Cryptos Drop Amidst Weak Sentiment

Crypto market capitalization dropped close to 1.5 percent in the past 24 hours amidst weak sentiment following announcements of job cuts in the industry. The decline also comes amidst a decline in the stock markets worldwide and a rise in the Dollar Index.
Polygon Labs has reported that it would be slashing jobs by almost 20 percent.

Stock markets in Asia closed on a mixed note. Equity benchmarks in Europe are trading in negative territory. Wall Street is also trading in the red zone.

Overall crypto market capitalization is currently at $1.12 trillion.

Bitcoin dropped 1 percent overnight to $24,680.08, after trading between a high of $25,126.85 and a low of $24,563.49 in the past 24 hours.

Ethereum’s overnight losses were higher at 1.8 percent and the leading alternate coin is currently trading at $1,677.31. ETH ranged between $1,714.29 and $1,670.50 in the past 24 hours.

10th ranked Polygon (MATIC) lost the most among the top 20 cryptocurrencies, shedding more than 5.5 percent in the past 24 hours.

Down the hierarchy, 99th ranked Blur (BLUR) topped overnight losses with a 10-percent overnight decline.

92nd ranked ANKR (ANKR) withstood the sell-off to rise more than 44 percent in the past 24 hours. 96th ranked Bone ShibaSwap (BONE) and 85th ranked SingularityNET (AGIX) also gained more than 12 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $31.7 million for the week ended February 17. Bitcoin products recorded outflows of $24.8 million whereas short bitcoin products registered inflows of $3.7 million. Ethereum products also lost $7.2 million. The country-wise analysis shows outflows of $23.1 million in Germany and $10.6 million in Canada. Switzerland recorded inflows of $4.9 million. Cumulative AUM stood at $31.53 billion.

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