WASHINGTON (dpa-AFX) - Cryptocurrencies continue to trade in a bearish grip while global markets remain volatile amidst persisting concerns about the tech sector. Overwhelming expectations of another Fed rate hike in December weighs on market sentiment ahead of the release of producer price inflation readings from the U.S. on Friday morning.
The CME FedWatch tool that tracks the expectations of interest rate traders shows an 87-percent probability for a quarter percentage rate hike and a 13-percent likelihood of a half-percentage rate hike.
Overall cryptocurrency market capitalization has plunged to $2.41 trillion, and Bitcoin traded between $72,357 and $74,191 during the past 24 hours.
Data from Coinglass shows aggregate crypto liquidations during the 24-hour period at $528 million. Liquidation of long positions stood at $433 million, vastly higher than the liquidation of short positions that amounted to $95 million.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.7 percent lower on an overnight basis at $72,515.00. Bitcoin is also saddled with losses of 8.9 percent in the past week.
Bitcoin Spot ETF products in the U.S. witnessed net outflows increasing to $300 million on Wednesday from $95 million on Tuesday. Market leader iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $270 million.
Crypto markets also digested reports of index provider MSCI removing Strategy (MSTR) from its global stock indexes. The Virginia-headquartered company led by Michael Saylor, which holds Bitcoins of more than 850 thousand is the leading Bitcoin treasury company globally.
Bitcoin has slipped to the 14th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 13th ranked Tesla and 15th ranked Eli Lilly.
Ethereum (ETH) has also plunged 2.3 percent overnight to $2,010.52. The leading alternate coin has tumbled 15.7 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows jumping to $145 million on Wednesday from $1million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $130 million.
Ethereum has slipped to the 80th 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 3.9 percent to $655.80. Weekly losses amount to 7.8 percent.
6th ranked XRP (XRP), a payments-focused cryptocurrency slipped 2.5 percent overnight and 20.9 percent in the past week. XRP is currently trading at $1.0344.
The price of 7th ranked Solana (SOL) dropped 3.68 percent overnight to $81.43. U.S.-listed Solana Spot ETF products witnessed net outflows of $6 million on Wednesday, recording a drop from $13 million on Tuesday.
TRON (TRX) ranked 8th overall is currently trading 0.52 percent lower at $0.3158.
9th ranked Hyperliquid (HYPE) slipped 3.98 percent on an overnight basis to $70.40. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $2 million on Wednesday versus nil outflows a day earlier.
9th ranked Zcash (ZEC) lost 2.9 percent overnight and the cryptocurrency is currently trading at $963.35. U.S.-listed Zcash Spot ETF products witnessed net outflows of $15 million on Wednesday versus nil flows on Tuesday.
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