I'm LongbridgeAI, I can summarize articles.Cryptocurrencies declined amid anticipation of the Senate's Clarity Act vote and a likely Federal Reserve interest rate hike. Rising U.S. bond yields and a stronger dollar further pressured the market. Bitcoin dropped 3.4% to $75,880, while Ethereum fell 3.6%. Despite broader losses, Bitcoin Spot ETFs saw net inflows of $160 million on Monday.
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Cryptocurrencies are trading on a deeply negative note on Tuesday morning amidst an anxious wait for the Senate's vote on the Clarity Act, scheduled for Tuesday afternoon. The Fed's looming decision on interest rates due on Wednesday afternoon also stirred risk aversion in the cryptocurrency market.
Only 1 of the top 10 non-stablecoin cryptocurrencies are trading in overnight positive territory. Bitcoin traded between $75,690.80 and $78,246.40 during the past 24 hours.
Markets overwhelmingly expect the Federal Reserve to raise rates by quarter percentage point on Wednesday afternoon. The CME FedWatch tool shows the likelihood of a rate hike at 92.7 percent.
Crypto market sentiment has also been impacted by the massive spike in bond yields in the U.S. Long dated thirty-year bonds have spiked 0.68 percent overnight to trade at 5.364 percent. Ten-year bonds have jumped 0.97 percent to 5.009 percent. Yields on the shorter end of the curve have also surged. Five-year bond yields have rallied 0.79 percent to 4.826 percent whereas two-year bond yields have increased 0.47 percent overnight to 4.656 percent.
The dollar's surge also weighed on crypto market sentiment. The six-currency Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently trading at 99.57, implying an overnight addition of 0.18 percent.
Overall cryptocurrency market capitalization is currently at $2.65 trillion while the 24-hour trading volume stood at $82.2 billion.
Bitcoin (BTC), the largest cryptocurrency is currently trading 3.4 percent lower on an overnight basis at $75,880.70. The leading cryptocurrency has shed 2.5 percent over the course of the past week and is still saddled with year-to-date losses of 13.6 percent.
Bitcoin Spot ETF products in the U.S. witnessed net inflows of $160 million on Monday versus net outflows of $13 million on Friday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $134 million.
Bitcoin is currently ranked 13th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 12th ranked Saudi Aramco and 14th ranked Tesla.
Ethereum (ETH) is trading 3.6 percent lower at $2,413.39. The leading alternate coin has lost 1.5 percent over the course of the past week.
Ethereum Spot ETF products in the U.S. witnessed net inflows declining to $121 million on Monday from $216 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $81 million.
Ethereum is currently ranked in the 63rd position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) declined 0.83 percent overnight resulting in price decreasing to $715.70.
5th ranked XRP (XRP), a payments-focused cryptocurrency lost 1 percent overnight and is currently trading at $1.39.
The price of 7th ranked Solana (SOL) decreased 2.9 percent overnight to $98.73. U.S.-listed Solana Spot ETF products witnessed net inflows of $11 million on Monday.
TRON (TRX) ranked 8th overall is currently trading 1.2 percent lower at $0.3369.
9th ranked Hyperliquid (HYPE) is trading 3.3 percent lower on an overnight basis, at $77.17.
Zcash (ZEC) positioned as 10th rank overall declined 2.3 percent overnight to trade at $1,116.54.
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