Rising Crude Oil Prices Keep Cryptos Subdued

WASHINGTON (dpa-AFX) - Geopolitical tensions in the Middle East that have pushed crude oil prices and bond yields higher have dampened sentiment in the cryptocurrency markets as well. The soft labor market update from the U.S. however limited losses.Brent crude oil rising more than 4 percent overnight to surpass $92, sovereign bond yields rising to multi-decade highs as well as the dollar's strength reverberated in the cryptocurrency markets as well.Data released by the U.S. Bureau of Labor Statistics on Tuesday morning showed job openings increasing to 7.27 million in July from a downwardly revised 7.18 million in June. Markets had anticipated a level of 7.30 million.Overall crypto market capitalization has dropped 0.14 percent overnight to $2.64 trillion. The decrease in overall crypto market capitalization was accompanied by a 7-percent decrease in trading volumes.During the past 24 hours, liquidation of long positions in the crypto market exceeded the liquidation of short positions marginally. Liquidation of long positions amounted to $102 million while liquidation of short positions amounted to $91 million. The aggregate liquidations during the 24-hour period stood at $193 million.At current prices, Bitcoin's dominance of the crypto market is 59.71 percent. Ethereum accounts for 11.23 percent of the market while other cryptocurrencies including stablecoins account for 29.06 of the overall cryptocurrency market.Bitcoin (BTC), the largest cryptocurrency is currently trading 0.34 percent lower on an overnight basis at $78,315.50. The leading cryptocurrency has lost 1 percent over the course of the past week. Bitcoin traded between $79,247 and $77,488 during the past 24 hours.Bitcoin Spot ETF products in the U.S. witnessed net inflows of $217 million on Monday versus net outflows of $202 million on Friday. iShares Bitcoin Trust ETF (ETHA) topped with net inflows of $206 million.Bitcoin is continuing in the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Saudi Aramco and 13th ranked Meta Platforms.Ethereum (ETH) is trading 0.57 percent lower at $2,453.56. The leading alternate coin has lost 0.65 percent over the course of the past week.Ethereum Spot ETF products in the U.S. witnessed net inflows declining to $88 million on Monday from $102 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $60 million.Ethereum has slipped to the 65th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.4th ranked BNB (BNB) slipped 0.42 percent overnight resulting in price decreasing to $687.90.5th ranked XRP (XRP), a payments-focused cryptocurrency added 0.21 percent overnight and is currently trading at $1.38. Weekly losses have surpassed 5.7 percent.The price of 7th ranked Solana (SOL) decreased 1.3 percent overnight to $102.18. U.S.-listed Solana Spot ETF products witnessed net inflows of $1 million on Monday.TRON (TRX) ranked 8th overall is currently trading 2.3 percent lower at $0.3254.9th ranked Hyperliquid (HYPE) is trading 3.2 percent higher on an overnight basis, at $84.14.Zcash (ZEC) jumped to the 10th rank overall with a surge of more than 3 percent, relegating Dogecoin (DOGE) to the 11th rank overall.For More Cryptocurrency News, visit rttnews.comCopyright(c) 2026 RTTNews.com. All Rights ReservedCopyright RTT News/dpa-AFX