Sentiment deteriorated in cryptocurrency markets in the wake of a severe bond selloff and an increase in crude oil prices. Overall crypto market capitalisation experienced a decline of approximately one percent over the past 24 hours, with Bitcoin falling below the $82,000 mark during the same period. The total liquidations over the past 24 hours amounted to $429 million. Liquidation of long positions totalled $376 million, whereas the liquidation of short positions was a mere $53 million. The cryptocurrency markets have also processed the hawkish minutes from the recent FOMC meeting, which indicated a committee dedicated to addressing inflation concerns. Meanwhile, expectations for a Fed rate hike in October remain subdued, even as the minutes from the FOMC released on Wednesday reaffirm the Fed’s hawkish stance during the previous rate hike. The probability of a quarter percentage rate increase by the Federal Reserve in October has risen to 19.4 percent, up from 17.7 percent the previous day, according to the CME FedWatch tool. Ten-year U.S. treasuries are presently yielding 5.286 percent, reflecting an increase of 0.15 percent from the prior close.
The U.S. Dollar has experienced a decline, leading to a 0.11 percent decrease in the Dollar Index overnight. The six-currency Dollar Index, which assesses the strength of the U.S. dollar against a basket of six currencies, is presently at 102.13, compared to 102.24 at the previous close. Overall cryptocurrency market capitalisation has decreased by 0.95 percent overnight, now standing at $2.8 trillion. The decline in market capitalisation is correlated with a 9.5-percent reduction in trading volumes. Among the top 100 cryptocurrencies, approximately 24 are experiencing overnight gains exceeding one percent, while around 30 are facing overnight losses surpassing one percent. Starknet, currently positioned at 95th, leads the overnight performance with an impressive increase exceeding 26 percent. In contrast, Venice Token, ranked 62nd, experiences the most significant overnight decline, falling by 11.8 percent. Bitcoin, the largest cryptocurrency, is currently trading 0.5 percent lower on an overnight basis at $82,658.31, approximately 35 percent below its all-time high of $126,198. The leading cryptocurrency has experienced a decline of 1.7 percent over the past week. Year-to-date losses have risen to 5.6 percent.
The 24-hour trading fluctuated between $83,640.30 and $81,723.60. On Wednesday, Bitcoin Spot ETF products in the U.S. experienced net outflows amounting to $485 million, a stark contrast to the net inflows of $119 million observed on Tuesday. iShares Bitcoin Trust ETF topped with net outflows of $208 million. Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF also recorded net outflows exceeding $100 million each. Bitcoin has fallen to the 13th position in the global ranking of all assets based on market capitalisation, according to data. The leading cryptocurrency finds itself situated between Saudi Aramco, ranked 12th, and Tesla, ranked 14th. Ethereum is trading 1.2 percent lower at $2,532.56, approximately 49 percent below its all-time high of $4,953. The leading alternate coin has experienced a decline of 6.1 percent over the past week and a more significant drop of 14.6 percent year-to-date. The 24-hour trading fluctuated between $2,585.30 and $2,503.45. Ethereum Spot ETF products in the U.S. experienced net outflows that declined to $161 million on Wednesday, down from $202 million on Tuesday. iShares Ethereum Trust ETF topped with net outflows of $116 million. Ethereum remains in the 61st position in the global ranking of all assets according to market capitalisation data.
The fourth-ranked BNB experienced a decline of 1.1 percent overnight, bringing its price down to $758.27. 5th ranked XRP, a payments-focused cryptocurrency, dropped 1.8 percent overnight and is currently trading at $1.40. The price of 7th ranked Solana decreased 2.9 percent overnight to $112.48, approximately 62 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products experienced a rise in net outflows, increasing to $5 million on Wednesday, up from $4 million on Tuesday. The outflows pertain exclusively to the Bitwise Solana Staking ETF. TRON, positioned 8th overall, is presently trading 0.01 percent higher at $0.3344. 9th ranked Hyperliquid dropped 2.96 percent on an overnight basis to $86.07, approximately 12 percent below the all-time high of $97.98. 10th ranked Zcash experienced a decline of 8.7 percent overnight, with the cryptocurrency currently trading at $1,210.15, approximately 80 percent below its all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products experienced net outflows amounting to $9 million on Wednesday, in contrast to no flows recorded on Tuesday.
