WASHINGTON (dpa-AFX) - Cryptocurrency market turned into a sea of red and Bitcoin dropped below $83 thousand amidst a massive liquidation cascade. The past 24 hours witnessed long positions being forcibly flushed out amidst a jump in bond yields, the dollar's rebound and an uptick in Fed rate hike expectations. Crypto markets also digested reports of BitMine Immersion Technologies announcing a cap on Ethereum purchases.
The aggregate liquidations during the 24-hour period stood at $696 million. Liquidation of long positions amounted to $644 million, while the liquidation of short positions amounted to $52 million only.
Lingering anxiety ahead of the release of minutes of the recent FOMC weighed on crypto market sentiment. Crypto markets also reacted to the hardening in bond yields across regions and tenors amidst renewed fears about burgeoning debt and worrying fiscal position. Ten-year U.S. treasuries are currently trading at 5.328 percent, jumping 1.14 percent from the previous close. Yields on long-dated 30-year U.S. treasuries also surged 1.3 percent to 5.715 percent. Ten-year bond yields have increased around 1 percent in the U.S., Canada, France, U.K., Spain, Italy as well as Japan.
The U.S. Dollar too jumped, causing the Dollar Index to rise more than half a percent overnight. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently trading at 102.41, jumping 0.57 percent from 101.83 at the previous close. The dollar's rebound has dampened the dollar-denominated prices of cryptocurrencies.
Meanwhile, expectations of a quarter percentage rate hike by the Federal Reserve in October has edged up to 21.6 percent, from 19.9 percent a day earlier.
Overall cryptocurrency market capitalization has declined 3.5 percent overnight to $2.83 trillion. The decrease in market capitalization is accompanied by a 34-percent jump in trading volumes.
Bitcoin (BTC), the largest cryptocurrency is currently trading 3.6 percent lower on an overnight basis at $83,080.63, around 34 percent below the all-time high of $126,198. The leading cryptocurrency has lost 1.7 percent in the past week. Year-to-date losses have increased to 5.1 percent. The 24-hour trading ranged between $86,664.54 and $82,771.79.
Bitcoin Spot ETF products in the U.S. witnessed net inflows of $119 million on Tuesday in sharp contrast to the net outflows of $90 million on Monday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows with $122 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 5.4 percent lower at $2,563.86, around 48 percent below the all-time high of $4,953. The leading alternate coin has lost 5.3 percent in the past week and 13.6 percent on a year-to-date basis. The 24-hour trading ranged between $2,723.74 and $2,552.93.
Ethereum Spot ETF products in the U.S. witnessed net outflows increasing to $202 million on Tuesday from $51 million on Monday. The net outflows are attributed entirely to iShares Ethereum Trust ETF (ETHA).
Ethereum has slipped 4 notched to the 61st position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) slipped 2.3 percent overnight resulting in price decreasing to $766.77.
5th ranked XRP (XRP), a payments-focused cryptocurrency tumbled 5.4 percent overnight and is currently trading at $1.43.
The price of 7th ranked Solana (SOL) decreased 3.96 percent overnight to $116.09, around 61 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net outflows decreasing to $4 million on Tuesday from $9 million on Monday. The outflows relate entirely to Grayscale Solana Staking ETF (GSOL).
TRON (TRX) ranked 8th overall is currently trading 0.4 percent lower at $0.3341.
9th ranked Zcash (ZEC) lost 3.8 percent overnight and the cryptocurrency is currently trading at $1,325.70, around 78 percent below the all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products witnessed nil flows on Tuesday versus net outflows of $4 million on Monday and $27 million on Friday.
10th ranked Hyperliquid (HYPE) dropped 4.2 percent on an overnight basis to $88.88, around 9 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows of $3 million on Tuesday versus net outflows of $3 million on Monday.
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