WASHINGTON (dpa-AFX) - Cryptocurrencies slipped again early on Tuesday amidst a renewal in the trade tensions between U.S. and China. The escalation in the long-standing dispute between the world's two largest economies came as China sanctioned five American units of South Korean shipbuilder Hanwha Ocean.
As China's trade retaliations against U.S. entities triggered risk-off sentiment globally, cryptocurrencies and stocks declined. Dollar and gold rallied while bond yields eased emphatically.
Overall crypto market capitalization has dropped 4.3 percent overnight to $3.74 trillion, revealing the sensitivity of cryptocurrency prices to macro-economic risks. The 24-hour trading volume also decreased more than 10 percent to $245 billion. 4 of the top 100 cryptocurrencies have gained more than a percent whereas 85 have slipped more than a percent in the past 24 hours.
Wall Street Futures are trading deep in the red. Benchmarks in Europe are trading with heavy losses. Asian markets finished trading on a mostly negative note.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.39, versus 99.27 at the previous close. The index has gained 0.13 percent from the previous close.
Gold Futures for December settlement is currently trading at $4,145.55 per troy ounce, implying overnight gains of 0.30 percent. Gold Futures touched an all-time high of $4,190.67 earlier in the day's trade.
Bond yields eased across regions and tenors. Ten-year sovereign bond yields declined more than 1 percent in the U.S., Germany, France, U.K., Spain, Japan, Hong Kong, China and Canada.
Amidst the largely risk-off sentiment globally, Bitcoin is trading at $110,243.67, recording overnight losses of 4.1 percent. BTC had ranged between $116,020.49 and $110,187.15 in the past 24 hours. The cryptocurrency is currently trading about 13 percent below the all-time-high of $126,198.07 touched on October 7.
Ethereum slipped 5.8 percent overnight to trade at $3,912.19. Ether's current trading price is 21 percent below its all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading range was between $4,292.85 and $3,895.97.
Made in China cryptocurrencies which command a market share of 5.8 percent of the overall cryptocurrency market plunged 9.6 percent in the past 24 hours. 4th ranked BNB (BNB) declined 10.7 percent and 9th ranked TRON (TRX) slipped 4.1 percent in the past 24 hours.
Made in America cryptocurrencies which account for 13.5 percent of the overall crypto market also saw market cap decline by 4.4 percent in the past 24 hours. 5th ranked XRP (XRP) erased 6.8 percent, 6th ranked Solana (SOL) shed 2 percent, 8th ranked Dogecoin (DOGE) lost 6.6 percent whereas 10th ranked Cardano (ADA) declined 6.9 percent in the past 24 hours.
Market capitalization of the memes category which commands a market dominance of 1.5 percent dropped 6.2 percent in the past 24 hours. Market capitalization of the AI & Big data category declined 6 percent and of the DeFi category dropped 4.7 percent in the past 24 hours. Cryptocurrencies earmarked for the U.S. Strategic Crypto Reserve saw an erosion of 4.1 percent in market capitalization.
Bitcoin-based Spot ETF products in the U.S. witnessed net outflows of $326 million on Monday versus net outflows of $5 million on Friday. Grayscale Bitcoin Trust (GBTC) topped with net outflows of $145 million.
Ethereum-based Spot ETF products recorded net outflows of $429 million on Monday versus $175 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with outflows of $310 million.
34th ranked MYX Finance (MYX) topped overnight gains among the top 100 cryptocurrencies with a gain of 7.7 percent. 65th ranked MemeCore (M) also rallied 2.6 percent in the past 24 hours.
63rd ranked PAX Gold (PAXG) and 74th ranked Tether Gold (XAUt), part of the Tokenized Gold category rallied more than 1 percent overnight reflecting the bullish momentum in gold prices. The two cryptocurrencies have recorded year-to-date gains of around 57.6 percent, surpassing the year-to-date gains of 57.2 percent recorded in gold futures.
92nd ranked Synthetix (SNX) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 20 percent. 22nd ranked Mantle (MNT) erased 16.6 percent in the past 24 hours.
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