WASHINGTON (dpa-AFX) - Cryptocurrencies are trading in the green amidst a revival in market sentiment. The dollar's retreat, an easing in bond yields and a slight increase in rate cut expectations supported an uptick in cryptocurrencies. A slight reduction in outflows from Bitcoin and Ether Spot ETF products in the U.S. also boosted sentiment. Crypto market capitalization increased more than 1 percent overnight while Bitcoin recorded a 24-hour high of $104,535.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.97, versus 100.20 at the previous close. The dollar's retreat came after the index touched a high of 100.36 on Wednesday.
Bond yields eased across regions and tenors, providing support for cryptocurrencies. A general decline in interest rates reduces the opportunity cost of holding cryptocurrencies that are typically non-interest bearing. Yields on 30-year U.S. treasuries declined 0.17 percent while the ten-year bond saw a softening of 0.43 percent. Yield on the 5-year tenor as well as the 2-year tenor also eased more than half a percent.
Renewed expectations of a 25-basis points rate cut by the Federal Reserve on December 10 also boosted sentiment. The CME FedWatch tool indicates a probability for the same at 67.3 percent versus 62 percent a day earlier.
Outflows from Bitcoin Spot ETF products declined to $137 million on Wednesday from $566 million a day earlier. At the same time, outflows from Ethereum Spot ETF products declined to $1119 million on Wednesday from $219 million on Tuesday.
Wall Street Futures are trading in mildly positive territory after an emphatic rebound a day earlier. Benchmarks in Europe are trading below the flatline. Asian markets had closed on a mostly positive note.
Gold Futures for December settlement are currently trading at $4,015.52 per troy ounce, implying overnight gains of 0.57 percent. The yellow metal has edged down in the past week but is holding on to gains of more than 52 percent on a year-to-date basis.
Aggregate crypto market capitalization gained 1.4 percent overnight. 56 of the top 100 cryptocurrencies have gained more than a percent overnight whereas only 10 have declined more than 1 percent. The 24-hour trading volume however dropped 44 percent to $160 billion.
Bitcoin has gained 1.3 percent overnight to $103,079.28, around 18 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency recorded losses of 6.4 percent over the past week and gains of more than 10.3 percent till date in 2025. The 24-hour trading range was between $104,534.70 and $101,335.58.
Ethereum also rallied 2.8 percent overnight to trade at $3,389.74. Gains in 2025 stand at 1.8 percent. Ether's current trading price is 32 percent below its all-time-high. The 24-hour trading ranged between $3,479.81 and $3,275.93.
4th ranked XRP surged 3.5 percent overnight lifting its current trading price to $2.30.
5th ranked BNB added 1.2 percent overnight resulting in price increasing to $954.81.
The price of 6th ranked Solana increased 1.9 percent overnight to $159.10. With losses of 15.9 percent, SOL is the highest-ranking cryptocurrency to trade with year-to-date losses.
TRON ranked 8th overall added 0.3 percent overnight and is currently changing hands at $0.2870.
9th ranked Dogecoin edged up 0.08 percent overnight and is currently changing hands at $0.1633. DOGE has lost more than 48 percent till date in 2025.
10th ranked Cardano gained 1.2 percent overnight to trade at $0.5363.
30th ranked Internet Computer (ICP) rallied 28.3 percent overnight. 17th ranked Zcash (ZEC) gained 15.8 percent followed by 64th ranked Quant (QUANT) that gained 13.4 percent. 50th ranked OFFICIAL TRUMP (TRUMP) also rallied 12.2 percent.
63rd ranked Story (IP) topped overnight losses among the top 100 cryptocurrencies with a decline of 7.5 percent. 38th ranked OKB (OKB) erased almost 4 percent.
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