Cryptos Trade Mixed Amidst Surging Crude, Rising Dollar

Cryptocurrencies are trading on a mixed note as a strong dollar and a spike in crude oil prices swayed sentiment in the cryptocurrency market.

The U.S. Dollar has rallied, causing the Dollar Index to rise 0.24 percent overnight. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently trading at 102.45 versus 102.21 at the previous close.

The escalating tensions in the Middle East has pushed crude oil prices higher, renewing concerns about fuel-led inflationary pressures. Brent crude oil for December settlement is currently trading at 106.75, rising 1.9 percent from 104.72 at the previous close. WTI crude oil has surged 2 percent overnight to $93.70, from 91.85 at the previous close.

Overall cryptocurrency market capitalization is currently at $2.8 trillion. Bitcoin dominates 59.3 percent of the crypto market followed by Ethereum with a 11-percent market share.

The aggregate liquidations during the 24-hour period are $344.36 million. Liquidation of long positions amounted to $191 million, while the liquidation of short positions amounts to 153 million only.

Bitcoin (BTC), the largest cryptocurrency is currently trading 0.66 percent lower on an overnight basis at $82,572.40. The leading cryptocurrency has lost 3.6 percent in the past week.