Even with easing trade tensions between the U.S. and China and lessening worries about credit stress in regional banks, the cryptocurrency market remains overshadowed by negative sentiment. Sentiment was affected by withdrawals from crypto spot ETF products, and the cryptocurrency market capitalization has experienced a drop of nearly 3 percent overnight. The CMC Fear and Greed Index, showed an upward trend, rising to 33 from 30 just one day earlier. The index, however, remained firmly in the realm of fear, in contrast to 42 a week prior and 48 a month earlier. The price changes in the cryptocurrency market happened amid a backdrop of low sentiment, a strong dollar, and declining gold prices. The 6-currency Dollar Index, which measures the dollar’s strength against a selection of 6 currencies, currently stands at 98.83, up from 98.59 at the last close, reflecting an increase of 0.24 percent.
Gold Futures for December settlement are currently trading at $4,283.14 per troy ounce, showing overnight losses of about 1.75 percent. Gold Futures hit a high of $4,293.15 in today’s trading session, just below the record of $4,398.00 established yesterday. The prices of gold, typically seen as a safe haven and an indicator of risk aversion, have retreated as trade tensions between the U.S. and China relax, along with reduced worries about credit stress in U.S. regional banks. The total value of the crypto market has dropped by 2.9 percent over the past 24 hours, currently at $3.65 trillion. The trading volume over the past 24 hours increased by 6.6 percent, totaling $176 billion. In the past day, only 4 of the top 100 cryptocurrencies have seen gains of more than a percent, whereas an astonishing 85 have faced losses greater than a percent.
Bitcoin is currently priced at $107,803.35, showing a decrease of 2.7 percent over the last night, with variations between $111,711.03 and $107,534.75. The cryptocurrency is currently valued around 15 percent below its peak of $126,198.07, which was achieved on October 7. On Monday, Bitcoin-based Spot ETF products in the U.S. saw outflows of $40 million, a significant drop from the $367 million outflows noted on Friday. iShares Bitcoin Trust ETF experienced significant outflows, totaling $101 million. Ethereum saw a drop of 4.3 percent overnight, currently priced at $3,867.49, which is about 22 percent below its peak value. Ethereum-based Spot ETF products saw net outflows of $146 million on Monday, down from the $232 million outflows noted on Friday, with iShares Ethereum Trust ETF facing outflows of $118 million.
Other major cryptocurrencies also experienced declines, including BNB, down 4.7 percent; XRP, down 2.3 percent, significantly below its all-time high; Solana, down 4.5 percent; TRON, down over 1 percent; Dogecoin, down 3.5 percent; and Cardano, down 4.3 percent. Among the top 100 cryptocurrencies, Zcash led the overnight gains with a 3.4 percent increase, followed by MYX Finance up 3.2 percent and Sky up over 2.6 percent. Ether.fi experienced the largest losses, declining more than 10 percent, while Artificial Superintelligence Alliance, Aster, and Mantle also saw declines exceeding 9 percent.