WASHINGTON (dpa-AFX) - Macro uncertainties and fading rate cut hopes dragged down cryptocurrencies during the past 24 hours. Market leader Bitcoin dropped to a level of $92,971 before rebounding. Ethereum also dropped to a low of $3,007 in the past 24 hours. Overall market capitalization also touched a 24-hour low of $3.17 trillion.
Heavy outflows from Bitcoin Spot ETF products in the U.S. that portended caution on the part of institutional investors also weakened market sentiment. Bitcoin Spot ETF products recorded net outflows of $492 million on Friday mainly due to iShares Bitcoin Trust (IBIT) that witnessed largest ever outflows of $463 million. Bitcoin Spot ETF products recorded net outflows of $1.1 billion over the course of the past week.
Ethereum Spot ETF products also recorded net outflows of $178 million on Friday and $728 million over the past week.
Rate cut expectations from the Federal Reserve also declined amidst uncertainty over the back log of economic data releases. The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter percentage rate cut in December at 43.6 percent. It was 44.4 percent a day ago and 62.4 percent a week ago.
Market sentiment deteriorated further as evidenced by the CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap. The index has declined to 17 (Extreme Fear) from 18 (Extreme Fear) a day ago amidst a wave of retail as well as institutional distress that dampened sentiment.
According to data from Coinglass, crypto liquidations over the past 24 hours aggregates to $619.55 million, made up of $397.33 million in long positions and $222.23 million in short positions.
Less than 25 of the top 100 cryptocurrencies are trading with gains of more than a percent in the year 2025. Around 65 among the top 100 cryptocurrencies are trading with year-to-date losses that exceed 1 percent.
With institutional and retail weakness impacting sentiment, overall cryptocurrency market capitalization has declined 0.9 percent in the past 24 hours to $3.25 trillion. 66 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours and only 2 are trading with overnight gains of more than a percent. The 24-hour trading volume has increased more than 56 percent to $172 billion.
Cryptocurrencies in the AI & Big Data category bore the brunt of the crash with a decline of more than 4 percent. Top ranked Bittensor (TAO), ranked 33rd overall lost 4.4 percent. NEAR Protocol (NEAR) ranked second in the category and 34th overall witnessed overnight losses of 9.4 percent.
Privacy category also witnessed market cap erosion of close to 2.7 percent. Zcash (ZEC) ranked first in the category and 12th overall declined 4.9 percent in the past 24 hours. Monero (XMR) ranked second in the category and 18th overall lost 7.7 percent in the past 24 hours.
Losses in Meme category cryptocurrencies were limited to around 1.3 percent. Price movements in the cryptocurrency market coincide with the dollar's strength and Gold's retreat. The Dollar Index which measures the dollar's strength against a basket of 6 currencies in the meanwhile is trading above the flatline. It is currently at 99.36 versus 99.30 at the previous close. Gold Futures for December settlement is currently trading at $4,081.35 per troy ounce, implying overnight losses of 0.31 percent.
Bitcoin has dropped 0.66 percent overnight and 9.8 percent in the past week to trade at $95,767.54, around 24 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is holding on to gains of 2.5 percent on a year-to-date basis.
Ethereum lost more than a percent overnight to trade at $3,199.88. Year-to-date price movement has resulted in a loss of 3.9 percent. Ether's current trading price is 35 percent below its all-time-high.
4th ranked XRP slipped 0.13 percent overnight dragging down its current trading price to $2.27.
5th ranked BNB declined 1.5 percent overnight resulting in price decreasing to $933.71.
The price of 6th ranked Solana decreased 0.62 percent overnight to $142.08.
TRON ranked 8th overall lost 1.6 percent overnight and is currently changing hands at $0.2933.
9th ranked Dogecoin lost 1.6 percent overnight and is currently changing hands at $0.1624.
10th ranked Cardano declined 2.5 percent overnight to trade at $0.4952.
25th ranked Uniswap (UNI) that gained 1.8 percent and 45th ranked Ethena (ENA) that rallied 1.2 percent are the only 2 cryptocurrencies among the top 100 cryptocurrencies to trade in the overnight green zone.
34th ranked NEAR Protocol (NEAR) and 38th ranked Internet Computer (ICP) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 9 percent.
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