Cryptocurrencies are exhibiting a mixed performance on Tuesday morning as markets process the heightened geopolitical tensions in the Middle East, the increase in crude oil prices, and the strong expectations surrounding a Federal Reserve rate hike in the upcoming FOMC meeting. The dollar’s weakness constrained the extent of the losses. Brent crude oil futures for November settlement are presently priced at $97.87, reflecting an increase of 0.90 percent from the prior close. WTI Crude oil for October settlement is currently trading at $92.94, reflecting a 1.60 percent increase overnight. The CME FedWatch tool, which monitors the expectations of interest rate traders, indicates a 58.4 percent probability of a rate hike by the Fed on September 16. It stood at 59.4 percent yesterday, 67.2 percent a week prior, and 44.4 percent a month earlier.
The six-currency Dollar Index, which gauges the strength of the U.S. Dollar against a basket of six currencies, currently stands at 98.81, reflecting an overnight decrease of 0.37 percent. Overall cryptocurrency market capitalisation is currently at $2.7 trillion. The 24-hour trading volume was recorded at $72.5 billion. The total liquidations over the 24-hour timeframe amounted to $264 million. Liquidation of short positions reached $77 million, significantly less than the liquidation of long positions, which totalled $187 million. At current prices, Bitcoin commands a dominance of 59 percent within the cryptocurrency market. Ethereum constitutes 11.3 percent of the market, whereas other cryptocurrencies, including stablecoins, represent 29.7 percent of the total cryptocurrency market. Bitcoin, the largest cryptocurrency, is currently trading 0.21 percent lower on an overnight basis at $78,657.40.
The leading cryptocurrency has experienced a 0.1 percent increase over the past week. Bitcoin Spot ETF products in the U.S. experienced a decrease in net inflows, dropping to $175 million on Friday from $731 million on Thursday. iShares Bitcoin Trust ETF topped with net inflows of $117 million. Bitcoin remains in the 12th position in the global ranking of all assets according to market capitalisation data. The leading cryptocurrency finds itself situated between Saudi Aramco, ranked 11th, and Meta Platforms, ranked 13th. Ethereum is trading 0.79 percent higher at $2,489.17. The leading alternate coin has experienced a 1 percent increase over the past week. Ethereum Spot ETF products in the U.S. experienced a decline in net inflows, dropping to $26 million on Friday from $141 million on Thursday. iShares Ethereum Trust ETF topped with net inflows of $58 million. Ethereum has ascended to the 62nd position in the global ranking of all assets based on market capitalisation, as reported.
The fourth-ranked BNB experienced a 2.3 percent increase overnight, leading to a price rise to $751.60. 5th ranked XRP, a payments-focused cryptocurrency, surged 2.5 percent overnight and is currently trading at $1.42. Weekly gains stand at approximately 2.1 percent. The price of 7th ranked Solana increased by 0.43 percent overnight, reaching $103.70. TRON, positioned 8th overall, is presently trading 1.6 percent higher at $0.3391. 9th ranked Hyperliquid is trading 1.5 percent lower on an overnight basis, at $83.88. Zcash, currently ranked 10th overall, experienced a surge of 3.1 percent overnight, trading at $1,182.41.
