WASHINGTON (dpa-AFX) - Crypto market sentiment has been dampened further by the escalation in trade tensions between the U.S. and China. Overall crypto market capitalization slipped more than 2.5 percent in the past 24 hours even as markets digested the fresh tariffs imposed by the U.S. on China, the updated U.S. rules on exports of high-end AI chips to China and China's decision to halt deliveries of Boeing jets. A recent report by Coinbase that hinted at a potential bear market for cryptocurrencies also weighed on market sentiment.
In its monthly outlook, Coinbase has pointed out that the total market capitalization (ex-BTC) has seen a steep 41-percent decline from its December 2024 high of $1.6 trillion to $950 billion as of mid-April, while VC funding is down 50 percent to 60 percent from the 2021-22 levels. The report states that the interplay of these factors paints a difficult cyclical outlook for the digital asset space, which may continue to warrant caution in the very short-term - perhaps through the next 4-6 weeks.
Overall crypto market capitalization has decreased to $2.64 trillion implying an overnight slippage of 2.5 percent. Close to 75 percent of the top 100 cryptocurrencies are trading with overnight losses of more than a percent.
Bitcoin lost more than 2 percent overnight to trade at $84,025. It is currently trading 23 percent below the all-time-high at $109,114 recorded on January 20. The original cryptocurrency traded between $86,429 and $83,101 during the past 24 hours. The leading cryptocurrency with an overall market share of 63.1 percent is trading with gains of 8.6 percent over the 7-day horizon and 1.5 percent over the 30-day horizon. Year-to-date losses however exceed 10 percent.
Ethereum shed 3.4 percent overnight to trade at $1,575. Ether is holding on to gains of 6.6 percent in the past week. Losses however exceed 52 percent till date in 2025. Ether's current trading price is 68 percent below its all-time-high.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $76 million on Tuesday. Ethereum-based Spot ETF products however witnessed outflows of $14 million on Tuesday.
4th ranked XRP slipped 4 percent overnight to trade at $2.07, around 46 percent below the all-time high.
5th ranked BNB declined 1.2 percent overnight at its current trading price of $580.13. The price of 6th ranked Solana dropped 5.1 percent overnight to $125.51.
8th ranked TRON gained 2.4 percent and is currently changing hands at $0.2543.
9th ranked Dogecoin shed 3.8 percent overnight to trade at $0.1532. DOGE is currently trading 79 percent below the record high.
10th ranked Cardano also declined 5.1 percent overnight to trade at $0.6055. The trading price is 80 percent below the cryptocurrency's all-time high.
91st ranked Core (CORE) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 17 percent.
93rd ranked Onyxcoin (XCN) topped overnight losses among the top 100 cryptocurrencies with a decline of 15.8 percent. 98th ranked Walrus (WAL) has also erased 15.5 percent in the past 24 hours.
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