Bitcoin, Ethereum selloffs drag crypto market cap down to $3.45trn

The global cryptocurrencies market capitalisation has seen a significant daily loss due to negative price movements recorded by top digital assets on Tuesday. With 3.5% price decline in the last 24 hours, Bitcoin faced further losses Tuesday as traders target price fell below $100,000 due to negative sentiment. With $421.4 billion market capitalisation, Ethereum is trading negative, down by about 6% in 24 hours to $3,496 while its trading volume reached $56.516 billion. Price at $2.26, XRP market capitalisation has declined by 6.22% in 24 hours of trading to $135.848 billion as trading volume reached $7.619 billion on Tuesday.

At the press time, the global market capitalisation of all cryptocurrencies has fallen to $3.45 trillion, down by 4.25% on the day, reflecting the bearish mood. The world largest cryptocurrency has seen signal fluctuation as US Federal Reserve plans to scale back on fund rates cut in December.

Sell pressures heated up after US Fed Chair Jerome Powell said another rate cut in December was not a foregone conclusion at last week’s meeting. The slower path signal toward interest-rate cuts, and warning that inflation remains sticky altered crypto market momentum. The remarks pushed global investors away from risk assets, with both equities and cryptocurrencies facing steep intraday losses on Tuesday.

For the first time since 2018, the Bitcoin price has closed the October trade in the red. With this, the market sentiments are slowly turning negative. Trading at the $103,000 level, Bitcoin volume reached $80 billion, with total market cap struggling around $2.071 trillion on Tuesday.