WASHINGTON (dpa-AFX) - Prices of cryptocurrencies plunged in the past 24 hours in tandem with the bearish trend in global markets triggered by the trade tariff announcements on Wednesday. Overall crypto market capitalization is currently at $2.63 trillion, implying losses of 4.2 percent in the past 24 hours.
Global market sentiment has been heavily impacted in the aftermath of the sweeping reciprocal trade tariffs announced by President Donald Trump. Fears of the tariffs jeopardizing economic growth and fueling inflation weighed heavily on market sentiment.
Wall Street Indexes are trading with heavy losses. Dow Jones has slipped 2.6 percent to the level of 41,121.64 whereas S&P 500 has erased 3.5 percent to trade at 5,475.13. The Nasdaq Composite is trading at 16,832.72 implying losses of 4.4 percent.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies comprising the euro, the British pound, the Japanese yen, the Swiss franc, the Swedish krona and the Canadian dollar has also been battered heavily. The DXY has plunged 2.2 percent overnight to 101.53. The index, which touched a high of 104.31 on Wednesday dropped to touch a low of 101.27 on Thursday.
Gold Futures for June settlement is currently trading at $3,112.04, implying overnight losses of 1.7 percent. Prices of the yellow metal which had touched an all-time high of $3,201.60 on Wednesday declined to touch a low of $3,073.80 on Thursday.
Bitcoin has slipped 4.2 percent overnight to trade at $82,050, around 25 percent below the all-time high.
Ethereum has also erased 5.4 percent in the past 24 hours to trade at $1,776.
4th ranked XRP also lost 5.9 percent during the past 24 hours as it changes hands at $2.00.
5th ranked BNB declined 3 percent whereas 7th ranked Solana lost more than 10 percent during the past 24 hours. 8th ranked Dogecoin shed 8.2 percent followed by 9th ranked Cardano that lost 8.5 percent overnight. 10th ranked TRON slipped 2.4 percent in the past 24 hours.
56th ranked DeXe topped overnight gains among the top 100 cryptocurrencies with a surge of 5.7 percent. The DEXE token has however shed 15 percent in the past week.
28th ranked Hyperliquid and 26th ranked Pi topped overnight losses among the top 100 cryptocurrencies with a decline of more than 17 percent.
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