Bitcoin Rebounds As Middle East Tensions Ease
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Bitcoin rallied in the past 2 hours as global markets cheered the easing in geopolitical tensions in the Middle East. Markets cheered President Donald Trump's comments that the U.S. would not strike Iran before the midterms and also described the talks as productive.
Overall crypto market capitalization edged up in the past 24 hours while Bitcoin touched a high of $83,418 in the past 24 hours.
The aggregate liquidations during the 24-hour period exceeded $1 billion. Liquidation of long positions amounted to $826 million, while the liquidation of short positions amounted to $197 million only.
The mixed price movement in the cryptocurrency market comes amidst low expectations of another quarter percentage rate hike by the Federal Reserve later this month. The likelihood of a quarter percentage rate hike by the Fed in October is currently at 19.4 percent only.
Ten-year U.S. treasuries are currently trading at 5.248 percent, jumping 0.36 percent from the previous close. Yields however eased across most of Europe.
The U.S. Dollar has rallied, causing the Dollar Index to rise 0.18 percent overnight. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently trading at 102.32 versus 102.14 at the previous close.
Overall cryptocurrency market capitalization has gained 0.14 percent overnight to $2.8 trillion. The increase in market capitalization is accompanied by a 21-percent jump in trading volumes.
Among the top 100 cryptocurrencies, around 24 are trading with overnight gains of more than a percent whereas around 47 are trading with overnight losses of more than a percent.
89th ranked Starknet (STRK) tops overnight gains with a surge of around 29 percent. Weekly gains are close to 68 percent. Starknet's STRK rose after the network said it may leave Ethereum to become quantum-resistant by 2027. Nevertheless, the cryptocurrency is trading 98 percent below the all-time-high of $3.6619 recorded in February 2024.
63rd ranked Algorand (ALGO) tops overnight losses with a decline of more than 10 percent.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1 percent higher on an overnight basis at $83,044.55, around 34 percent below the all-time high of $126,198. The leading cryptocurrency has lost 4.2 percent in the past week. Year-to-date losses have decreased to 5.1 percent. The 24-hour trading ranged between $83,418.29 and $80,336.91.
Bitcoin Spot ETF products in the U.S. witnessed net outflows declining to $244 million on Thursday from $485 million on Wednesday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with net outflows of $197 million.
Bitcoin has improved one notch to the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Broadcom and 13th ranked Saudi Aramco.
Ethereum (ETH) is trading 1.3 percent lower at $2,496.23, around 50 percent below the all-time high of $4,953. The leading alternate coin has lost 9.2 percent in the past week and 15.6 percent on a year-to-date basis. The 24-hour trading ranged between $2,540.17 and $2,406.15.
Ethereum Spot ETF products in the U.S. witnessed net outflows decreasing to $73 million on Thursday from $161 million on Wednesday and $202 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $71 million.
Ethereum is continuing in the 61st position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) slipped 2.4 percent overnight resulting in price decreasing to $741.54.
5th ranked XRP (XRP), a payments-focused cryptocurrency dropped 0.27 percent overnight and is currently trading at $1.38.
The price of 7th ranked Solana (SOL) decreased 2.1 percent overnight to $110.31, around 63 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net outflows decreasing to $4 million on Thursday from $5 million on Wednesday. Bitwise Solana Staking ETF (BSOL) topped with net outflows of $5 million.
TRON (TRX) ranked 8th overall is currently trading 0.05 percent higher at $0.3345.
9th ranked Hyperliquid (HYPE) dropped 2.97 percent on an overnight basis to $85.72, around 13 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $10 million on Thursday. The outflows are attributed entirely to the record outflows in respect of 21shares Hyperliquid Staking ETF (THYP).
10th ranked Zcash (ZEC) lost 8.7 percent overnight and the cryptocurrency is currently trading at $1,205.60, around 80 percent below the all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products witnessed net outflows increasing to $19 million on Thursday from $9 million on Wednesday.
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