Geopolitical risks to global energy supplies, coupled with concerns regarding AI-related capital expenditures, continued to dominate the narrative for global markets. This backdrop unfolded against the escalating U.S.-Iran conflict and a significant sell-off in technology stocks on Wall Street on Thursday. Brent Crude closed above 100 on Thursday, while the tech-heavy Nasdaq Composite experienced a decline of over 2 percent on the same day. Overall cryptocurrency market capitalisation experienced a decline exceeding 1 percent, with Bitcoin fluctuating between $65,760 and $64,611 over the past 24 hours. This movement occurred amid concerns regarding the potential earnings impact stemming from increased AI spending and the inflationary pressures associated with rising crude oil prices. Despite a notable increase in crude oil prices on Thursday, the two primary benchmarks are experiencing a decline on Friday. This shift is influenced by the uptick in crude oil inventories in the United States and a resurgence in diplomatic efforts between the U.S. and Iran. Wall Street futures have experienced a rebound and are presently trading in positive territory.
Cryptocurrency prices mirrored the persistent apprehension surrounding a potential rate increase by the Federal Reserve. According to the CME FedWatch tool that tracks the expectations of interest rate traders, markets anticipate a 34 percent probability of a quarter percent rate hike by the Fed in the upcoming review on July 29. However, expectations for rate hikes are on the rise, with markets anticipating a 56 percent probability of a quarter percent increase and a 23 percent probability of a half percent increase during the FOMC meeting in September. Outflows from U.S.-listed Bitcoin Spot ETF products have also impacted market sentiment. On Thursday, Bitcoin Spot ETF products in the U.S. experienced net outflows amounting to $225 million, a stark contrast to the net inflows of $69 million recorded on Wednesday and $203 million on Tuesday. iShares Bitcoin Trust ETF experienced net outflows amounting to $203 million. Over the last 24 hours, the total market capitalisation of cryptocurrencies has decreased by 1.2 percent, now standing at $2.21 trillion. Only 7 of the top 100 cryptocurrencies are experiencing overnight gains exceeding one percent, while over 55 are facing overnight losses of 1 percent or greater. The decline in overall crypto market capitalisation was, however, accompanied by a 6-percent spike in trading volumes. The decline in global bond yields and the retreat of the U.S. Dollar contributed to mitigating losses for digital assets.
Bitcoin, the largest cryptocurrency, is trading 0.93 percent lower at $65,010.06. The current price stands approximately 48 percent lower than the all-time high of $126,198.07, which was recorded on October 7, 2025. The original cryptocurrency has experienced year-to-date losses of 25.7 percent. Bitcoin remains in the 13th position in the global ranking of all assets according to market capitalisation data. The leading cryptocurrency occupies the 13th position, situated between Meta Platforms at 12th and Tesla at 14th. Ethereum is trading 2.3 percent lower at $1,880.89. The leading alternate coin is currently valued at 62 percent below its all-time high of $4,953.73, which was reached on August 25, 2025. The 24-hour trading fluctuated between $1,927.70 and $1,860.66. Ethereum continues to contend with year-to-date losses approaching 37 percent. Ethereum Spot ETF products in the U.S. experienced a decrease in net inflows, falling to $26 million on Thursday, down from $73 million on Wednesday. The Fidelity Ethereum Fund recorded net inflows amounting to $15 million. Ethereum remains in the 85th position in the global ranking of all assets according to market capitalisation data.
The 4th ranked BNB experienced a decline of 0.79 percent overnight, leading to a price reduction to $565.89. BNB is currently positioned 59 percent beneath its all-time high of $1,370.55, which was reached on October 13, 2025. 6th ranked XRP, a payments-focused cryptocurrency, lost 2.7 percent overnight and is currently trading at $1.10, around 71 percent below the all-time high of $3.84 touched on January 4, 2018. The price of 7th ranked Solana decreased 3.1 percent overnight to $75.29. SOL’s current price stands approximately 74 percent lower than its all-time high of $294.33, which was achieved on January 19, 2025. TRON, ranked 8th overall, experienced a 1.3 percent increase overnight and is currently trading at $0.3315. The trading price stands at a notable 25 percent below the cryptocurrency’s all-time high of $0.4407, which was recorded on December 4, 2024. 9th ranked Hyperliquid lost 1.7 percent overnight, to trade at $58.44, around 24 percent below the all-time high of $76.85 recorded on June 16. Memecoin Dogecoin ranked 10th overall also lost 3.9 percent overnight and is currently trading at $0.0696. DOGE is currently positioned 91 percent beneath its peak price of $0.7376, which was achieved on May 8, 2021.