WASHINGTON (dpa-AFX) - Cryptocurrencies are trading deep in the red causing market leader Bitcoin to fall below the level of $104 thousand. The negative sentiment came amidst Wall Street's losses on Thursday, persisting U.S.-China trade tensions, tightening liquidity in the U.S. financial system and outflows from crypto spot ETF products. Overall cryptocurrency market capitalization declined more than 6 percent in the past 24 hours.
Wall Street indexes suffered losses on Thursday attributed to concerns over the loan portfolio of U.S. regional banks, that soon spilled over to the crypto space.
Only two cryptocurrencies among the top 100 are trading above the flatline. These are 57th ranked PAX Gold (PAXG) that rallied 2.1 percent and 66th ranked Tether Gold (XAUt) that added 1.8 percent in the past 24 hours. The unabated surge in the prices of gold supported sentiment for the two cryptocurrencies that are in the nature of Tokenized Gold.
Gold Futures for December settlement is currently trading at $4,315.60 per troy ounce, implying overnight gains of 0.26 percent. Gold Futures touched a fresh all-time high of $4,391.69 earlier in the day.
Bearish sentiment in the cryptocurrency market reflected in the CMC Fear and Greed Index. The index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market dropped further into the fear territory with a decline to 28 from 32 a day ago. The same was at 54 (neutral) a week ago and 51 (neutral) a month ago.
Amidst a confluence of banking sector fears, deleveraging of derivatives and a massive hit to retail confidence, overall crypto market capitalization erased 6.1 percent overnight to $3.56 trillion. The 24-hour trading volume however increased 36 percent to $273 billion.
88 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours. 4 of the top 10 non-stablecoin cryptocurrencies are trading with losses on a year-to-date basis.
An analysis of the top 100 cryptocurrencies reveals that around 75 are trading more than 50 percent below the respective all-time-high. 11 cryptocurrencies among the top 100 are trading with losses between 25 and 50 percent of the all-time high. 3 cryptocurrencies viz Bitcoin (BTC), Ethereum (ETH) and BNB (BNB) are trading between 10 and 25 percent below the all-time high prices recorded by these cryptocurrencies. Only 1 cryptocurrency i.e. 16th ranked UNUS SED LEO (LEO) is trading at a level between 5 and 10 percent of all-time high.
Excluding the 8 stablecoins, only 2 among the top 100 cryptocurrencies are trading within 5 percent below the respective all-time-high prices. These are 57th ranked PAX Gold (PAXG) and 66th ranked Tether Gold (XAUt).
Bitcoin is currently trading at $105,436.45 recording overnight losses of 5.1 percent. Gains in 2025 have fallen to 12.9 percent. BTC had ranged between $111,463.47 and $103,598.43 in the past 24 hours. The cryptocurrency is currently trading about 16 percent below the all-time-high of $126,198.07 recorded on October 7.
Bitcoin-based Spot ETF products in the U.S. witnessed outflows of $531 million on Thursday versus outflows of $104 million on Wednesday. ARK 21Shares Bitcoin ETF (ARKB) topped with outflows of $275 million.
Ethereum also dropped 6.5 percent overnight to trade at $3,778.67. Gains in 2025 have fallen to 13.4 percent. Ether's current trading price is 24 percent below its all-time-high. The 24-hour trading range was between $4,068.29 and $3,678.62.
Ethereum-based Spot ETF products recorded net outflows of $57 million on Thursday versus inflows of $170 million on Wednesday. Grayscale Ethereum Trust ETF (ETHE) topped with outflows of $69 million.
4th ranked BNB plunged 9.9 percent overnight at its current trading price of $1,067.41.
5th ranked XRP declined 7.2 percent overnight to trade at $2.26, around 41 percent below the all-time high.
The price of 6th ranked Solana decreased 8.3 percent overnight to $180.25. With losses of close to 5 percent, SOL is the highest-ranking cryptocurrency to trade with year-to-date losses.
TRON ranked 8th overall dropped 4.6 percent overnight and is currently changing hands at $0.3072.
9th ranked Dogecoin plunged 8.2 percent overnight and is currently changing hands at $0.1827.
10th ranked Cardano tumbled 8.7 percent overnight to trade at $0.6178.
43rd ranked Aster (ASTER) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 20 percent. 25th ranked Mantle (MNT) followed with overnight losses of 17.3 percent.
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