WASHINGTON (dpa-AFX) - The Fed-led rout in crypto market intensified, dragging down crypto market capitalization to $3.25 trillion. The Fed had on Wednesday guided markets towards a slower rate cut trajectory for the year 2025. The massive withdrawals from Bitcoin Spot ETF products on Thursday as well as a looming partial shutdown of the U.S. government also impacted market sentiment negatively.
Overall crypto market capitalization slipped to a low of $3.13 trillion while Bitcoin touched a low of $92,175 and Ether touched a low of $3,098 in the past 24 hours.
According to data released by Farside Investors, Bitcoin Spot ETF products in the U.S. witnessed record outflows of $672 million on Thursday versus inflows of $275 million a day earlier.
Fidelity Wise Origin Bitcoin Fund (FBTC) topped with record outflows of $209 million. Grayscale Bitcoin Mini Trust ETF (BTC) followed with record outflows of $189 million. Ark 21Shares Bitcoin ETF (ARKB) saw outflows of $108 million whereas Grayscale Bitcoin Trust ETF (GBTC) recorded outflows of $88 million. Only Wisdom Tree Bitcoin Fund (BTCW) recorded inflows, of $2 million.
Ether Spot ETF products in the U.S. witnessed outflows of $61 million as compared with inflows of $3 million a day earlier.
The Dollar's surge and the Dollar Index's jump to a 25-month high of 108.54 earlier in the trade also dampened crypto market sentiment.
A less-than-expected increase in PCE prices however limited losses. In data released just a while ago, the U.S. Bureau of Economic Analysis showed the Annual PCE Price Index rising to 2.4 percent in November from 2.3 percent previously. Markets had feared it to go up to 2.5 percent. The core component thereof which was seen edging up to 2.9 percent however remained steady at 2.8 percent. The PCE price Index on a month-on-month basis which was seen steady at 0.2 percent edged down to 0.1 percent. The core component which was seen edging down to 0.2 percent from 0.3 percent in the previous month actually declined more than expected to 0.1 percent.
Overall crypto market capitalization is currently at $3.25 trillion, recording an overnight decline of 7.7 percent. Only two of the top 100 cryptocurrencies are trading with gains in excess of a percent on an overnight basis. More than 25 of the top 100 cryptocurrencies have shed more than 15 percent in the past 24 hours.
On a weekly basis too, only four of the top 100 cryptocurrencies are trading with gains in excess of a percent. The sell-off is so pronounced that only 4 of the top 100 cryptocurrencies are holding on to gains of more than a percent over a 30-day horizon. Nevertheless, a little more than 60 percent of the top 100 cryptocurrencies are holding on to gains of more than a percent in 2024.
Market capitalization of the memes category slipped 16.2 percent overnight to $88.7 billion, accounting for a market share of 2.7 percent.
Market capitalization of the AI& Big data category also dropped 12.7 percent overnight to $46.7 billion implying a market share of 1.43 percent.
Amidst the risk aversion, market capitalization of the not-so-volatile stablecoins decreased 0.13 percent to $212 billion or 6.5 percent of the overall crypto market.
Bitcoin has slipped 7.2 percent overnight to trade at $94,877.42, around 12 percent below the all-time high of $108,268.45 recorded on December 17. BTC has shed 5.5 percent in the past week but is holding on to gains of 0.6 percent over the past 30 days and more than 124 percent till date in 2024.
Ethereum lost 10.7 percent in the past 24 hours to trade at $3,295.43, around 33 percent below the previous peak recorded in November 2021. Weekly losses are at 16 percent whereas gains in 2024 are a little more than 44 percent. Ether traded between $3,699.61 and $3,098.20 in the past 24 hours.
4th ranked XRP (XRP) declined 8.7 percent overnight. The cryptocurrency is currently trading at $2.17, around 44 percent below the all-time high recorded in January 2018.
5th ranked BNB (BNB) recorded an overnight decline of 6.9 percent. At its current trading price of $653.15, BNB is trading 18 percent below the all-time high recorded around 15 days ago.
6th ranked Solana (SOL) dropped 9.5 percent overnight, dragging weekly losses to 15.9 percent. SOL is currently trading at $187.94, around 29 percent below its record high touched in November 2024.
7th ranked Dogecoin (DOGE) tumbled 18.6 percent overnight and 27 percent in the past week to trade at $0.2973. DOGE is trading 60 percent below the all-time high touched in May 2021.
9th ranked Cardano (ADA) lost 11.5 percent overnight to trade at $0.8542. ADA is currently trading 72 percent below the record high touched in September 2021.
10th ranked TRON (TRX) also declined 9.5 percent overnight to trade at $0.2399. TROX has slipped 17 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high touched more than 16 days ago.
21st ranked Hyperliquid (HYPE) topped overnight gains with a surge of 2.2 percent. 61st ranked Movement (MOVE) also gained 2 percent overnight.
99th ranked Curve DAO Token (CRV) topped overnight losses with a decline of more than 20 percent. 22nd ranked Uniswap (UNI) also shed 19.9 percent overnight.
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