WASHINGTON (dpa-AFX) - Cryptocurrencies recorded a massive plunge in the past 24 hours as markets waited for the announcement regarding the next Chairperson of the Federal Reserve. Rumors regarding hawkish candidate Kevin Warsh getting nominated for the role spooked investors, resulting in a massive decline in cryptocurrencies and precious metals and a spike in the dollar's strength. Massive outflows from U.S.-listed Bitcoin and Ethereum Spot ETF products in the U.S. also weighed on sentiment.
Fears of a hawkish Fed dampened sentiment across the crypto market. Overall crypto market capitalization is currently at $2.81 trillion, erasing more than 5.3 percent overnight. The 24-hour trading volume has however increased more than 63 percent to $169 billion.
Around 80 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent. At the same time, only 4 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. The impact of the crash has eroded year-to-date gains of major cryptocurrencies. Only 35 of the top 100 cryptocurrencies are trading with gains of more than a percent on a year-to-date basis.
Bitcoin has slipped two notches to the 11th rank and Ethereum has slipped 3 notches to the 47th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Data from Coinglass showed crypto liquidations - forced closure of a trader's leveraged position by an exchange or lending protocol for insufficient funds (margin or collateral) to cover potential losses - in the past 24 hours at $1.79 billion comprising long positions of $1.67 billion and short positions of $121 million.
The deterioration in the sentiment prevailing in the cryptocurrency market was reflected in the CMC Fear and Greed Index as well. The index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market dropped further in the 'fear' territory with a decline to 28 from 38 a day earlier and 34 a week earlier.
Meanwhile, Gold futures for April settlement dropped 3.5 percent, Silver futures for March settlement lost 9.7 percent and platinum futures for April settlement has dropped 10.1 percent in Friday's trading.
Expectations of a not so dovish leader at the helm of the Federal Reserve lifted the Dollar. The six-currency Dollar Index is currently trading at 96.38 versus 96.16 a day ago.
Bitcoin, the largest cryptocurrency has slipped 5.6 percent in the past 24 hours to trade at $82,983.96. The current price is around 34 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has lost 6.9 percent in the past week and is grappling with year-to-date losses of 5.2 percent. The 24-hour trading ranged between $87,999.14 and $81,071.47.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $818 million on Thursday versus net outflows of $20 million on Thursday. iShares Bitcoin Trust ETF (IBIT) topped outflows with $318 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded outflows of $168 million.
Ethereum has lost more than 6 percent overnight as it declined to $2,751.90. The leading alternate coin is now trading 44 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $2,934.04 and $2,689.25.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $156 million on Thursday versus net inflows of $28 million a day earlier. Fidelity Ethereum Fund (FETH) topped with net outflows of $59 million.
4th ranked BNB lost 5.7 percent overnight resulting in price decreasing to $840.89. BNB is trading 39 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP shed 5.5 percent overnight to trade at $1.76, around 54 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana decreased 5 percent overnight to $116.61. SOL's current price is around 60 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON ranked 8th overall also lost 1.8 percent overnight and is currently changing hands at $0.2892. The trading price is 34 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Dogecoin plunged 4.7 percent overnight and is currently trading at $0.1151. DOGE is now trading 84 percent below the previous peak of $0.7376 recorded on May 8, 2021.
10th ranked Cardano also dropped 5.6 percent overnight to trade at $0.3266. ADA is currently trading 89 percent below the record high of $3.10 touched on September 2, 2021.
90th ranked Stable (STABLE) and 17th ranked Canton (CC) topped overnight gains among the top 100 cryptocurrencies with an addition of more than 4 percent.
72nd ranked River (RIVER) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 27 percent. 97th ranked Lighter (LIT) followed with overnight losses of 11.3 percent.
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