WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a firm note amidst market spotlight turning on President Trump's announcement of tariffs and other measures that seek to rebalance trade in favor of the U.S. Concerns about the impact of the tariffs on economic growth and inflation also lingered.
Overall crypto market capitalization has gained 1.2 percent overnight to $2.71 trillion. Cryptocurrencies associated with AI & Big Data rallied 2.6 percent. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 1.1 percent overnight. The Made in America cryptocurrencies recorded an overnight addition of 1.6 percent in market capitalization. Meme category cryptos however witnessed a 3.2 percent decline in market capitalization.
Bitcoin has added 1.3 percent overnight to trade at $83,795.
Ethereum has also rallied 2.2 percent in the past 24 hours to trade at $1,871.
4th ranked XRP also lost gained more than 2 percent during the past 24 hours as it changes hands at $2.14.
5th ranked BNB gained 2.2 percent whereas 6th ranked Solana rallied more than a percent during the past 24 hours. 8th ranked Dogecoin gained 3.6 percent followed by 9th ranked Cardano that added almost 4 percent overnight. 10th ranked TRON edged up more than half a percent in the past 24 hours.
83rd ranked Curve DAO Token topped overnight gains among the top 100 cryptocurrencies with a surge of close to 13 percent. The CRV token has added 4.8 percent in the past week.
60th ranked DeXe topped overnight losses among the top 100 cryptocurrencies with a decline of more than 21 percent. The DEXE token has erased more than 20 percent over the past week.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended March 28 showed net inflows of $226 million as compared with net inflows of $644 million during the week ended March 21.
Year-to-date inflows now stand at $1.22 billion whereas the assets under management aggregates to $133.9 billion. According to the report, Bitcoin topped flows by asset and the United States topped flows by country during the past week.
Bitcoin-based products recorded inflows of $195 million followed by Ethereum-based products that witnessed inflows of $15 million. Solana-based products also recorded inflows of $7.8 million. Short Bitcoin-based products recorded outflows of $2.5 million.
More than 85 percent of the cumulative AUM of $133.9 billion is attributed to Bitcoin products that account for an AUM of $114.5 billion. Bitcoin's dominance of crypto market is much lower, at close to 61 percent.
AUM of Ethereum-based products stood at $9.6 billion. Multi-asset portfolios command assets under management of $6.4 billion. An AUM of $1.2 billion is attributed to Solana-based products. XRP-based products have AUM of $957 million followed by Sui-based products with an AUM of $355 million. However multi-asset products and Short Bitcoin products have recorded negative year-to-date flows.
Sweden witnessed outflows of $7 million followed by Hong Kong that saw outflows of more than $2 million.
Of the cumulative AUM of $133.9 billion, $101.3 billion or 75.7 percent is in United States. Switzerland follows with AUM of $5.3 billion whereas Canada accounts for an AUM of $4.9 billion. Germany accounts for an AUM of $4.7 billion followed by Sweden with an AUM of $2.8 billion.
Sweden, Switzerland and Hong Kong have recorded outflows over the year-to-date period.
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