WASHINGTON (dpa-AFX) - Cryptocurrencies declined in the past 24 hours as markets digested crypto-linked tensions between the U.S. and China. Unease surrounding recent stablecoin guidelines issued by the Bank of England also weighed on sentiment. Overall crypto market capitalization has declined more than a quarter percent in the past 24 hours.
Tensions between the U.S. and China were exacerbated amidst reports of China accusing the U.S. of stealing 127k Bitcoins. Reports indicated that the U.S. government has disputed the claims and taken the stance that the seizure was a legitimate law enforcement action targeting criminal proceeds.
Sentiment was also impacted by the draft guidelines on GBP stablecoins issued by the Bank of England recently. The Bank of England had on Monday published a consultation paper setting out its proposed regulatory regime for sterling-denominated systemic stablecoins.
According to one of the key proposals of the draft, Bank of England has stipulated temporary holding limits of 20,000 pound per coin for individuals and 10 million pounds for businesses which has not found favor with crypto markets.
According to the document, systemic stablecoin issuers would be permitted to hold up to 60 percent of backing assets in short-term U.K. government debt. For the remaining 40 percent, issuers would be provided unremunerated accounts at the Bank of England so as to ensure robust redemption and public confidence, even under stress.
The price movement comes amidst a weak labor market update. Weekly report by Automatic Data Processing, Inc. showed U.S. private employers cut an average of 11,250 jobs per week during the four weeks ending October 25. The report indicated that the labor market lost momentum in the second half of the month compared with the first two weeks. Despite the weak data, the absence of official payrolls data from the Labor department added to market uncertainty.
In this backdrop, the CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter percentage rate cut in December at 65.4 percent. It was 66.9 percent a day ago and 62 percent a week ago.
The CMC Fear and Greed Index - a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market - declined to 26 from 31 a day earlier but nevertheless remained in the fear territory.
While the Dollar Index which measures the dollar's strength against a basket of 6 currencies rallied 0.14 percent overnight to 99.62, gold rebounded with an overnight gain of 0.36 percent. Gold Futures for December settlement are currently trading at $4,130.95 per troy ounce.
Amidst these developments, overall cryptocurrency market capitalization has decreased 0.3 percent in the past 24 hours to $3.53 trillion. 25 of the top 100 cryptocurrencies have rallied more than 1 percent during the past 24 hours whereas 26 are trading with overnight losses of more than a percent. The 24-hour trading volume has also decreased more than 11 percent to $160 billion.
Bitcoin has declined 0.3 percent overnight to $104,975.22, around 17 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is holding on to gains of 3.3 percent over the past week and 12.4 percent on a year-to-date basis. The 24-hour trading ranged between $105,480.11 and $102,457.33.
Bitcoin-based Spot ETF products in the U.S. witnessed inflows of $524 million on Tuesday versus $1 million on Monday. iShares Bitcoin Trust (IBIT) topped with inflows of $224 million.
Ethereum erased 0.8 percent overnight to trade at $3,550.05. Gains till date in 2025 stand at 6.6 percent. Ether's current trading price is 28 percent below its all-time-high. The 24-hour trading ranged between $3,591.22 and $3,404.86.
Ethereum-based Spot ETF products witnessed outflows of $107 million on Tuesday versus nil flows on Monday. Grayscale Ethereum Mini Trust ETF (ETH) topped with outflows of $76 million.
4th ranked XRP slipped 1.1 percent overnight dragging down its current trading price to $2.43.
5th ranked BNB declined 0.9 percent overnight resulting in price decreasing to $972.96.
The price of 6th ranked Solana decreased 2.1 percent overnight to $160.46. With losses of more than 15 percent, SOL is the highest-ranking cryptocurrency to trade with year-to-date losses.
Solana-based Spot ETF products witnessed inflows of $8 million on Tuesday versus $6.8 million on Monday.
TRON ranked 8th overall however gained 0.4 percent overnight and is currently changing hands at $0.2999.
9th ranked Dogecoin lost 0.7 percent overnight and is currently changing hands at $0.1768. DOGE has lost almost 44 percent till date in 2025.
10th ranked Cardano declined 1.5 percent overnight to trade at $0.5736.
29th ranked Canton Network (CC) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 17 percent. 44th ranked Aster (ASTER) also rallied 11.7 percent overnight.
54th ranked OFFICIAL TRUMP (TRUMP) topped overnight losses among the top 100 cryptocurrencies with a decline of 7.3 percent. 94th ranked DoubleZero (2Z) followed with overnight losses of more than 5 percent.
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