Cryptos Decline As Fuel Price Surge Renews Rate Hike Fears

Crypto market sentiment was dampened after the OPEC on Sunday announced a surprise cut in output. Both Brent and WTI benchmarks surged more than 5 percent renewing fears of further rate hikes needed to combat the inflationary impact of the move.

Overall crypto market capitalization dropped 0.4 percent overnight to touch $1.17 trillion.

Bitcoin has decreased 0.21 percent overnight but is holding on to gains of 1.5 percent in the past week and 69 percent in 2023. It is currently trading at $28,242.52. BTC has touched a high of $28,475.62 and a low of $27,607.67, in the past 24 hours.

Ethereum has dropped 0.4 percent overnight to trade at $1,809.47. It is however holding on to gains of 2.7 percent in the past week and 50 percent in 2023. ETH touched a 24-hour high of $1,817.29 and a 24-hour low of $1,765.52.

Bitcoin commands a market dominance of 46.4 percent whereas Ethereum enjoys a crypto market share of 18.5 percent.

87th ranked Solar (SXP) tops the gainers list among the top 100 cryptos with a more than 25-percent overnight uptick. The native utility token of the Solar blockchain has gained 220 percent in the past week and 319 percent in 2023.

33rd ranked Aptos (APT) dropped 6.5 percent overnight to top the laggards list among the top 100 cryptocurrencies.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed lackluster activity, with an inflow of just $2.5 million for the week ended March 31. Bitcoin products recorded inflows of $8.8 million whereas short bitcoin products registered outflows of $2.5 million.

The country-wise analysis shows inflows of $20.5 million in Germany and outflows of $12.4 million in United States. Cumulative AUM stood at $35 billion.

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