Crypto Markets Decline Amid Rate Hike Expectations and Crude Oil Surge
Cryptocurrencies have declined in value over the past 24 hours due to rising rate hike expectations from the Federal Reserve and increased tensions in the Middle East. The surge in crude oil prices has also contributed to the bearish sentiment in crypto markets. However, reports of Bitcoin purchases by Strategy Inc have boosted sentiment.
The net outflows from U.S.-listed Bitcoin Spot ETF products were $202 million on Friday, after 9 consecutive sessions of net inflows. The average cost of Strategy Inc's total holdings of Bitcoins is at $75,412. The CMC Crypto Fear and Greed Index remains steady at 75 (Greed), a significant drop from its peak of 81 (Extreme Greed) a week ago.
Liquidation of long positions in the crypto market exceeded liquidation of short positions by $159 million during the past 24 hours. The aggregate liquidations stood at $437 million. Overall crypto market capitalization has dropped 0.54 percent overnight to $2.64 trillion, with an almost 98-percent increase in trading volumes.