Cryptocurrencies persist in their bearish trend as global markets exhibit volatility, driven by ongoing apprehensions regarding the technology sector. Overwhelming expectations of another Fed rate hike in December exert pressure on market sentiment as participants await the release of producer price inflation readings from the U.S. on Friday morning. The CME FedWatch tool, which monitors the expectations of interest rate traders, indicates an 87-percent probability for a quarter percentage rate hike and a 13-percent likelihood of a half-percentage rate hike. Overall cryptocurrency market capitalisation has declined to $2.41 trillion, with Bitcoin fluctuating between $72,357 and $74,191 over the past 24 hours. Data indicates that aggregate crypto liquidations over the past 24 hours amounted to $528 million. Liquidation of long positions reached $433 million, significantly surpassing the liquidation of short positions, which totalled $95 million.
Bitcoin, the largest cryptocurrency, is currently trading 1.7 percent lower on an overnight basis at $72,515.00. Bitcoin has experienced a decline of 8.9 percent over the past week. Bitcoin Spot ETF products in the U.S. experienced a rise in net outflows, escalating to $300 million on Wednesday, up from $95 million on Tuesday. Market leader iShares Bitcoin Trust ETF topped with net outflows of $270 million. Crypto markets also processed reports of index provider MSCI removing Strategy from its global stock indexes. The Virginia-headquartered company, led by Michael Saylor, holds over 850 thousand Bitcoins, making it the foremost Bitcoin treasury company in the world. Bitcoin has fallen to the 14th position in the global ranking of all assets based on market capitalisation, according to source. The leading cryptocurrency is situated between Tesla, which holds the 13th rank, and Eli Lilly, positioned at 15th rank.
Ethereum has also plunged 2.3 percent overnight to $2,010.52. The leading alternate coin has experienced a decline of 15.7 percent over the past week. Ethereum Spot ETF products in the U.S. experienced a significant increase in net outflows, rising to $145 million on Wednesday, up from $1 million on Tuesday. iShares Ethereum Trust ETF topped with net outflows of $130 million. Ethereum has fallen to the 80th position in the global ranking of all assets based on market capitalisation, according to source. The 4th ranked BNB, the native coin of the BNB Chain ecosystem, has experienced a decline of 3.9 percent, now valued at $655.80. Weekly losses total 7.8 percent. 6th ranked XRP, a payments-focused cryptocurrency, slipped 2.5 percent overnight and 20.9 percent in the past week. XRP is currently trading at 1.0344. The price of 7th ranked Solana experienced a decline of 3.68 percent overnight, settling at $81.43.
U.S.-listed Solana Spot ETF products experienced net outflows amounting to $6 million on Wednesday, a decline from the $13 million recorded on Tuesday. TRON is currently positioned 8th overall, trading at a decrease of 0.52 percent, with a price of $0.3158. 9th ranked Hyperliquid slipped 3.98 percent on an overnight basis to $70.40. U.S.-listed Hyperliquid Spot ETF products experienced net outflows amounting to $2 million on Wednesday, in contrast to no outflows recorded the previous day. The 9th ranked Zcash experienced a decline of 2.9 percent overnight, with its current trading value at $963.35. U.S.-listed Zcash Spot ETF products experienced net outflows amounting to $15 million on Wednesday, in contrast to no flows recorded on Tuesday.
