WASHINGTON (dpa-AFX) - Negative strength prevails in the crypto markets amidst a continued strengthening in the U.S. dollar. Expectations of a rate hike by the Federal Reserve in December strengthened the dollar. Overall cryptocurrency market capitalization has plunged to $2.33 trillion from $2.41 trillion a day earlier. Bitcoin traded between $67,731.20 and $71,485.50 during the past 24 hours.
The six-currency Dollar Index which measures the dollar's strength against basket of 6 currencies is currently trading at 103.25, rising 0.08 percent from 103.17 a day earlier. The index had touched a high of 103.30 a day earlier.
The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter percentage rate hike in December rising to 88.5 percent from 85.5 percent a day earlier. Meanwhile, the probability for a quarter percentage rate hike has decreased to 11.5 percent from 14.5 percent a day earlier.
Aggregate liquidations during the 24-hour period increased to $1.61 billion from $528 million a day earlier. Liquidation of long positions increased to $1.40 billion from $433 million. The liquidation of short positions increased to $203 million from $95 million a day earlier.
Bitcoin (BTC), the largest cryptocurrency is currently trading 4.5 percent lower on an overnight basis at $69,218.60. 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 decreasing to $80 million on Thursday from $300 million on Wednesday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with net outflows of $33 million.
Bitcoin is continuing in 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 2.8 percent overnight to $1,956.37. The leading alternate coin has tumbled 12.4 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows declining to $9 million on Thursday from $145 million on Wednesday. Grayscale Ethereum Mini Trust ETF (ETH) topped with net outflows of $7 million.
Ethereum has slipped to the 81st 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 2.4 percent to $640.40. Weekly losses amount to 7.9 percent.
6th ranked XRP (XRP), a payments-focused cryptocurrency slipped 1.4 percent overnight and 14.2 percent in the past week. XRP is currently trading at $1.0187.
The price of 7th ranked Solana (SOL) dropped 0.87 percent overnight to $80.70. U.S.-listed Solana Spot ETF products witnessed net outflows of $2 million on Thursday, dropping from $6 million on Wednesday.
TRON (TRX) ranked 8th overall is currently trading 0.92 percent lower at $0.3129.
9th ranked Hyperliquid (HYPE) jumped 5.2 percent on an overnight basis to $74.04. U.S.-listed Hyperliquid Spot ETF products witnessed nil flows on Thursday versus net outflows of $2 million on Wednesday.
10th ranked Zcash (ZEC) added 0.73 percent overnight and the cryptocurrency is currently trading at $968.52. U.S.-listed Zcash Spot ETF products witnessed net outflows declining to $10 million on Thursday from $15 million on Wednesday.
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