Cryptos Extend Losses
WASHINGTON (dpa-AFX) - Sentiment in cryptocurrency market weakened on Monday amidst a massive liquidation cascade. Overall cryptocurrency market capitalization has plunged to $2.50 trillion and Bitcoin traded between $73,744 and $75,573 during the past 24 hours. The decline in prices comes amidst liquidation of crypto long positions of more than $1 billion during the past 24 hours.
Data from Coinglass shows aggregate crypto liquidations during the 24-hour period at $1.18 billion. Liquidation of long positions stood at $1.04 billion, vastly higher than the liquidation of short positions that amounted to $137 million.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.8 percent lower on an overnight basis at $74,689.90. Bitcoin is also saddled with losses of 3.7 percent in the past week.
Bitcoin Spot ETF products in the U.S. witnessed net outflows declining to $412 million on Friday from $430 million on Thursday. Market leader iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $403 million. Fidelity Wise Origin Bitcoin Fund (FBTC) topped net inflows with $43 million.
Crypto markets also cheered the institutional support to the cryptocurrency market. Virginia-headquartered Strategy Inc (MSTR) on Monday announced acquiring 1036 Bitcoins worth $81.9 million during the period from November 2 to 8. The leading Bitcoin treasury company led by Michael Saylor has lifted its total holdings of Bitcoins to 850,364 at an average cost of $75,456.
Bitcoin is continuing in 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 Meta Platforms and 13th ranked Tesla.
Ethereum (ETH) has also plunged 5.3 percent overnight to $2,123.17. The leading alternate coin has lost 6.85 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows declining to $93 million on Friday from $100 million on Thursday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $91 million.
Ethereum has slipped to the 69th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB), the native coin of the BNB Chain ecosystem has lost 1.8 percent to $686.60. Weekly losses amount to 2.4 percent.
5th ranked XRP (XRP), a payments-focused cryptocurrency slipped 5.2 percent overnight and 12 percent in the past week. XRP is currently trading at $1.0962.
The price of 7th ranked Solana (SOL) dropped 2.95 percent overnight to $87.04. U.S.-listed Solana Spot ETF products witnessed net outflows of $24 million on Friday, recording a sharp jump from $1 million on Thursday.
TRON (TRX) ranked 8th overall is currently trading 0.85 percent lower at $0.3179.
9th ranked Zcash (ZEC) lost 4.2 percent overnight and the cryptocurrency is currently trading at $1,217.04. U.S.-listed Zcash Spot ETF products witnessed net inflows of $2 million on Friday versus net outflows of $11 million on Thursday.
10th ranked Hyperliquid (HYPE) slipped 1.96 percent on an overnight basis to $75.94. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows rising to $8 million on Friday from $3 million on Thursday.
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