WASHINGTON (dpa-AFX) - Expectations of a quick end to the conflict in the Middle East that had propelled markets higher, vanished after the president's national address on Wednesday. The jump in crude oil prices, the dollar's surge as well as the spike in bond yields dampened sentiment in the cryptocurrency market. Overall market capitalization of cryptocurrencies has declined close to 3 percent in the past 24 hours.
Brent Oil Futures for June settlement are currently trading at $108.88, having jumped 7.6 percent on an overnight basis. West Texas Intermediate (WTI) Crude Oil Futures for May settlement has also added 7.7 percent overnight to trade at $107.80. Brent has gained 79 percent and WTI crude has added 88 percent on a year-to-date basis. Brent crude had touched a high of $119.5 and WTI crude had risen to a high of $113.41 on March 9.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies is currently trading at 100.13. The day's trading ranged between 99.98 and 100.18. The index had touched a multi-month high of 100.64 on Tuesday.
Fears of an energy price shock, mounting inflation and a hawkish outlook from central banks sent sovereign bond yields spiking northwards across regions and tenors. Ten-year sovereign bond yields have increased more than a percent in the U.S, U.K. Germany, France, Italy, Spain etc., while in Japan the surge is more than 3 percent. Crypto market sentiment has also suffered in tandem as a rise in general interest rates increase the opportunity cost of holding cryptocurrencies that are typically non-interest bearing.
Alongside the dip in cryptocurrencies, gold and silver have also suffered overnight declines. Gold has lost 3.5 percent overnight whereas Silver is trading with overnight losses of 6.3 percent.
CoinMarketCap's Fear and Greed Index that measures the sentiment in the crypto market declined to 27 from 32 a day ago. It was 29 a week earlier. However, the readings remain in the 'fear' territory.
Data from Coinglass shows long positions surpassing short positions in the 24-hour liquidation statistics, implying a sell-off. 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 stood at $381 million comprising long positions of $228 million and short positions of $153 million.
As markets reacted to the escalation in the Middle East tensions, overall crypto market capitalization has declined 2.8 percent in the past 24 hours to $2.29 trillion. The 24-hour trading volume has slipped almost 4 percent to $98 billion. Around 5 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent whereas 72 are trading with overnight losses of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is trading 3.1 percent lower at $66,439.88. The current price is around 47 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has lost 4.3 percent in the past week and is saddled with losses of more than 24 percent till date in 2026.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $174 million on Wednesday versus net inflows of $118 million on Tuesday. Market leader iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $87 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded net outflows of $79 million.
Bitcoin is continuing in the 13th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. Tesla (TSLA) is ranked 12th whereas Berkshire Hathaway (BRK-B) is ranked 14th.
Ethereum (ETH) slipped 4.2 percent overnight as it traded at $2,045.65. The leading alternate coin is trading 59 percent below the all-time-high of $4,953.73 recorded on August 25, 2025.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $7 million on Wednesday versus net inflows of $31 million a day earlier. Market leader iShares Ethereum Trust ETF (ETHA) topped with net outflows of $32 million. Grayscale Ethereum Staking ETF (ETHE) recorded inflows of $17 million.
Meanwhile, Ethereum has slipped 2 ranks to the 72nd position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. Wells Fargo (WFC) is ranked 71st whereas Phillip Morris International (PM) is ranked 73rd.
4th ranked XRP (XRP) lost more than 3 percent overnight and is currently trading at $1.31, around 66 percent below the all-time high of $3.84 touched on January 4, 2018.
5th ranked BNB (BNB) plunged 4.6 percent overnight resulting in price decreasing to $586.52. BNB is trading 57 percent below the all-time high of $1,370.55 touched on October 13, 2025.
The price of 7th ranked Solana (SOL) dropped 5.1 percent overnight to $79.25. SOL's current price is around 73 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON (TRX) ranked 8th overall edged down 0.05 percent overnight and is currently changing hands at $0.3152. The trading price is 28 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Dogecoin (DOGE) lost 2.1 percent overnight and is currently trading at $0.0903. DOGE is trading 88 percent below the peak price of $0.7376 recorded on May 8, 2021.
UNUS SED LEO (LEO) jumped to the 10th rank overall with an overnight addition of 0.11 percent. LEO is trading at $10.03, around 1 percent below the all-time high of $10.13 recorded two days ago, on March 31, 2026.
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