The ongoing rise in crude oil prices has negatively affected cryptocurrencies, as global markets brace for the inflation update from the U.S. and the Congressional testimony by Fed Chair Kevin Warsh. Substantial withdrawals from Bitcoin Spot ETF products listed in the U.S. on Monday further weakened market sentiment. Overall cryptocurrency market capitalisation has seen a decline of more than half a percent in the past 24 hours. Bitcoin, the top cryptocurrency, has hit a 24-hour low of $61,769. Data for June, set to be released on Tuesday morning by the U.S. Bureau of Labour Statistics, is expected to show a decline in annual headline inflation to 3.8 percent, down from 4.2 percent at the end of the previous month. The main element of this, not considering the fluctuating food and energy aspects, is anticipated to hold steady at 2.9 percent. Markets expect that the monthly headline inflation will show a decrease of -0.1 percent, down from the 0.5 percent recorded at the end of the last month. The main element of this is anticipated to stay stable at 0.2 percent.
Despite the expected low inflation figures, there is significant concern as Brent crude oil has risen sharply from its June 30 level, while WTI crude oil has also increased notably during the same period. Worries about the ongoing high interest rates have been heightened by the recent spike in crude oil prices. Markets are anticipating a 39-percent chance that the Federal Reserve will raise rates from the current range of 3.50-3.75 percent at the upcoming FOMC meeting in two weeks. The CME FedWatch tool shows a 74-percent likelihood for a rate increase in September and an 81-percent likelihood for a rate increase in October. There is only an 11 percent chance that the Fed rates will stay at the current level of 3.50-3.75 percent after the last FOMC meeting of the year in early December. With the expected increase in general interest rates potentially raising the opportunity cost of holding cryptocurrencies, market sentiment has seen a decline. The total market capitalisation of cryptocurrencies has seen a decrease of 0.66 percent in the past 24 hours, currently at $2.16 trillion.
Among the top 100 cryptocurrencies, only 14 are seeing overnight gains of more than one percent, while around 40 are dealing with overnight losses of one percent or more. The decrease in total market capitalisation for cryptocurrencies is, nonetheless, paired with a 12-percent increase in trading volumes. Continuing with the trend observed a day prior, the liquidation of long positions significantly surpasses that of short positions, indicating doubt about the optimistic bets placed on price increases. Data indicates a significant liquidation event, with total liquidations amounting to $277 million over the past 24 hours. While long positions account for 205 million, short positions liquidated total only 72 million. Bitcoin, the largest cryptocurrency, is trading 0.86 percent lower at $62,501.66. The current price is roughly 50 percent below the all-time high of 126,198.07, which was recorded on October 7, 2025. The original cryptocurrency continues to experience a decline, with losses exceeding 28 percent on a year-to-date basis. Bitcoin Spot ETF products in the U.S. saw net outflows of $425 million on Monday, in stark contrast to the net inflows of $90 million noted on Friday. Fidelity Wise Origin Bitcoin Fund faced net outflows of $246 million, and the iShares Bitcoin Trust ETF recorded net outflows of $186 million.
Bitcoin continues to hold the 14th spot in the global ranking of all assets based on market capitalisation data. The leading cryptocurrency is situated between Tesla, ranked 13th, and Samsung, which is in 15th place. Ethereum is currently down 0.10 percent, priced at $1,783.40. The leading alternate coin is currently trading 64 percent below its peak value of $4,953.73, which was recorded on August 25, 2025. The trading over the past 24 hours varied between $1,791.83 and $1,749.35. Ethereum remains challenged by year-to-date losses nearing 40 percent. Ethereum Spot ETF products in the U.S. saw a decline of $15 million on Monday, in contrast to the $18 million increase noted on Friday. The Fidelity Ethereum Fund was solely responsible for the outflows. Ethereum continues to hold the 97th spot in the global ranking of all assets according to market capitalisation, as stated. The fourth-ranked BNB saw a slight uptick of 0.03 percent overnight, bringing its price to $569.36. BNB is currently situated 58 percent below its highest point of $1,370.55, achieved on October 13, 2025.
The price of the 7th ranked cryptocurrency experienced a decline of 2.2 percent overnight, settling at $74.91. SOL’s current price is roughly 75 percent lower than its peak of $294.33, reached on January 19, 2025. TRON, which is currently in 8th place overall, saw a decrease of 1.7 percent overnight and is now valued at $0.3244. The trading price is currently 26 percent lower than the cryptocurrency’s peak of $0.4407, reached on December 4, 2024. 9th ranked Hyperliquid dropped 2.5 percent overnight, trading at $63.52, which is approximately 17 percent lower than the all-time high of $76.85 reached on June 16. On Monday, Hyperliquid Spot ETF products listed in the U.S. saw net outflows totalling $4 million. Memecoin Dogecoin, ranked 10th overall, saw a decrease of 0.4 percent overnight and is now trading at $0.0721. DOGE is currently situated 90 percent below its highest price of $0.7376, reached on May 8, 2021.