WASHINGTON (dpa-AFX) - Losses in cryptocurrencies increased on Thursday amidst renewed worries about the potential disruption to the tech and software sectors posed by advancements in artificial intelligence. Comments attributed to Treasury Secretary Scott Bessent that ruled out government bailout of crypto exacerbated the sell off. Unabated outflows from Bitcoin Spot ETF products in the U.S. as well as renewed warnings about the correlation between crypto crashes and precious metal liquidations added to the selling pressure.
Bitcoin dropped to a 24-hour low of $70,035 whereas overall crypto market capitalization dropped to a 24-hour low of $2.41 trillion.
Tracking losses in Wall Street on Wednesday, equity benchmarks in Asia and Europe traded on a weak note. Wall Street Futures on Thursday are also currently trading in a directionless manner. Amidst the sell-ff in equity markets and whipsawing price patterns in the precious metals space, cryptocurrencies have recorded a massive plunge.
Data from Coinglass shows 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 $876 million comprising long positions of $715 million and short positions of $161 million.
Overall cryptocurrency market capitalization is currently at $2.43 trillion, losing 5.6 percent in the past 24 hours. The 24-hour trading volume has however increased 21 percent overnight. Among the top 100 cryptocurrencies, around 80 have recorded overnight losses of more than a percent.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market is just tad above the year-low of 10 (extreme fear) recorded on November 22, 2025. The index has dropped further in the 'Extreme fear' territory with a decline to 11 from 14 a day earlier.
Bitcoin, the largest cryptocurrency has declined 5.9 percent in the past 24 hours to trade at $71,557.47. The current price is around 43 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has lost 18.5 percent in the past week and is grappling with year-to-date losses of 18.2 percent.
Despite the decline, Bitcoin has maintained the 13th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
With the crypto market's anchor asset Bitcoin trading around the $71.5k level, losses in the top ranked Bitcoin Treasury company Strategy Inc (MSTR) have increased. The Virgina-headquartered company has Bitcoin holdings of 713,504 at an average cost of $76,052.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $545 million on Wednesday versus $272 million on Tuesday. iShares Bitcoin Trust (IBIT) topped with outflows of $373 million.
Ethereum has tumbled 5.4 percent overnight as it declined to $2,133.67. The leading alternate coin is now trading 57 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $2,262.71 and $2,070.35.
Meanwhile, Ethereum has plunged one notch to the to the 69th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $79 million on Wednesday versus net inflows of $14 million a day earlier. iShares Ethereum Trust ETF (ETHA) recorded outflows of $59 million followed by Fidelity Ethereum Fund (FETH) that recorded outflows of $21 million.
4th ranked BNB slipped 7.6 percent overnight resulting in price decreasing to $697.82. BNB is trading 49 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP plunged 12.2 percent overnight to trade at $1.40, around 63 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana dropped 4.8 percent overnight to $92.26. SOL's current price is around 69 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON ranked 8th overall erased 1.9 percent overnight and is currently changing hands at $0.2810. The trading price is 36 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Dogecoin also lost 6.1 percent overnight and is currently trading at $0.1012. DOGE is now trading 88 percent below the previous peak of $0.7376 recorded on May 8, 2021.
Bitcoin Cash (BCH) rose to the 10th rank overall amidst a decline of 7.1 percent in the price of Cardano (ADA). BCH lost only 0.25 percent overnight and is currently trading at $524.56 which is 88 percent below the cryptocurrency's record high.
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