme category cryptos also witnessed a decline of 7.9 percent in market capitalization. Cryptocurrencies associated with AI & Big Data lost 5.6 percent. The Made in America cryptocurrencies recorded an overnight slippage of 4.7 percent in market capitalization. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve shed 1.9 percent overnight.
Only three of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. 82nd ranked Lido DAO (LDO) topped gains with an addition of 2.5 percent, followed by 66th ranked DeXe (DEXE) and 15th ranked UNUS SED LEO (LEO) that both added more than 1.7 percent overnight.
15th ranked UNUS SED LEO (LEO) is the highest-ranking non-stablecoin cryptocurrency to trade with gains on an overnight basis. LEO has rallied 1.74 percent in the past 24 hours.
2nd ranked Ethereum (ETH) is the highest-ranking non-stablecoin cryptocurrency to trade with gains on a weekly basis. Ether has gained 0.2 percent in the past week.
Most of the top-ranking cryptocurrencies are trading with gains over the 30-day period. 20th ranked Hedera (HBAR) which has declined 1.4 percent is the highest-ranking non-stablecoin cryptocurrency to trade with losses over the 30-day horizon.
On a year-to-date basis, market leader Bitcoin is trading with gains of 13 percent whereas Ethereum is trading with losses of 22.7 percent.
Bitcoin lost 1.8 percent overnight to trade at $105,745. It is currently trading 6 percent below the all-time-high at $111,970 recorded on May 22. During the past 24 hours, Bitcoin traded between $107,820 and $104,650, the lowest level since it scaled an all-time high on May 22.
Ethereum erased more than 3 percent overnight to trade at $2,582. Ether's current trading price is 47 percent below its all-time-high. The 24-hour trading range was between $2,675 and $2,565.
Ethereum-based Spot ETF products witnessed inflows of $92 million on Thursday as compared with inflows of $85 million a day earlier.
4th ranked XRP plunged 4.8 percent overnight to trade at $2.18, around 43 percent below the all-time high.
5th ranked BNB slipped 2 percent overnight at its current trading price of $670.54.
Solana ranked 6th overall erased 5.3 percent overnight to trade at $161.90.
8th ranked Dogecoin dropped 8.4 percent overnight to trade at $0.2031. DOGE is currently trading 72 percent below the record high.
9th ranked TRON slipped 1.8 percent overnight and is currently changing hands at $0.2722.
10th ranked Cardano also lost 5.8 percent overnight to trade at $0.7010. The trading price is 77 percent below the cryptocurrency's all-time high.
92nd ranked Raydium (RAY) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 13 percent.
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