TL;DR Breakdown
- The global crypto market continues to recede as the weekend has lowered it, shedding 2.02%.
- Bitcoin has lowered its price value further while its daily losses are about 1.48%.
- Binance Coin faces the same situation as the losses persist, shedding 2.08% in 24 hours.
- Flow and IOTA are also bearish, receding 4.60% and 4.72% over the last 24 hours.
The global crypto market situation didn’t improve until the close of the week, and the recessive trend remained dominant. Even though the market would have improved as some coins in the market were bullish, the balance didn’t continue. The impacts are evident on some major coins and the global market cap, which have seen the recessive trend. It is yet to be seen if the market will improve with the new week’s start or continue in the same manner.
Bank of Russia has finalized its plans for piloting its CBDC of the digital Ruble. The process will start in 2023, and it will involve the process from experiments to actual uses in life to know if it will work. If the process is completed without any major hurdles, there are chances that it will be adopted on a nationwide basis later. The central African Republic has taken the bold step of recognizing Bitcoin as the legal tender. It is the latest after El Salvador decided to accept Bitcoin as the legal tender. Other countries would have also followed suit, but then the fluctuations in its value didn’t let any other do so.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC recedes further
Bitcoin has continued to recede in value even though the last two weeks saw some major purchases. According to the purchase data of Bitcoin, some major Bitcoin holders have purchased 18,000 Bitcoin over the last two weeks. They are benefitting from the dip as the situation for Bitcoin has wavered.
The latest data shows that it has shed 1.48% over the last 24 hours. If we compare the weekly performance of Bitcoin, the value of gains has increased. The said value has risen to 0.47% over the last seven days. The graph for this coin shows the value deteriorating further in the last few days.
The price value for this coin has lowered as it is in the $39,106.81 range. If we look at the market cap value for this coin, it is estimated to be $745,482,970,665. In comparison, its 24-hour trading volume of it is about $26,763,389,919.
BNB to another dip
Binance Coin hasn’t been able to revive its value as the latest data shows further recession. Its value continued to erode over the weekend, which has even crossed the threshold level. As the new week sets in, its value might see a reversion to gains.
If we look at the current stats, the losses for Binance Coin amount to 2.09%. In comparison, its weekly losses are also growing, which are currently at 1.01%. The situation for Binance Coin hasn’t improved as the bears remain dominant.
The current price value for Binance Coin is in the $395.48 range. If we look at the market cap value, it is estimated to be $64,573,417,139. In comparison, its 24-hour trading volume of it remained at $1,325,278,933.
FLOW moving lower
The momentum of Flow has also seen no improvement; rather, it has gone to the negative side of the trajectory. The recent data for this coin shows that it has shed 4.60%. If we compare its performance for the last seven days, the value of losses is about 1.22%. Even though the value of losses has gone further, the chance of bullishness in the upcoming days can’t be neglected.
Its price value has also been affected, and it is currently in the $5.32 range. If we take a peek at the market cap value of Flow, it is estimated to be $1,930,632,398. Its 24-hour trading volume of it is about $50,550,979.
MIOTA regresses
IOTA has been no different from other coins as the losses for various coins have risen. If we take a peek at the data for the last 24 hours, it shows a loss of 4.72%. In comparison, its weekly performance shows gains. The said data shows an addition of 2.03% in the past seven days. The price value has also been in limbo and is currently in the $0.6402 range.
The market cap value for this coin lowered due to the ongoing losses and is currently estimated to be $1,765,646,002. In comparison, the 24-hour trading volume of this coin is about $33,203,536. The circulating supply of it remained at 2,779,530,283 MIOTA.
Final Thoughts
The situation of the global crypto market saw no improvement over the last 24 hours. Instead, Bitcoin and some other coins regressed further. The global market cap value shows that it has been affected, and it came lower to $1.81T. The increasing losses have been mainly the result of the weekend. If the same trend continues with the new week’s start, it will adversely affect the market.
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