Bitcoin, Ethereum Drag Global Cryptos Market Cap Down Below $3.9T
Sell pressures in Bitcoin, Ethereum, and other high value cryptocurrencies dragged global market capitalisation down below $3.90 trillion on Wednesday.
The cryptocurrency market faces twisted sentiment, and some investors are taking quick steps to exit their position in anticipation of a bearish trend that is forming.
Top asset prices have been fluctuating, especially those linked to exchange-traded funds, which have seen significant position exits from short-term traders.
Trading data across crypto exchanges showed investors have reversed from increasing their bets due to negative perception of price movements.
Top crypto assets are trading negative, with some profit-taking in the top 10 assets in the market at the moment. Data from CoinMarketCap.com showed Bitcoin is trading at around $112,654, signaling a 3.64% drop compared to a week ago.
The largest crypto asset market value fell to $2.243 trillion, along with its daily trading volume, down to $48.218 billion.
Trading data revealed Ethereum’s price has declined to $4,174, with a market cap of $503.917 billion. Its trading volume marked a sharp decrease of $34.809 billion, reflecting declining market sentiment.
On Tuesday, Bitcoin edges higher, recovering slightly after hitting a two-week low earlier following a tech-led selloff in U.S. stocks overnight. This followed cautious remarks from Federal Reserve Chair Jerome Powell over the prospect of further interest-rate cuts.
Powell avoided giving clear signals about rate cuts for the October meeting, highlighting risks to both the employment and inflation sides of its mandate.
Spot Bitcoin and Ethereum ETFs recorded a second straight day of net outflows. Data from SoSoValue shows Bitcoin ETFs lost $103.61 million, while Ethereum ETFs saw outflows of $140.75 million.
Bitcoin ETFs posted a total outflow of $103.61 million. Fidelity’s FBTC led withdrawals at $75.56 million. Ark & 21Shares’ ARKB followed with $27.85 million, and Bitwise’s BITB shed $12.76 million.
Bitcoin has been drifting between $111,369 and $113,301 over the last 24 hours, while its seven-day range has been moving between $111,658 and $117,851, according to CoinGecko.
Traders were also liquidated out of nearly $2 billion in one of the year’s largest market flush-outs on Monday, which analysts blamed on technical factors rather than weakening market fundamentals.
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