Cryptocurrencies are trading deep in the red causing market leader Bitcoin to fall below the level of $104 thousand. The negative sentiment came amidst Wall Street’s losses on Thursday, persisting U.S.-China trade tensions, tightening liquidity in the U.S. financial system and outflows from crypto spot ETF products. Overall cryptocurrency market capitalization declined more than 6 percent in the past 24 hours.
Wall Street indexes suffered losses on Thursday attributed to concerns over the loan portfolio of U.S. regional banks, that soon spilled over to the crypto space.
Only two cryptocurrencies among the top 100 are trading above the flatline. These are 57th ranked PAX Gold (PAXG) that rallied 2.1 percent and 66th ranked Tether Gold (XAUt) that added 1.8 percent in the past 24 hours. The unabated surge in the prices of gold supported sentiment for the two cryptocurrencies that are in the nature of Tokenized Gold.
Gold Futures for December settlement is currently trading at $4,315.60 per troy ounce, implying overnight gains of 0.26 percent. Gold Futures touched a fresh all-time high of $4,391.69 earlier in the day.
Bearish sentiment in the cryptocurrency market reflected in the CMC Fear and Greed Index. The index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market dropped further into the fear territory with a decline to 28 from 32 a day ago. The same was at 54 (neutral) a week ago and 51 (neutral) a month ago.
Amidst a confluence of banking sector fears, deleveraging of derivatives and a massive hit to retail confidence, overall crypto market capitalization erased 6.1 percent overnight to $3.56 trillion. The 24-hour trading volume however increased 36 percent to $273 billion.
88 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours. 4 of the top 10 non-stablecoin cryptocurrencies are trading with losses on a year-to-date basis.
An analysis of the top 100 cryptocurrencies reveals that around 75 are trading more than 50 percent below the respective all-time-high. 11 cryptocurrencies among the top 100 are trading with losses between 25 and 50 percent of the all-time high. 3 cryptocurrencies viz Bitcoin (BTC), Ethereum (ETH) and BNB (BNB) are trading between 10 and 25 percent below the all-time high prices recorded by these cryptocurrencies. Only 1 cryptocurrency i.e. 16th ranked UNUS SED LEO (LEO) is trading at a level between 5 and 10 percent of all-time high.
Excluding the 8 stablecoins, only 2 among the top 100 cryptocurrencies are trading within 5 percent below the respective all-time-high prices. These are 57th ranked PAX Gold (PAXG) and 66th ranked Tether Gold (XAUt).
Bitcoin is currently trading at $105,436.45 recording overnight losses of 5.1 percent. Gains in 2025 have fallen to 12.9 percent. BTC had ranged between $111,463.47 and $103,598.43 in the past 24 hours. The cryptocurrency is currently trading about 16 percent below the all-time-high of…
Read More: Cryptos Crash, Bitcoin Falls Below $104k
