WASHINGTON (dpa-AFX) - Worries about a stricter regulatory regime for the U.S. crypto industry, a massive AI-led selloff in technology shares, a better-than-expected job market update as well as the dollar's rebound caused cryptocurrencies to plunge heavily in the past 24 hours. Amidst a liquidation cascade, overall cryptocurrency market capitalization has plunged to $2.54 trillion, and Bitcoin traded between $75,297 and $76,378 during the past 24 hours.
Sentiment soured in the cryptocurrency market amidst deepening worries about whether the regulatory regime under a Democrat-controlled U.S. Congress would continue to be crypto-friendly.
The six-currency Dollar Index is currently trading at 102.25, gaining 0.69 percent on an overnight basis.
Data released by the U.S. Bureau of Labor Statistics on Friday morning showed an addition of 165 thousand to non-farm payrolls in October versus 60 thousand in the previous month and market expectations of 65 thousand. The unemployment rate which was expected to remain steady at 4.2 percent also unexpectedly declined to 4.1 percent. The better-than-expected jobs data increased the headroom available to the Federal Reserve to raise rates, impacting crypto market sentiment adversely.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter percentage rate hike by the Fed in December at 76.8 percent, versus 66.9 percent a day earlier.
Data from Coinglass shows aggregate crypto liquidations during the 24-hour period rising to $1.22 billion from $730 million a day earlier. Liquidation of long positions jumped to $1.07 billion from $282 million a day earlier. Liquidation of short positions dropped to $153 million from $448 million a day earlier.
Bitcoin (BTC), the largest cryptocurrency is currently trading 3.2 percent lower on an overnight basis at $75,716.60. Bitcoin is also saddled with losses of 1.4 percent in the past week.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $430 million on Thursday as compared with net inflows of $75 million on Wednesday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped net outflows with $200 million followed by market leader iShares Bitcoin Trust ETF (IBIT) that recorded net outflows of $105 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 Meta Platforms and 13th ranked Broadcom.
Ethereum (ETH) has also plunged 4.5 percent overnight to $2,237.96. The leading alternate coin has however gained 0.76 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $100 million on Thursday as compared with net inflows of $53 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $75 million.
Ethereum has slipped to the 62nd position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB), the native coin of the BNB Chain ecosystem has lost 2.1 percent to $694.41. Weekly gains amount to 0.18 percent.
5th ranked XRP (XRP), a payments-focused cryptocurrency slipped 7.3 percent overnight and is currently trading at $1.1860.
The price of 7th ranked Solana (SOL) dropped 2.2 percent overnight to $90.92. U.S.-listed Solana Spot ETF products witnessed net outflows of $1 million on Thursday.
TRON (TRX) ranked 8th overall is currently trading 0.32 percent higher at $0.3190. 9th ranked Hyperliquid (HYPE) slipped 2.1 percent on an overnight basis to $78.80. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $3 million on Thursday versus $2 million on Wednesday.
10th ranked Zcash (ZEC) however rallied 7.3 percent overnight and the cryptocurrency is currently trading at $1,360.92. U.S.-listed Zcash Spot ETF products witnessed net outflows of $11 million on Thursday versus net inflows of $3 million on Wednesday.
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