Cryptocurrencies experienced a significant drop as traders held their breath for the announcement concerning the next Chairperson of the Federal Reserve. Speculation surrounding the hawkish candidate Kevin Warsh potentially being nominated for the role sent shockwaves through the market, leading to a significant drop in cryptocurrencies and precious metals, while the dollar’s strength surged. Significant outflows from U.S.-listed Bitcoin and Ethereum Spot ETF products in the U.S. have also impacted sentiment. Concerns regarding a hawkish Fed have negatively impacted sentiment throughout the crypto market. The overall crypto market capitalization stands at $2.81 trillion, having dropped over 5.3 percent in just one night. The 24-hour trading volume has surged over 63 percent, reaching $169 billion. Approximately 80 out of the top 100 cryptocurrencies are experiencing overnight losses exceeding one percent. Simultaneously, merely 4 out of the top 100 cryptocurrencies are experiencing overnight gains exceeding one percent. The recent crash has significantly diminished the year-to-date gains of leading cryptocurrencies. Currently, just 35 out of the top 100 cryptocurrencies are experiencing year-to-date gains exceeding one percent.
Bitcoin has fallen two spots to the 11th rank, while Ethereum has dropped three spots to the 47th position in the global asset rankings by market capitalization. Recent data revealed that crypto liquidations, which refer to the forced closure of a trader’s leveraged position by an exchange or lending protocol due to insufficient funds (margin or collateral) to cover potential losses, reached a staggering $1.79 billion in the past 24 hours. This figure includes long positions amounting to $1.67 billion and short positions totaling $121 million. The decline in sentiment within the cryptocurrency market was also evident in the CMC Fear and Greed Index. The index has plunged deeper into the “fear” zone, falling to 28 from 38 just a day prior and 34 a week ago. In Friday’s trading, Gold futures for April settlement saw a decline of 3.5 percent, while Silver futures for March settlement experienced a loss of 9.7 percent. Additionally, platinum futures for April settlement dropped by 10.1 percent. The anticipation of a less dovish leader steering the Federal Reserve has propelled the Dollar upward. The six-currency Dollar Index is presently at 96.38, compared to 96.16 from the previous day. Bitcoin, the largest cryptocurrency, has experienced a decline of 5.6 percent over the last 24 hours, currently trading at $82,983.96. The present price stands approximately 34 percent lower than the all-time high of $126,198.07, which was achieved on October 7, 2025. The original cryptocurrency has experienced a decline of 6.9 percent over the past week, and it is currently facing year-to-date losses of 5.2 percent. The trading activity over the past 24 hours fluctuated between $87,999.14 and $81,071.47.
On Thursday, Bitcoin Spot ETF products in the U.S. experienced significant net outflows, totaling $818 million, compared to the $20 million in net outflows recorded the previous Thursday. The iShares Bitcoin Trust ETF led the pack in outflows, experiencing a significant $318 million withdrawal, while the Fidelity Wise Origin Bitcoin Fund followed with $168 million in outflows. Ethereum experienced a significant drop of over 6 percent overnight, now trading at $2,751.90. The top alternative cryptocurrency is currently trading at a staggering 44 percent below its all-time high of $4,953.73, which was reached on August 25, 2025. The trading over the last 24 hours fluctuated between $2,934.04 and $2,689.25. On Thursday, Ethereum Spot ETF products in the U.S. experienced net outflows totaling $156 million, a stark contrast to the net inflows of $28 million recorded the previous day. Fidelity Ethereum Fund experienced significant net outflows amounting to $59 million. BNB, currently sitting at the 4th rank, experienced a decline of 5.7 percent overnight, bringing its price down to $840.89. BNB is currently trading at a level that is 39 percent below its all-time high of $1,370.55, which was reached on October 13, 2025. The fifth-ranked XRP experienced a decline of 5.5 percent overnight, now trading at $1.76, which is approximately 54 percent lower than its all-time high of $3.84 reached on January 4, 2018. The 7th ranked Solana saw a 5 percent drop overnight, bringing its price down to $116.61. SOL is currently trading approximately 60 percent lower than its all-time high of $294.33, which was reached on January 19, 2025. TRON, now positioned 8th overall, experienced a decline of 1.8 percent overnight and is currently trading at $0.2892. The trading price currently sits at 34 percent below the cryptocurrency’s all-time high of $0.4407, which was recorded on December 4, 2024.
The 9th ranked Dogecoin experienced a significant drop of 4.7 percent overnight, now trading at $0.1151. DOGE is currently trading at an impressive 84 percent below its previous peak of $0.7376, which was recorded on May 8, 2021. Cardano, currently sitting at the 10th rank, experienced a decline of 5.6 percent overnight, bringing its trading price down to $0.3266. ADA is presently trading 89 percent beneath its all-time high of $3.10, which was reached on September 2, 2021. In the latest market movements, 90th ranked Stable and 17th ranked Canton emerged as the frontrunners, each posting gains exceeding 4 percent among the top 100 cryptocurrencies. In a surprising turn of events, 72nd ranked River has emerged as the biggest loser among the top 100 cryptocurrencies, experiencing a staggering decline of over 27 percent overnight. 97th ranked Lighter experienced overnight losses of 11.3 percent.