WASHINGTON (dpa-AFX) - Cryptocurrencies rebounded early on Friday amidst a pause in the bond selloff and a decline in crude oil prices. Crude oil price benchmarks have both declined more than a percent, helped by reports that the U.S. and Iran were exploring a phased deal to reopen the Strait of Hormuz.
A broad decline in global bond yields helped sentiment towards cryptocurrencies. Ten-year bond yields eased in Canada, Germany, France, U.K., Italy, Japan as well as Australia, However, it inter alia hardened in the U.S., Spain as well as Hong Kong.
The dollar's retreat also supported 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 100.99, implying an overnight decline of 0.29 percent.
Simultaneously, the likelihood of a quarter percentage rate hike by the Fed in October has fallen below 69 percent, according to the CME FedWatch tool.
A large liquidation of short positions aided the rise in cryptocurrency prices. Of the total liquidations of $267 million witnessed in the past 24 hours, short liquidations account for the bulk i.e. $169 million. Long liquidations amount to $97 million only.
Amidst the rebound in prices of cryptocurrencies, aggregate crypto market capitalization has gained 2.5 percent overnight to $2.91 trillion. The rise was however accompanied by a 17 percent dip in trading volumes.
Close to 80 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. 60th ranked Quant (QNT) top overnight gains with a surge of more than 36 percent. 36th ranked Ondo (ONDO) has rallied 29 percent followed by 88th ranked Artificial Superintelligence Alliance (FET) that has added more than 23 percent.
Only 4 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent. 33rd ranked MemeCore (M) topped overnight losses with a decline of 2.8 percent.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.6 percent higher on an overnight basis at $84,731.68, around 33 percent below the all-time high of $126,198. The leading cryptocurrency is holding on to weekly gains of 8.6 percent and monthly gains of 8.1 percent. Year-to-date losses stand at 3.2 percent. The 24-hour trading ranged between $85,230 and $83,306.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $191 million on Thursday from $347 million on Wednesday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $163 million. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with net inflows of $13 million.
Bitcoin has improved 1 notch to the 11th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 10th ranked SpaceX and 12th ranked Broadcom.
Ethereum (ETH) is trading 3 percent higher at $2,723.05, around 45 percent below the all-time high of $4,953. The leading alternate coin is holding on to weekly gains of 8.6 percent and monthly gains of 10.7 percent. Year-to-date losses stand at 8.2 percent. The 24-hour trading ranged between $2,741.30 and $2,638.78.
Ethereum Spot ETF products in the U.S. also witnessed net inflows decreasing to $66 million on Thursday from $105 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $27 million.
Ethereum has jumped 2 notches to the 57th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) rallied 1.4 percent overnight resulting in price increasing to $779.90.
5th ranked XRP (XRP), a payments-focused cryptocurrency jumped 7.7 percent overnight and is currently trading at $1.58.
The price of 7th ranked Solana (SOL) increased 7 percent overnight to $121.00, around 59 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net inflows increasing to $33 million on Thursday from $14 million on Wednesday.
TRON (TRX) ranked 8th overall is currently trading 0.67 percent lower at $0.3370. 9th ranked Zcash (ZEC) jumped 8.4 percent overnight and the cryptocurrency is currently trading at $1,608.37, around 73 percent below the all-time high of $5,941.80.
10th ranked Hyperliquid (HYPE) added 2.9 percent on an overnight basis to $93.59, around 4 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows of $5 million on Thursday versus net outflows of $2 million on Wednesday.
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