WASHINGTON (dpa-AFX) - In tandem with the negative sentiment in global markets triggered by the latest escalation in tensions between the U.S. and Iran, cryptocurrencies are trading on a heavily negative note. The spike in crude oil prices that followed as well as the massive exodus of funds from U.S.-listed Bitcoin Spot ETF products on Wednesday also weighed on crypto market sentiment.
Overall cryptocurrency market capitalization has slipped close to 3 percent in the past 24 hours. Market leader Bitcoin dropped to a 24-hour low of $72,650, a level last seen in mid-April.
U.S.-listed crypto ETF products witnessed heavy outflows on Wednesday. Bitcoin Spot ETF products witnessed outflows of more than $700 million whereas Ethereum Spot ETF products witnessed outflows of close to $70 million.
Markets also digested the latest inflation readings from the U.S. for the month of April. Data released by the U.S. Bureau of Economic Analysis on Thursday morning showed the core PCE price index rising by 3.3 percent year-on-year. The inflation reading increased from 3.2 percent in March but matched market expectations. The Fed's preferred gauge of underlying inflation in the U.S. economy however remained well above the Federal Reserve's 2 percent target, instilling fears of a hawkish monetary policy response by the Federal Reserve.
The risk aversion attributed to the escalation in geopolitical tensions have triggered heavy crypto liquidations during the past 24 hours. Data from Coinglass shows crypto liquidations, i.e. the forced closure of a trader's leveraged position by an exchange or lending protocol for insufficient funds (margin or collateral) to cover potential losses jumping to $918 million from $326 million a day earlier. Long positions spiked to $860 million from $246 million a day earlier whereas short positions declined to $58 million from $79 million during the prior period.
With the latest flare-up dimming hopes of a peace deal between the U.S. and Iran, crypto market sentiment has been impacted. Amidst the broad market selloff triggered by geopolitical escalation and massive ETF outflows, overall crypto market capitalization has decreased 2.8 percent in the past 24 hours to $2.46 trillion. The 24-hour trading volume has however increased 12 percent to $104 billion. Only 3 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent whereas 75 are trading with overnight losses of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is trading 2.9 percent lower at $73,126.96. The current price is around 42 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has lost 5.2 percent in the past week and 16.4 percent on a year-to-date basis.
Bitcoin Spot ETF products in the U.S. had witnessed net outflows of $733 million on Wednesday, a sharp jump from $334 million on Tuesday and $105 million on Friday. iShares Bitcoin Trust ETF (IBIT) topped with massive outflows of $528 million, jumping from $192 million a day earlier. Diverging from the trend, Morgan Stanley Bitcoin Trust (MSBT) however recorded inflows of $4.3 million.
Bitcoin continues to be ranked 13th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com and is positioned between Meta Platforms ranked 12th and Samsung ranked 14th in the list.
Ethereum (ETH) shed 4.3 percent overnight as it traded at $1,982.95. The leading alternate coin is trading 60 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 rising to $67 million on Wednesday from $35 million on Tuesday and $7 million on Friday. With outflows of $65 million, iShares Ethereum Trust ETF (ETHA) accounted for bulk of the outflows.
With an overnight slide of more than 4 percent, Ethereum has slipped 5 notches to the 79th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) lost 3.3 percent overnight resulting in price decreasing to $631.49. BNB is trading 54 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP (XRP), a payments-focused cryptocurrency lost 2.4 percent overnight and is currently trading at $1.29, around 66 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) declined 3.3 percent overnight to $80.84. SOL's current price is around 72 percent below its all-time-high of $294.33 recorded on January 19, 2025.
Solana ETF products in the U.S. witnessed net inflows of $0.6 million on Wednesday versus nil inflows on Tuesday.
TRON (TRX) ranked 8th overall plunged 6.6 percent overnight and is currently changing hands at $0.3482. The trading price is 21 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
Memecoin Dogecoin (DOGE) which regained the 9th rank overall slipped 3.7 percent overnight and is currently trading at $0.0978. DOGE is trading 87 percent below the peak price of $0.7376 recorded on May 8, 2021.
10th ranked Hyperliquid (HYPE) tumbled 8.6 percent in the past 24 hours. HYPE is trading at $56.56, around 12 percent below the all-time high of $64.59 recorded on May 26, 2026. HYPE has lost 2.9 percent in the past week but is holding on to gains of 122 percent on a year-to-date basis.
Hyperliquid ETF products in the U.S. witnessed net inflows of $3.4 million on Wednesday versus $20 million on Tuesday. Bitwise Hyperliquid ETF (BHYP) and 21Shares Hyperliquid ETF (THYP), both witnessed inflows of $1.7 million each.
Among the top 100 cryptocurrencies, 15th ranked Stellar (XLM) topped overnight gains with a surge of more than 33 percent whereas 58th ranked Worldcoin (WLD) topped losses with an overnight plunge of close to 20 percent.
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