TL;DR Breakdown
- The global crypto market recedes further, shedding 4.81% in 24 hours.
- Bitcoin, also affected by the negative trend, has shed 5.40% in the last 24 hours.
- Binance Coin is no different from Bitcoin, losing 3.98%.
- Internet Computer Coin and Sandbox are bearish, shedding 3.03% and 6.34% in 24 hours.
The crypto market has taken another plunge, this time not positive. The decrease in value is due to the Chinese decision to consider crypto and traditional currency alternatives. It will be trying digital Yuan to ensure its currency remains stable. They have taken this decision under the influence of the ongoing situation on the global level, affecting the Russian economy.
Chinese decision was also influenced by the role that cryptos are playing in this situation. Thus, there is a chance of a new rival in the market to cryptos which has affected the prices of Bitcoin, Ethereum, Binance, and other currencies. It will start the test trials of CBDCs on a trial basis. The fear of new change will affect the value of Bitcoin as there are chances that the value of the digital Yuan will rise.
Investors have become too cautious after the weaponization of Bitcoin, which experts are referring to as a post-dollar planet because of the role it is playing in determining the war in Ukraine. It might affect other countries after Russia.
Here is a brief overview of the market situation using leading currencies like Bitcoin and some others.
BTC plunges lower
Bitcoin was the leading currency affected by the market change in the last 24 hours. As the market has been affected by Chinese decisions and has no improvement in the Russian situation, Bitcoin has begun to falter. Bitcoin performance for the last 24 hours shows that it has shed 5.42%. If we look at the price of Bitcoin, it is estimated to be $41.425.61.
The price for Bitcoin is lowering, but it has gained 7.22% in the last seven days. The market cap for Bitcoin is estimated to be $786,496,577,841. The 24-hour trading volume of Bitcoin is about $27,113,459,808.
The circulating supply of Bitcoin is 18,973,837 BTC.
BNB couldn’t stand the pressure
Binance Coin has also changed track after improvements. If we look at its gains for the last seven days, these estimate to be 7.07% which have eroded due to ongoing losses. In comparison, the performance for the previous 24 hours shows the misery of Binance Coin. It has lost 3.98% taking its price to the $391.59 range. Its price might lower further as the market continues in a bearish mood.
The market cap value for Binance Coin is estimated to be $64,617,794,201. In comparison, the trading volume for the last 24 hours is $1,639,682,606. The same value can be converted to its native currency valuing 4,189,853 BNB.
Binance Coin’s circulating supply for the previous 24 hours remained 165,116,761 BNB.
ICP fluctuates, trying to stay stable
Internet Computer Coin has also been affected by the bearish trend in the market. The recent change has affected its value by about 3.03% in the last 24 hours. If we look at its stats for the previous seven days, it shows a gain of 10.15%. The new changes have taken its price to $18.62.
The market cap has begun to reduce in value after bearishness and is about $3,909,665,882. The trading volume of it for the last 24 hours is $399,163,834. The market has remained turbulent for this currency since 2021 as it has continued in an uncertain situation.
SAND goes further low
The Sandbox is also bearish, affected by the latest market trend. The ongoing changes have lowered its price by 6.34%, while its price has been reduced to $18.62. The weekly performance for it shows no difference as it lost 1.72%. The losses might continue if the market didn’t take a productive turn.
As per the latest updates, the current market cap of Sandbox is estimated to be $3,383,014,480. At the same time, its trading volume of it is $925,122,532.
Final Thoughts
The market hasn’t been able to stay stable and keep its gains. Thus, the blows of bearishness have taken its value down to $1.83T. The use of cryptocurrencies in Russia and Canada for political benefits has made investors feel weary. Also, those countries which feel they might be affected by this change have begun to look for alternatives. Thus, the change has affected the global crypto market. An evident example is a decrease in the value of Bitcoin, which has receded at a faster pace.
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