Crypto Market Holds Steady as Bitcoin Nears $80,000
While global markets prepare for the Federal Reserve’s rate-setting committee announcement on Wednesday afternoon, cryptocurrencies are marginally up on Tuesday morning. Total cryptocurrency market capitalisation is $2.68 trillion, with Bitcoin at $79,878. Although the Federal Reserve is expected to retain current interest rates after the September boost, market participants remain bullish about a December raise. On the CME FedWatch tool, which tracks interest rate traders’ forecasts, a quarter-percent rate hike is 9.4% likely tomorrow and 75.1% likely in December. The cryptocurrency market moves against Wall Street’s divided emotions, a strengthening dollar, bond rates, and falling crude oil prices. The Dow Jones Industrial Average is down, while the tech-heavy Nasdaq Composite is up 0.39 percent. Overnight, the six-currency Dollar Index rose 0.27 percent to 102.24.
CMC Crypto Fear and Greed Index, which tracks cryptocurrency market mood, is 44, up from 43 yesterday and down from 51 a week ago. However, sentiment is neutral. Crypto liquidations totalled $146 million in 24 hours. Long positions liquidated for $79 million, slightly more than short positions’ $68 million. The overall market value of cryptocurrencies is $2.68 trillion, up 0.54 percent. Trading volumes rise 13% during the upswing. Of the top 100 cryptocurrencies, 20 had overnight increases above one percent and 28 have overnight losses. The largest cryptocurrency, Bitcoin, rose 0.52 percent overnight to $79,878.30. Bitcoin has dropped 5.9% in 30 days and 8.7% year-to-date. Monday saw net inflows of $110 million for U.S. Bitcoin Spot ETF products, reversing Friday’s $138 million outflows. The whole inflows went to market leader iShares Bitcoin Trust ETF.
Data ranks bitcoin 12th in worldwide market capitalisation. The leading cryptocurrency is between Broadcom, 11th, and Meta Platforms, 13th. Ethereum gained 0.97 percent overnight to $2,317.54. The top alternative coin fell 4.2 percent last week. Ethereum Spot ETF products in the U.S. had net outflows of $89 million on Monday, compared to $4 million on Friday. iShares Ethereum Trust ETF was tops with $105 million net outflows. According to research, Ethereum ranks 65th in global asset capitalisation. Overnight, the fourth-ranked BNB rose 0.55 percent to $740.54. XRP, the 5th-ranked payments cryptocurrency, rose 2% overnight to $1.30. The price change occurs after Ripple Labs receives final approval from the Office of the Comptroller of the Currency to charter Ripple National Trust Bank.
The 7th-ranked Solana dropped 0.67 percent overnight to $99.93. The U.S.-listed Solana Spot ETF saw $8 million in net outflows on Monday, compared to nil flows on Friday. The Bitwise Solana Staking ETF lost $7 million. TRON, ranked 8th, is down 0.78 percent at $0.3279. ZEC, the 9th-ranked cryptocurrency, rose 3.6 percent overnight to $1,261.63. On Monday, U.S.-listed Zcash Spot ETF products had net inflows of $2 million, down from $21 million on Friday. Hyperliquid, 10th, up 2.5 percent overnight to $78.72. U.S.-listed Hyperliquid Spot ETF products had $4 million net withdrawals on Monday, compared to no flows on Friday.
