Cryptocurrencies faced a notable drop in the past 24 hours, influenced by rising worries about a strict monetary policy approach from the Fed, triggered by persistent price pressures in the U.S. economy. Consumer price inflation readings for May are scheduled for release on Wednesday morning. The recent escalation in the Middle East has influenced sentiment as well. Bitcoin experienced a variation between $62,856 and $60,757 in the past 24 hours. Overall, the total value of the crypto market has dropped by more than 2 percent during this period. The recent decline in total crypto market capitalisation occurs amidst rising tensions in the Middle East, following exchanges of strikes between the U.S. and Iran. Markets assessed the subsequent decline in crude oil prices, the steady fluctuations of the dollar, the dip in Wall Street futures, and the rise in bond yields that followed the escalation. Anxiety is rising as major central banks prepare to announce their interest rate decisions, coupled with the looming liquidity drain from the upcoming blockbuster IPOs, which has intensified the negative sentiment.
The U.S. headline inflation reading on a year-on-year basis is expected to rise to 4.2 percent, an increase from 3.8 percent in April. On a month-on-month basis, markets expect a slight easing in the inflation rate, dropping from 0.6 percent to 0.5 percent. The year-on-year core inflation level, excluding the volatile food and fuel component, is expected to rise in May, reaching 2.9 percent compared to 2.8 percent in the previous month. On a month-on-month basis, the core inflation is expected to decline to 0.3 percent from 0.4 percent. Statistics show an increase in liquidations in the last 24 hours. In the last 24 hours, the total amount of forced closures of leveraged positions in the crypto market has risen to $401 million, an increase from $300 million the day before, driven by insufficient funds to cover potential losses. Long positions have increased to $313 million, up from $174 million the day before, whereas short positions have fallen to $88 million, down from $127 million the previous day. The total value of the crypto market has dropped by 2.23 percent in the past 24 hours, currently at $2.11 trillion. Among the top 100 cryptocurrencies, 10 are seeing overnight gains of more than one percent, while nearly 70 are dealing with overnight losses of over one percent.
Bitcoin, the largest cryptocurrency, is currently down 2.1 percent, priced at $61,316.01. The current price is approximately 51 percent lower than the all-time high of 126,198.07, which was recorded on October 7, 2025. The original cryptocurrency has seen a drop of 8.6 percent in the last week and almost 30 percent since the beginning of the year. Bitcoin Spot ETF products in the U.S. saw a decline in net outflows, dropping to $77 million on Tuesday from $91 million on Monday. iShares Bitcoin Trust ETF experienced net outflows amounting to $62 million. Bitcoin holds the 14th spot in the global asset ranking based on market capitalisation, according to reports. It sits between a company that holds the 13th spot and another ranked 15th. Ethereum experienced a drop of 2.8 percent overnight, with its current trading price at $1,622.92. The leading alternate coin is currently positioned 67 percent beneath its all-time high of $4,953.73, which was achieved on August 25, 2025. The 24-hour trading varied between $1,681.55 and $1,607.00. Ethereum Spot ETF products in the U.S. saw a decrease of $41 million in net investments on Tuesday, in contrast to an increase of $82 million on Monday. Greyscale Ethereum Staking ETF saw a decrease in funds, totalling $17 million in outflows.
The fourth-ranked BNB experienced a decline of 2.6 percent overnight, bringing its price down to $583.92. BNB is currently situated 57 percent below its peak of $1,370.55, achieved on October 13, 2025. 6th ranked XRP, a payments-focused cryptocurrency, plunged 4.5 percent overnight and is currently trading at $1.10, around 71 percent below its all-time high of $3.84 reached on January 4, 2018. The price of the 7th ranked cryptocurrency experienced a decline of 4 percent overnight, settling at $63.46. SOL’s current price is roughly 78 percent below its peak of $294.33, reached on January 19, 2025. TRON is currently positioned 8th overall, having increased by 0.31 percent overnight, and is presently trading at $0.3225. The trading price is currently 27 percent lower than the cryptocurrency’s peak of $0.4407, which was reached on December 4, 2024. Memecoin Dogecoin experienced a decline of 2.3 percent overnight but has ascended one position to the 9th rank overall, currently trading at $0.0833. DOGE is currently positioned 89 percent lower than its peak price of $0.7376, which was reached on May 8, 2021. Hyperliquid fell to the 10th position overall after experiencing an overnight drop of 10.2 percent. HYPE is currently priced at $55.89, reflecting a decline of around 26 percent from its peak of $64.59 reached on May 26, 2026. Audiera, ranked 44th, led the overnight gains among the top 100 cryptocurrencies with an impressive increase of over 23 percent. 73rd ranked Siren experienced the most significant overnight losses among the top 100 cryptocurrencies, with a decline exceeding 37 percent.