WASHINGTON (dpa-AFX) - Sentiment soured in cryptocurrency markets amidst renewed worries about the Fed's monetary policy trajectory triggered by stronger-than-expected jobs data from the U.S. The massive sell-off in Wall Street as well as the large outflows from Bitcoin Spot ETF products on Thursday spooked market sentiment further.
Data released by the U.S. Bureau of Labor Statistics on Thursday had shown additions to non-farm payrolls rising by 119 thousand in September, rebounding from a revised 4 thousand decline in August. The biggest job rise in five months also beat market forecasts of 50 thousand. The unemployment rate which was seen remaining steady at 4.3 percent however increased to 4.4 percent, compounding the policy uncertainty ahead of the Fed's interest rate decision which is just 19 days away.
Market expectation of a quarter percentage Fed rate cut in December which was close to 98 percent a month ago has diminished sharply. It is currently at 35.4 percent versus 30.1 percent a day ago and 44.4 percent a week ago.
Wall Street Futures had witnessed a massive sell-off on Thursday as rate worries and valuation fears hit market sentiment. The Nasdaq Composite had shed 2.2 percent whereas S&P 500 had erased 1.6 percent. The Dow Jones Industrial Average had also recorded losses of 0.84 percent. Sentiment remains weak and Wall Street Futures are currently directionless.
The unabated outflows from Bitcoin ETF products on Thursday also weighed heavily market on sentiment. Data showed that Bitcoin Spot ETF products in the U.S. recorded outflows of $903 million on Thursday as compared with inflows of $75 million on Wednesday. Market leader BlackRock's iShares Bitcoin Trust (IBIT) topped with outflows of $356 million.
The decline in the price of Bitcoin has resulted in selloffs in crypto-linked stocks as well. Virginia-based Strategy Inc (MSTR) which tops the public Bitcoin treasury companies had dropped more than 5 percent on Thursday. Risks related to potential exclusion of the scrip from major indices leading to cascading selloffs from passive index-linked investments also loom large, dampening sentiment.
Amidst a deteriorating retail sentiment and weak global market conditions, overall cryptocurrency market capitalization dropped overnight to a low of $2.82 trillion while Bitcoin plunged as low as $80,659.81. Ethereum also tumbled to a low of $2,626.87 during the past 24 hours.
The crypto market capitalization is currently at $2.87 trillion, recording an overnight decline of 8.3 percent. The 24-hour trading volume has however increased 51 percent to $279 billion. 87 of the top 100 cryptocurrencies are trading with overnight losses of more than 1 percent. None of the top 100 cryptocurrencies have gained more than 1 percent during the past 24 hours.
According to data from Coinglass, the 24-hour liquidation aggregates to $2.2 billion comprising $2.03 billion in long positions and $177 million in short positions. Among the top 10 non-stablecoin cryptocurrencies, BNB, TRON, Hyperliquid and Zcash are trading with year-to-date gains whereas Bitcoin, Ethereum, XRP, Solana, Dogecoin and Cardano are trading with year-to-date losses.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market has dropped further in to the 'extreme fear' territory with a slippage to 11. The same was at 15 a day ago.
The plunge in the cryptocurrency market comes amidst the dollar's resilience and an increase in the price of gold. The Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 100.19 versus 100.16 at the previous close. Gold Futures for December settlement is currently trading at $4,078.31 per troy ounce, implying overnight addition of 0.47 percent.
Bitcoin has plunged 8.3 percent in the past 24 hours to trade at $84,116.88. The current price is around 33 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is grappling with losses of 11.2 percent on a weekly basis and 9.9 percent on a year-to-date basis.
Ethereum shed 8.4 percent overnight to trade at $2,756.75. With prices declining 44 percent from the all-time-high, the leading alternate coin is saddled with weekly losses of 10.8 percent and year-to-date losses of 17.3 percent.
Ethereum Spot ETF products witnessed outflows increasing to $262 million on Thursday from $37 million on Wednesday. Market leader BlackRock's iShares Ethereum Trust ETF (ETHA) topped with outflows of $123 million.
Bitcoin's crypto market dominance is currently at 58.3 percent versus 58.6 percent a day ago. Ethereum commands 11.5 percent of the overall crypto market, a decline from the market share of 11.7 percent a day prior. Residual altcoins have increased market share to 30.2 percent from 29.7 percent a day ago.
Bitcoin is currently ranked 8th and Ethereum 44th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. 4th ranked XRP slipped 8.9 percent overnight dragging down its current trading price to $1.93.
5th ranked BNB shed 8.4 percent overnight resulting in price decreasing to $823.70.
The price of 7th ranked Solana tumbled 9.6 percent overnight to $127.72.
TRON ranked 8th overall slipped 2.6 percent overnight and is currently changing hands at $0.2771.
9th ranked Dogecoin plunged 11.3 percent overnight and is currently changing hands at $0.1402.
10th ranked Cardano declined 12.9 percent overnight to trade at $0.4065.
35th ranked Canton (CC) topped overnight losses among the top 100 cryptocurrencies with a decline of 21.1 percent. 95th ranked Telcoin (TEL) also lost 19.8 percent overnight.
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