Anxiety ahead of key labor market updates from the U.S. weighed on global market sentiment, dragging down cryptocurrency market capitalization around 3.5 percent overnight. Wall Street Futures, U.S. Dollar, Gold Futures are all trading in the overnight red zone. Growing caution across world markets as well as thinning liquidity ahead of the year-end dampened market sentiment and suppressed risk appetite.
The U.S. Bureau of Labor Statistics is expected to release on Tuesday morning the additions to non-farm payrolls during October and November. The unemployment rate at the end of November would also be revealed. The data is expected to sway the Fed's monetary policy strategy, given the Fed's twin mandate of achieving maximum employment and maintaining stable prices.
Unemployment rate in the U.S. is expected to record a level of 4.4 percent in November versus 4.4 percent in September and 4.3 percent in August. October's jobs report would not include an unemployment rate due to a lack of data collection during the government shutdown.
Markets expect an addition of 40 thousand to non-farm payrolls in November and an addition of 51 thousand in October versus 119 thousand added in September.
Amidst selling pressure across the hierarchy, aggregate crypto market capitalization decreased 3.5 percent overnight to $2.96 trillion. Among the top 100 cryptocurrencies, 80 are trading with overnight losses of more than a percent and only 4 have managed to trade with overnight gains of more than a percent.
Data from Coinglass showed crypto liquidations - forced closure of a trader's leveraged position by an exchange or lending protocol for insufficient funds (margin or collateral) to cover potential losses - in the past 24 hours at $667 million comprising long positions of $585 million and short positions of $82 million.
The rising unease was also reflected in the CMC Fear and Greed Index - a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market - falling to 22 from 24 a day ago and 25 a week ago.
Bitcoin has slipped 3.1 percent in the past 24 hours to trade at $87,038.91. The current price is around 31 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has slipped 3.6 percent in the past week and is still saddled with losses of 6.8 percent on a year-to-date basis.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $358 million on Monday versus inflows of $49 million on Friday. None of the ETFs recorded net inflows. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $230 million.
Ethereum dropped 6.5 percent overnight to trade at $2,953.18. The leading alternate coin is still trading 40 percent below the all-time-high of $4,953.73. Ether's year-to-date losses have now increased to 11.4 percent.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $225 million on Monday versus net outflows of $19 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $139 million.
Market leader Bitcoin traded between $89,982.65 and $85,304.08 during the past 24 hours while leading alternate coin Ethereum ranged between $3,175.12 and $2,890.01 during the same time period.
Bitcoin is currently ranked 8th and Ethereum 41st in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB lost 2.9 percent overnight resulting in price decreasing to $864.12.
5th ranked XRP dropped 3.9 percent overnight dragging its current trading price to $1.91.
The price of 7th ranked Solana slipped 3 percent overnight to $128.65.
TRON ranked 8th overall erased 0.8 percent overnight and is currently changing hands at $0.2793.
9th ranked Dogecoin lost 4.1 percent overnight and is currently trading at $0.1314.
10th ranked Cardano plunged 4.4 percent overnight to trade at $0.3871.
95th ranked pippin (PIPPIN) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 30 percent.
99th ranked Merlin Chain (MERL) topped overnight losses among the top 100 cryptocurrencies with a decline of 16 percent.
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