WASHINGTON (dpa-AFX) - Bitcoin plunged to a low of $97.8k and cryptocurrencies shed more than 6 percent overnight amidst a massive tech sector rout. Emergence of Chinese AI startup DeepSeek and its cheaper AI model impacted sentiment heavily for the tech sector and the wider financial markets. The sell-off is also attributed to anxiety ahead of the interest rate decision by the Federal Reserve due on Wednesday.
At the time of this writing, Dow Jones Futures has slipped 412 points, or 0.94 percent, S&P 500 Futures has dropped 141 points, or 2.3 percent, and Nasdaq 100 Futures has slumped 858 points, or 3.9 percent.
Gold Futures for April Settlement are currently trading at $2,801.74 per troy ounce, losing 0.17 percent overnight.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies has also slipped 0.30 percent overnight to trade at 107.12.
Ten-year bond yields in the U.S. also declined 2.44 percent overnight and are currently trading at 4.5 percent.
Though Bitcoin has maintained the seventh rank in the global rankings of all assets as per market capitalization published by companiesmarketcap.com, Ethereum has slipped to the 30th position overall.
Market capitalization of cryptocurrencies recorded an overnight decline of 6.6 percent. The 24-hour trading volume jumped 96 percent to $157 billion.
In line with the global sentiment, market capitalization of the AI& Big data category also declined 11.1 percent overnight to $42.2 billion implying a market share of 1.3 percent.
Market capitalization of meme cryptocurrencies plunged 12.7 percent overnight to $88.4 billion, accounting for a market share of 2.6 percent.
Market capitalization of the Decentralized Finance category slipped 8.7 percent overnight to $140.2 billion, accounting for a market share of 4.2 percent.
Amidst the crypto sell-off and risk aversion, market capitalization of the not-so-volatile stablecoins edged up 0.08 percent to $222.5 billion or 6.6 percent of the overall crypto market.
Bitcoin has slipped 5.4 percent overnight and 7.7 percent in the past week to trade at $99,035.07, around 9 percent below the all-time high. Bitcoin's crypto market dominance has increased to 58.3 percent.
Data from Farside Investors had showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $589 million on Friday versus inflows of $189 million a day earlier.
Ethereum lost 7.3 percent in the past 24 hours and 8 percent in the past week to trade at $3,062.34, around 37 percent below the previous peak recorded in November 2021. Ether traded between $3,343.15 and $3,024.09 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows of $9 million on Friday versus outflows of $15 million on Thursday.
3rd ranked XRP (XRP) plunged 10.3 percent overnight. The cryptocurrency is currently trading at $2.80, around 27 percent below the all-time high recorded in January 2018.
5th ranked Solana (SOL) tumbled 11.1 percent overnight, and 12.5 percent in the past week. SOL is currently trading at $226.53, around 23 percent below its record high.
6th ranked BNB (BNB) recorded an overnight decline of 4.7 percent. At its current trading price of $652.64, BNB is trading 18 percent below the all-time high.
8th ranked Dogecoin (DOGE) tumbled 10.9 percent overnight and close to 17 percent in the past week to trade at $0.3128. DOGE is trading 58 percent below the all-time high touched in May 2021.
9th ranked Cardano (ADA) lost 10.1 percent overnight to trade at $0.8857. ADA is currently trading 71 percent below the record high touched in September 2021.
10th ranked TRON (TRX) also declined 5.2 percent overnight to trade at $0.2385. TROX has lost 0.6 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high touched on December 4, 2024.
60th ranked Jupiter (JUP) rallied more than 18 percent in the past 24 hours, topping gains among the top 100 cryptocurrencies. 94th ranked AIOZ Network (AIOZ) that gained 3 percent and 31st ranked MANTRA (OM) that added 1.7 percent are the only other cryptocurrencies among the top 100 to trade with overnight gains of more than a percent.
JUP rallied amidst plans for a massive $3 billion token burn, that would reduce the total supply of the Solana-based cryptocurrency from 10 billion to 7 billion tokens.
92nd ranked Fartcoin (FARTCOIN) topped overnight losses with a decline of 27.8 percent. 81st ranked Onyxcoin (XCN) followed with overnight losses of more than 23 percent. 73rd ranked Virtuals Protocol (VIRTUAL) also lost more than 20 percent in the past 24 hours.
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