Cryptocurrencies have experienced a significant downturn, driven by a wave of negative news impacting the sector. Hawkish hints regarding interest rate hikes from the Governor of the Bank of Japan, a price manipulation exploit in the DeFi yield aggregator Yearn Finance, concerns over Strategy, Inc., a leading Bitcoin treasury company potentially offloading some of its Bitcoin holdings, alongside weak economic data from China, all significantly influenced market sentiment and risk appetite. In the face of several bearish catalysts, the cryptocurrency market capitalization hit a 24-hour low of $2.91 trillion, while Bitcoin fell to a 24-hour low of $84,792. During the same period, Ethereum was also seen trading below $2,800. According to data, the crypto market experienced significant liquidations in the past 24 hours, totaling $793 million. This figure includes $725 million in long positions and $68 million in short positions, reflecting the forced closure of leveraged trades due to insufficient funds to cover potential losses.
The cryptocurrency market capitalization stands at $2.93 trillion, reflecting an overnight drop of 5.9 percent. The 24-hour trading volume, however, surged by 73 percent, reaching $148 billion. In the latest market update, 85 of the top 100 cryptocurrencies are experiencing overnight losses exceeding 1 percent, while only 2 of the top 100 cryptocurrencies have managed to gain more than 1 percent in the past 24 hours. In the realm of the top 10 non-stablecoin cryptocurrencies, BNB, TRON, Bitcoin Cash, and Hyperliquid are showcasing year-to-date gains. Conversely, Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Cardano are experiencing year-to-date losses.
Bitcoin has experienced a significant drop of 6.2 percent over the last 24 hours, currently trading at $85,746.63. The present price stands approximately 32 percent beneath the all-time high of $126,198.07, which was reached on October 7. The original cryptocurrency has experienced a decline of 0.8 percent over the past week and a significant drop of 8.2 percent year-to-date. The trading activity over the past 24 hours fluctuated between $91,874.79 and $84,791.61. Ethereum experienced a decline of 7.3 percent overnight and a further drop of 0.6 percent over the past week, currently trading at $2,810.37. The leading alternate coin is currently trading nearly 43 percent below its all-time high, reflecting year-to-date losses of 15.6 percent. Bitcoin maintains its position at 9th rank, while Ethereum has fallen to 45th in the global asset rankings based on market capitalization, according to the reports.
XRP, currently ranked 4th, experienced a decline of 7.3 percent overnight, bringing its trading price down to $2.03. 5th ranked BNB experienced a significant drop of 8.3 percent overnight, bringing its price down to $818.91. The price of Solana, currently ranked 7th, saw a decline of 8.9 percent overnight, settling at $125.91. TRON, currently positioned 8th overall, experienced a decline of 1.5 percent overnight and is now trading at $0.2784. Dogecoin, currently ranked 9th, experienced a decline of 9.6 percent overnight and is now trading at $0.1350. Cardano, currently sitting at the 10th rank, experienced a significant drop of 10.3 percent overnight, now trading at $0.3802. MYX Finance, currently sitting at the 75th rank, led the overnight gains among the top 100 cryptocurrencies, experiencing a remarkable surge of over 9 percent. 19th ranked Zcash emerged as the biggest loser overnight among the top 100 cryptocurrencies, experiencing a decline of nearly 20 percent.