WASHINGTON (dpa-AFX) - Sentiment in cryptocurrency market remains strong while global markets react to the surge in crude oil prices and its likely impact on the Federal Reserve's monetary policy decision due next week. Bitcoin has gained almost a percent in the past 24 hours.
Amidst persisting hostilities in the Middle East and the disruption of oil transit through the Strait of Hormuz, crude oil prices have surged ahead. Brent crude oil Futures for November settlement is currently trading at $101.27, jumping 3.4 percent from the previous close of $97.92. WTI Crude oil for October settlement is currently trading at $96.20, jumping 3.4 percent on an overnight basis from Tuesday's close of $93.03.
The surge in crude oil prices have impacted Fed rate hike expectations as well. The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of rate hike by the Fed on September 16 at 60.4 percent. It was 59.4 percent a day ago, 63.2 percent a week ago and 44.4 percent a month ago.
The six-currency Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently trading at 98.63, implying an overnight decline of 0.16 percent.
Expectations about bond buyback announcements by the U.S. Treasury however supported crypto market sentiment. Cryptocurrencies had dramatically rebounded three weeks ago in response to the U.S. Treasury's announcements regarding doubling the size of long-end bond buybacks.
Long dated thirty-year bonds have declined 0.34 percent overnight while ten-year bonds have edged down 0.02 percent. Yields on the shorter end of the curve however spiked. Five-year bond yields have rallied 0.13 percent whereas two-year bond yields have added 0.14 percent.
Yield on 30-year U.S. sovereign bonds are currently trading at 5.247 percent after ranging between 5.236 percent and 5.258 percent. Yield on 10-year U.S. sovereign bonds are currently trading at 4.80 percent after ranging between 4.820 percent and 4.789 percent.
Amidst the contrasting expectations in the market, overall cryptocurrency market capitalization is currently at $2.69 trillion. The 24-hour trading volume stood at $79.7 billion.
At current prices, Bitcoin's dominance of the crypto market is 58.9 percent. Ethereum accounts for 11.3 percent of the market while other cryptocurrencies including stablecoins account for 29.8 of the overall cryptocurrency market.
Bitcoin (BTC), the largest cryptocurrency is currently trading 0.95 percent higher on an overnight basis at $79,315.80. The leading cryptocurrency has gained 2.6 percent over the course of the past week but is still saddled with year-to-date losses of 9.4 percent.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $47 million on Tuesday as compared with net inflows of $175 million on Friday. Grayscale Bitcoin Trust ETF (GBTC) topped with net outflows of $66 million.
Bitcoin is continuing in the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Saudi Aramco and 13th ranked Meta Platforms.
Ethereum (ETH) is trading 1 percent higher at $2,511.38. The leading alternate coin has added 4.5 percent over the course of the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $24 million on Tuesday as compared with net inflows of $26 million on Friday. Grayscale Ethereum Mini Trust ETF (ETH) topped with net outflows of $25 million.
Ethereum is continuing in the 62nd position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) dropped 0.59 percent overnight resulting in price decreasing to $746.30.
5th ranked XRP (XRP), a payments-focused cryptocurrency added 0.93 percent overnight and is currently trading at $1.43. Weekly gains are around 7 percent.
The price of 7th ranked Solana (SOL) increased 0.69 percent overnight to $104.07. TRON (TRX) ranked 8th overall is currently trading 0.4 percent lower at $0.3386.
9th ranked Hyperliquid (HYPE) is trading 3.3 percent higher on an overnight basis, at $86.42.
Zcash (ZEC) positioned as 10th rank overall surged 9.6 percent overnight to trade at $1,182.41. The cryptocurrency has jumped almost 58 percent over the course of the past week amidst strong ETF inflows and short squeezes.
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