Cryptocurrency Market Capitalization Declines Amidst Oil Price Volatility
Cryptocurrency market capitalization declined by approximately one percent in the past 24 hours due to fluctuating crude oil prices and increasing bond yields. The volatility in global markets led to a decline in institutional demand for Bitcoin, with U.S.-listed Bitcoin Spot ETF products witnessing net outflows of $131 million on Thursday.
Brent oil futures for October settlement traded 0.38 percent lower at $86.74, while WTI crude oil futures for September settlement were 0.48 percent lower at $80.86. The ten-year bond yields in the U.S., Germany, and France increased by 0.34 percent, 1.01 percent, and 1.02 percent respectively.
The six-currency Dollar Index declined by more than a quarter percent amidst an unexpected decline in retail sales in the U.S. The 24-hour liquidation statistics from Coinglass showed crypto liquidations increasing to $253 million from $146 million a day earlier, with long positions being liquidated at a higher rate than short positions.