WASHINGTON (dpa-AFX) - Uncertainty over the U.S.-Iran ceasefire dampened sentiment in the cryptocurrency markets that had rallied emphatically a day earlier. The spike in crude oil prices, the continuing disruption in the Strait of Hormuz, the indications in the FOMC minutes as well as persisting outflows from U.S.-listed Bitcoin Spot ETF products weighed on market sentiment. Overall market capitalization of cryptocurrencies has declined more than a percent in the past 24 hours.
Brent Oil Futures for June settlement are currently trading at $98.41, having rallied 3.9 percent on an overnight basis. West Texas Intermediate (WTI) Crude Oil Futures for May settlement has also jumped 6.5 percent overnight to trade at $100.52. On a year-to-date basis, Brent has added 62 percent while WTI crude has rallied 75 percent.
Crypto market sentiment has also been influenced by the Fed's outlook on inflation and the labor market. According to the minutes of the Federal Open markets Committee released on Wednesday, several participants felt that measures of near-term inflation expectations had risen in recent weeks, reflecting the substantial rise in oil prices caused by events in the Middle East. Participants also expected that higher oil prices would increase inflation in the near term and delay the anticipated decline in inflation toward the Committee's 2 percent objective.
With regard to the labor market, most participants of the FOMC judged that the recent data readings like job openings, layoffs, hiring, and nominal wage growth, continued to suggest that the labor market was broadly in balance and that the low rate of job growth was roughly in line with slower labor force growth.
Crypto markets also digested key economic updates from the U.S. Data released on Thursday showed the U.S. economy expanding at an annualized rate of 0.5 percent in the fourth quarter, revised down further from 0.7 percent in the second estimate and 1.4 percent in the preliminary reading. The core PCE price index, the Federal Reserve's preferred gauge of underlying inflation, rose by 0.4 percent in February in line with the market consensus. Consumer price inflation readings for march are due on Friday morning.
Data from Coinglass shows long positions surpassing short positions in the 24-hour liquidation statistics. 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 $219 million comprising long positions of $164 million and short positions of $54 million.
CoinMarketCap's Fear and Greed Index that measures the sentiment in the crypto market is currently at 43, the same level as a day ago. The sentiment has shifted to a 'neutral' state from 28 a week earlier that denoted a state of 'fear'.
As markets reacted to the fragile truce and the uncertain situation in the Middle East, overall crypto market capitalization has declined 1.4 percent in the past 24 hours to $2.41 trillion. The 24-hour trading volume has dropped 33 percent to $83 billion. Around 67 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent whereas only 4 are trading with overnight gains of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is trading 1.1 percent higher at $71,627.51. The current price is around 44 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has gained 6.7 percent in the past week, resulting in year-to-date losses of 19.2 percent.
Bitcoin Spot ETF products in the U.S. witnessed net outflows declining to $94 million on Wednesday from $159 million on Tuesday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with net outflows of $79 million. ARK 21Shares Bitcoin ETF (ARKB) also witnessed net outflows of $75 million. Market leader iShares Bitcoin Trust ETF however recorded net inflows of $40 million.
Bitcoin is continuing in the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. Meta Platforms (META) is ranked 11th whereas Tesla (TSLA) is ranked 13th.
Ethereum (ETH) shed 2.8 percent overnight as it traded at $2,165.84. The leading alternate coin is trading 56 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 declining to $19 million on Wednesday from $65 million on Tuesday. iShares Staked Ethereum Trust ETF (ETHB) topped inflows with $44 million whereas Fidelity Ethereum Fund (FETH) topped outflows with $32 million.
Meanwhile, Ethereum has slipped to the 72nd position from the 61st position a day earlier, in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) lost 1.3 percent overnight resulting in price decreasing to $599.35. BNB is trading 56 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP (XRP) lost more than 3 percent overnight and is currently trading at $1.32, around 65 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) dropped 2.2 percent overnight to $81.69. SOL's current price is around 72 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON (TRX) ranked 8th overall edged up 0.21 percent overnight and is currently changing hands at $0.3183. 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 almost 3 percent overnight and is currently trading at $0.0912. DOGE is trading 88 percent below the peak price of $0.7376 recorded on May 8, 2021.
10th ranked Hyperliquid (HYPE) edged down 0.11 percent in the past 24 hours. HYPE is trading at $38.91, around 34 percent below the all-time high of $59.39 recorded on September 18, 2025.
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