India, May 15 -- Cryptocurrencies are trading with overnight losses of more than a percent amidst a weak global market sentiment overwhelmed by worries about inflation and interest rate hikes. The progress on the Clarity Act in the U.S., the resumption of inflows to U.S.-listed Bitcoin Spot ETF products, the exploit on the THORChain as well as potential Bitcoin sales by Strategy Inc also dominated headlines. Bitcoin dropped to a 24-hour low of $78,635.
Crypto market sentiment correlated with the global market sentiment dampened by worries about the Middle East war, the energy price shock, the uptick in inflation as well as fears of a hawkish monetary policy by central banks worldwide. With the dollar index strengthening and bond yields har...