WASHINGTON (dpa-AFX) - A sentiment of extreme fear dragged down cryptocurrencies further during the past 24 hours. Market leader Bitcoin touched a low of $89,300 and Ethereum dropped to a low of $2,948 while overall cryptocurrency market capitalization declined to a low of $3.07 trillion in the same span.
Massive outflows from Bitcoin Spot ETF products in the U.S., reports of defunct cryptocurrency exchange Mt Gox transferring Bitcoin worth $950 million to a new wallet, as well as anxiety ahead of release of pending economic data from the U.S. weighed heavily on market sentiment resulting in cascading selloffs.
According to data from Coinglass, crypto liquidations over the past 24 hours aggregated to $1.04 billion, made up of $728.58 million in long positions and $308.00 million in short positions.
Bearish market sentiment deteriorated further as evidenced by the CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap. The index has declined to a yearly low of 15 from 17 a day ago as panic gripped cryptocurrency markets and sentiment remained entrenched in 'extreme fear'.
Bitcoin Spot ETF products recorded net outflows of $255 million on Monday as compared with net outflows of $492 million on Friday. Blackrock's iShares Bitcoin Trust (IBIT) topped with outflows of $146 million.
Ethereum Spot ETF products also recorded net outflows of $183 million on Monday versus $178 million on Friday.
The CoinShares digital assets funds flow report for the week ended November 15, revealed outflows of over $2 billion. The largest outflow since February this year was driven by monetary policy uncertainty and crypto-native whale selling.
Bitcoin led the losses with outflows of $1.38 billion followed by Ethereum which witnessed outflows of $689 million. iShares ETF recorded outflows of $954 million followed by Grayscale Investments that saw outflows to the tune of $633 million. Bulk of the outflows were from the United States. The report also revealed that total assets under management in digital asset exchange traded products decreased from their early October peak of $264 billion to $191 billion, recording a 27 percent decline.
Rate cut expectations from the Federal Reserve for the December FOMC edged up slightly but nevertheless remained less than 50 percent. The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter percentage rate cut in December at 46.6 percent. It was 42.4 percent a day ago and 66.9 percent a week ago.
Less than 20 of the top 100 cryptocurrencies are trading with gains of more than a percent in the year 2025. Around 69 among the top 100 cryptocurrencies are trading with year-to-date losses that exceed 1 percent.
Overall cryptocurrency market capitalization has declined 3.7 percent in the past 24 hours to $3.13 trillion. 82 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours and only 4 are trading with overnight gains of more than a percent. The 24-hour trading volume has increased more than 45 percent to $245 billion.
Price movements in the cryptocurrency market coincide with the dollar's flat reading and gold's decline. The Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.56 versus 99.59 at the previous close. Gold Futures for December settlement is currently trading at $4,042.14 per troy ounce, implying overnight losses of 0.79 percent.
Bitcoin recovered from the 24-hour low and is currently trading at $91,390.78 implying overnight losses of 4.2 percent and weekly erosion of more than 13 percent. Current price is around 28 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is grappling with losses of 2.2 percent on a year-to-date basis.
Ethereum also recovered from the low levels and is currently trading at $3,052.65. With prices declining 38 percent from the all-time-high, the leading alternate coin is saddled with overnight losses of 4.4 percent, weekly losses of 14.6 percent and year-to-date losses of 8.4 percent.
4th ranked XRP slipped 3.8 percent overnight dragging down its current trading price to $2.17.
5th ranked BNB declined 1.8 percent overnight resulting in price decreasing to $914.71.
The price of 6th ranked Solana decreased 3 percent overnight to $137.40.
TRON ranked 8th overall lost 1.6 percent overnight and is currently changing hands at $0.2890.
9th ranked Dogecoin lost 3.5 percent overnight and is currently changing hands at $0.1566.
10th ranked Cardano declined 5.5 percent overnight to trade at $0.4675.
35th ranked Internet Computer (ICP) topped overnight gains among the top 100 cryptocurrencies with a gain of 9.9 percent.
14th ranked Zcash (ZEC) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 17 percent.
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