WASHINGTON (dpa-AFX) - Bitcoin dropped below $83k in the past 24 hours as a massive bond market selloff spoiled sentiment towards risk assets including cryptocurrencies. Strong economic data from the U.S. and the spike in global crude oil prices renewed Fed rate hike fears, triggering a selloff in U.S. bond markets. Yield on the long dated thirty-year bond touched a 22-year high of 5.442 percent in the wake of hot PMI data.
Latest data revealed an unexpected jump in manufacturing as well as service sector activity in the U.S. Flash PMI readings for September showed manufacturing PMI jumping to 57 from 53.9 and services PMI jumping to 58.7 from 56.5. The likelihood of a quarter percentage rate hike by the Fed in October is currently above 70 percent, according to the CME FedWatch tool.
Crypto market sentiment has heavily impacted by the massive spike in bond yields in the U.S. Long dated thirty-year bonds have spiked 0.61 percent overnight to trade at 5.435 percent. Ten-year bonds have jumped 0.35 percent to 5.134 percent. Five-year bond yields have added 0.04 percent to 5.007 percent whereas two-year bond yields have decreased 0.33 percent overnight to 4.879 percent.
The dollar's surge also weighed on crypto market sentiment. The six-currency Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently trading at 101.27, implying an overnight addition of 0.17 percent.
A massive liquidation of long positions abetted the decline in cryptocurrency prices. Of the total liquidations of $613 million witnessed in the past 24 hours, long liquidations account for the bulk i.e. $544 million. Short liquidations amount to $69 million only.
Amidst the bearish outlook on future prices of cryptocurrencies, aggregate crypto market capitalization has dropped 2.6 percent overnight to $2.84 trillion. The plunge was accompanied by an 8 percent jump in trading volumes.
Bitcoin (BTC), the largest cryptocurrency is currently trading 2.4 percent lower on an overnight basis at $83,510.52, around 34 percent below the all-time high of $126,198. The leading cryptocurrency is holding on to weekly gains of 9.4 percent and monthly gains of 5.4 percent. Year-to-date losses stand at 4.6 percent. The 24-hour trading ranged between $85,906 and $82,907.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $347 million on Wednesday from $715 million on Tuesday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $166 million. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with net inflows of $143 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 Broadcom and 13th ranked Saudi Aramco.
Ethereum (ETH) is trading 2.7 percent lower at $2,648.96, around 47 percent below the all-time high of $4,953. The leading alternate coin is holding on to weekly gains of 8.8 percent and monthly gains of 7 percent. Year-to-date losses stand at 10.7 percent. The 24-hour trading ranged between $2,728.79 and $2,628.69.
Ethereum Spot ETF products in the U.S. also witnessed net inflows decreasing to $105 million on Wednesday from $162 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $51 million.
Ethereum has slipped 2 notches to the 59th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) shed 1.5 percent overnight resulting in price decreasing to $769.69.
5th ranked XRP (XRP), a payments-focused cryptocurrency plunged 6.8 percent overnight and is currently trading at $1.47.
The price of 7th ranked Solana (SOL) declined 2.8 percent overnight to $113.43, around 61 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net inflows of decreasing to $14 million on Wednesday from $29 million on Tuesday.
TRON (TRX) ranked 8th overall is currently trading 1.1 percent lower at $0.3392.
9th ranked Zcash (ZEC) plunged 8.9 percent overnight and the cryptocurrency is currently trading at $1,489.92, around 75 percent below the all-time high of $5,941.80.
10th ranked Hyperliquid (HYPE) slipped 4.6 percent on an overnight basis to $90.91, around 7 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $2 million on Wednesday.
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