WASHINGTON (dpa-AFX) – Renewed concerns over the health of the American economy offset rate cut hopes, dampening sentiment for cryptocurrencies. Weak macro-economic data released from the U.S. triggered debates about whether rate cuts warranted by economic weakness would bode well for risk assets, including cryptocurrencies. The unabated flows from Bitcoin spot ETF products also dragged down prices of the cryptocurrencies.
Close on the heels of the dismal jobs data released on Friday, the ISM Manufacturing PMI and the ISM Services PMI from the U.S. revealed unexpected declines. Anxiety also lingered ahead of the release of the consumer price inflation readings from the U.S. on Tuesday.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows expectations of a quarter point rate cut by the Federal Reserve in the September FOMC at 89.2 percent. It was 92.9 percent a day ago.
Bitcoin-based Spot ETF products in the U.S. recorded outflows of $196 million on Tuesday versus outflows of $324 million on Monday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $99 million. iShares Bitcoin Trust ETF (IBIT) also recorded outflows of $77 million.
Bitcoin is trading mildly in the red whereas altcoins have suffered higher loses. Despite Bitcoin’s decline, the original cryptocurrency’s crypto market dominance has increased to 61.1 percent from 60.6 percent a day earlier. Ethereum now commands 11.7 percent of the overall crypto market versus 11.9 percent a day earlier. The market share of the residual altcoins is currently at 27.3 percent. It was 27.5 percent a day earlier.
Overall crypto market capitalization has decreased 0.65 percent to $3.71 trillion. The 24-hour trading volume has also decreased 8.6 percent overnight to $136 billion. Bitcoin edged down 0.25 percent overnight to trade at $113,882.59. It is currently trading 7 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $114,539.30 and $112,701.11 during the past 24 hours.
The leading cryptocurrency is trading with losses of 3.1 percent over the 7-day horizon and gains of 5 percent over the 30-day horizon. Year-to-date gains are a little less than 22 percent.
Bitcoin has slipped 1 notch to the 7th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Ethereum declined 1.3 percent overnight to trade at $3,588.36. Ether has lost 4.5 percent in the past week. Gains in 2025 now stand at 7.7 percent. Ether’s current trading price is 27 percent below its all-time-high. The 24-hour trading range was between $3,660.01 and $3,547.62.
Ethereum has maintained the 25th position in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
Ethereum-based Spot ETF products witnessed inflows of $73 million on Tuesday versus outflows of $465 million on Monday. iShares Ethereum Trust ETF (ETHA) topped with inflows of $89 million.
3rd ranked XRP slipped 2.8 percent overnight to trade at $2.94, around 23 percent below the all-time high.
5th ranked BNB edged up 0.11 percent overnight at its current trading price of $759.76.
The price of 6th ranked Solana decreased 1.8 percent overnight to $164.19. With losses of 13.2 percent, SOL is the highest-ranking crypto trade with year-to-date losses.
8th ranked TRON gained 0.32 percent overnight and is currently changing hands at $0.3341.
9th ranked Dogecoin slipped 1.6 percent overnight to trade at $0.2003.
10th ranked Cardano also lost more than 2 percent overnight to trade at $0.7262.
70th ranked Pump.fun (PUMP) topped overnight gains among the top 100 cryptocurrencies with a gain of 8.8 percent. 28th ranked Cronos (CRO) followed with gains of 1.6 percent. No other cryptocurrency among the top 100 is trading with overnight gains of more than a percent.
88th ranked Tezos (XTZ) topped overnight losses among the top 100 cryptocurrencies with a decline of 7.1 percent. 19th ranked Litecoin (LTC) and 31st ranked Ethena (ENA) followed with losses of more than 6 percent in the past 24 hours.
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