TL;DR Breakdown
- The global crypto market recedes as it loses 2.08% in 24 hours.
- Bitcoin is again red after prolonged bullishness, loses 1.25%.
- Binance Coin also follows bitcoin in losses, sheds 5.82% in 24 hours.
- Solana and Polygon MATIC are no different in losses, shed 5.46% and 4.91% in 24 hours, respectively.
The Crypto market has changed course after a prolonged bullishness. The change has affected almost all major coins as their data for the last 24 hours shows dominant bearishness. Bitcoin, Ethereum, Binance Coin, and other significant names in the top-20 show losses for the last 24 hours.
Though fluctuations in the market are natural, the real dilemma can be prolonged recession which weakens the market because of eroding investor trust. If this recession continues for a long time, it might have the same impact on the market. Apart from the recession, there is news for Bitcoin lovers from the US, where authorities have seized money amounting to $3.6B in Bitcoin.
The mentioned amount of money was stolen in 2016 using the Bitfinex hack. The hack included theft of about 120,000 BTC, which is huge. The recovery would help run the system fairly and effectively.
On the other hand, India has decided to consider before drafting the crypto bill. There is news that officials will conduct consultations with experts and people from different backgrounds for efficient results. As soon as the bill draft is finalized, it will be presented in the parliament. The mentioned bill was supposed to be presented in the parliament, but now the change in the decision has halted it further. People are speculating about the different parts of this bill.
Here is a brief overview of the leading cryptocurrencies like Bitcoin, Binance Coin, and some other tokens.
BTC in shambles
Bitcoin has been going well, but it has changed its pace. The result is a change in stats for the last 24 hours. There are good speculations about Bitcoin despite the fluctuations. FSInsight says that bitcoin will reach $200K in the second half of 2022. Though it seems speculative, there are chances that it might happen.
The current data for bitcoin shows bearishness, as it has lost 1.25% in the previous 24 hours. The mentioned change is the reversal of the gains that bitcoin made previously. If we compare the gains for the past week, these amount to 12.65%.
The current bitcoin price is in the $43,465.64 range, which has decreased from $44K. The current market cap for bitcoin is estimated to be $823,787,167,199. At the same time, the trading volume for the last 24 hours is about $33,030,710,735.
BNB closes red
Binance coin has also closed red as the dominant trend in the market was that of bearishness. The change affected its 24-hour performance, which is -5.82%. The amount of losses for Binance Coin is more than Bitcoin.
The seven-day data shows a value of 6.88% gains which might erode if the losses continue. The market cap for this coin has also decreased with the ongoing bearishness. It is estimated to be $67,532,936,152. A further decrease might also take place if the situation didn’t change.
The trading volume of Binance Coin has also decreased with the new changes and is estimated to be $2,280,459,658 for the last 24 hours. The price decrease might continue for Binance coin as there is no surety that it will change the performance positively.
SOL performs doggerel
Solana has suffered a dip of 5.46%, reducing its price value to $11.57. The current ranking of this coin in the list is 8th, but the new market changes might replace it. If we look at its chart for the last seven days, it has performed well, but the new changes might turn that into vain.
The seven-day gains for this coin are about 1.90%. The graph shows fluctuations, but the new dips might lead to steep negative changes. The market cap for Solana is about $35,403,971,311. At the same time, the 24-hour trading volume for it is 2,608,152,823.
MATIC is no different in the plight
Polygon MATIC has suffered a loss of 4.81% in the last 24 hours. The change in the market’s mood has forced certain investors to pull out their capital from the market, and the result is in the form of losses for some coins.
The ranking of Polygon is 15th in the list as per CoinMarketCap, while its price is about $1.91. The gains of this coin over the past week have been about 16.36%. The current market cap for this coin is about $14,262,471,050. The trading volume of the same coin for the last 24 hours is about $1,754,891,339.
Final Thoughts
The market has been going through fluctuations that have changed its market cap. The dip has decreased to $1.97T, which might erode further if the losses continue. According to CoinMarketCap, the new changes for bitcoin might result in good days for it. They have compared the 4-year changes to see if the dip would be beneficial, and the details confirm it. So, there are chances that bitcoin may revitalize soon, and the same might happen in the case of the global crypto market.
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