Bitcoin Firm Above $79k

Cryptocurrencies are trading on a positive note amidst strong inflows to U.S.-listed Bitcoin Spot ETF products. Anxiety ahead of the Jackson Hole central bankers' symposium and Fed Chair's speech however weighed on market sentiment. Amidst the growing risk appetite, the leading cryptocurrency Bitcoin rose to a 24-hour high of $80,516 but has since retreated to $79,247. Overall crypto market capitalization has increased to $2.67 trillion, implying an overnight gain of a little less than 2 percent.

The CMC Crypto Fear and Greed Index that tracks sentiment in the crypto market has dropped to 80 (Extreme Greed) from the yearly high of 81 (Extreme Greed) recorded a day earlier. The index was at 64 (Greed) a week ago and 35 (Fear) a month earlier.

During the past 24 hours, liquidation of short positions in the crypto market exceeded the liquidation of long positions. Liquidation of short positions amounted to $245 million while liquidation of long positions amounted to $142 million. The aggregate liquidations during the 24-hour period stood at $387 million.

Overall crypto market capitalization has gained 1.7 percent overnight to $2.67 trillion. The increase in overall crypto market capitalization was accompanied by a 3-percent increase in trading volumes.