India, Jan. 8 -- The surge in cryptocurrencies at the beginning of the new year has lost momentum as many of the top-ranked cryptocurrencies recorded overnight declines. The widening geopolitical strife as well as anxiety ahead of the crucial jobs data from the U.S. weighed heavily on sentiment. The outflows from Bitcoin Spot ETF products in the U.S. on Wednesday also dragged down crypto prices.

Data released on Wednesday showed the ISM Services PMI for the US increasing to 54.4 in December from 52.6 in November. The readings surpassed forecasts of 52.3. According to data from the US Bureau of Labor Statistics released on Wednesday, job openings in the U.S recorded 7.1 million in November. Markets had expected a level of 7.6 million. The...