WASHINGTON (dpa-AFX) - Sentiment soured in cryptocurrency markets amidst a brutal bond selloff and a surge in crude oil prices. Overall crypto market capitalization slipped around a percent in the past 24 hours while Bitcoin dropped below $82 thousand in the past 24 hours.
The aggregate liquidations during the 24-hour period stood at $429 million. Liquidation of long positions amounted to $376 million, while the liquidation of short positions amounted to $53 million only.
Crypto markets also digested the hawkish minutes from the recent FOMC that revealed a committee focused on inflation combat.
Meanwhile, Fed rate hike expectations for October continue to remain low despite minutes of the FOMC released on Wednesday reinforcing the Fed's hawkish tone at the time of the rate hike. The likelihood of a quarter percentage rate hike by the Fed in October has edged up to 19.4 percent, from 17.7 percent a day earlier, the CME FedWatch tool shows.
Ten-year U.S. treasuries are currently trading at 5.286 percent, jumping 0.15 percent from the previous close.
The U.S. Dollar has retreated, causing the Dollar Index to drop 0.11 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 102.13 versus 102.24 at the previous close.
Overall cryptocurrency market capitalization has declined 0.95 percent overnight to $2.8 trillion. The decrease in market capitalization is accompanied by a 9.5-percent drop in trading volumes.
Among the top 100 cryptocurrencies, around 24 are trading with overnight gains of more than a percent whereas around 30 are trading with overnight losses of more than a percent. 95th ranked Starknet (STRK) tops overnight gains with a surge of more than 26 percent whereas 62nd ranked Venice Token (VVV) tops overnight losses with a decline of 11.8 percent.
Bitcoin (BTC), the largest cryptocurrency is currently trading 0.5 percent lower on an overnight basis at $82,658.31, around 35 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 5.6 percent. The 24-hour trading ranged between $83,640.30 and $81,723.60.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $485 million on Wednesday in sharp contrast to the net inflows of $119 million on Tuesday. iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $208 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) also recorded net outflows of more than $100 million each.
Bitcoin has slipped one notch to the 13th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 12th ranked Saudi Aramco and 14th ranked Tesla.
Ethereum (ETH) is trading 1.2 percent lower at $2,532.56, around 49 percent below the all-time high of $4,953. The leading alternate coin has lost 6.1 percent in the past week and 14.6 percent on a year-to-date basis. The 24-hour trading ranged between $2,585.30 and $2,503.45.
Ethereum Spot ETF products in the U.S. witnessed net outflows decreasing to $161 million on Wednesday from $202 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $116 million.
Ethereum is continuing in the 61st position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) slipped 1.1 percent overnight resulting in price decreasing to $758.27.
5th ranked XRP (XRP), a payments-focused cryptocurrency dropped 1.8 percent overnight and is currently trading at $1.40.
The price of 7th ranked Solana (SOL) decreased 2.9 percent overnight to $112.48, around 62 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net outflows increasing to $5 million on Wednesday from $4 million on Tuesday. The outflows relate entirely to Bitwise Solana Staking ETF (BSOL).
TRON (TRX) ranked 8th overall is currently trading 0.01 percent higher at $0.3344.
9th ranked Hyperliquid (HYPE) dropped 2.96 percent on an overnight basis to $86.07, around 12 percent below the all-time high of $97.98.
10th ranked Zcash (ZEC) lost 8.7 percent overnight and the cryptocurrency is currently trading at $1,210.15, around 80 percent below the all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products witnessed net outflows of $9 million on Wednesday versus nil flows on Tuesday.
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