The global crypto market has continued in the limbo of losses, affecting the ongoing negative changes. The performance of Bitcoin, Ethereum, and some others shows signs of a plain continuation of bearishness in a specific range. The losses of these coins have continued to remain in a specific range. The pattern of losses in the market has remained the same as it is closing the previous value before the loss. As the new losses continue, it will determine how lower it will take the market. If the current wave of losses takes it below $1.20T, it might affect the value for a continuing period.
Portugal has remained crypto heaven for the investors. The investors had the benefit of taking full benefit of their gains. There was no taxation on crypto gains, and the investors could use the sum according to their choice. Now, the evolving situation has brought crypto-heaven status to a halt. The new changes in legislation tell of the reversal of previous laws, which will bring the gains to a tax tariff. Thus, the investors would have to pay taxes on their gains. Investors in India are also facing a similar situation where the regulations are even stricter as the investors have to pay a general sales tax on crypto.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC close to $30K
Bitcoin has continued amid the criticism and admiration from the investors. They have continued to focus on its pros and cons as a payment system. The latest came from Bankman-Fried, who referred to Bitcoin as an inefficient solution for payment systems because of its high environmental cost. The main argument is about the carbon footprint of Bitcoin.
The latest data for Bitcoin shows that it has shed 2.46% over the last 24 hours. If we compare the weekly performance of Bitcoin, it shows losses of 3.30%. The passage of time and no improvement did bring it to a situation of these lows.
The price value for Bitcoin has been reduced to $29,980.20. If we compare the market cap value for Bitcoin, it is estimated to be $570,879,673,743. In contrast, the 24-hour trading volume of Bitcoin is about $32,570,527,153.
ETH trying to recover
Ethereum has also been facing losses due to ongoing market difficulties. It has not only continued to face whales but also Ethereum-killer DAOs. The latter has posed a much bigger threat to Ethereum compared to the former. Ethereum needs performance improvement to beat them.
If we look at the performance of Ethereum for the last 24 hours, it shows a loss of 2.85%. If we compare the seven-day losses, these are about 12.28%. The price value of Ethereum has also been in difficulties due to the continuing bearishness.
The price value for Ethereum is currently in the $2,036.52 range. If we compare the market cap value, it is estimated to be $246,026,683,906. In comparison, the 24-hour trading volume for ETH is about $21,513,543,464.
LRC continues to shed
Loopring has lowered its losses as the graph shows a continuous line with few changes. The 24-hour losses for LRC have remained at 2.04%. In comparison, it has shed 14.88%. If we look at the price value, it has been through depreciation. The price value for LRC has dropped to $0.4794 due to these losses.
The market cap value for Loopring is estimated to be $637,591,477. In comparison, its 24-hour trading volume of it is about $84,445,618. If converted to the native currency of Loopring, the same amount is about 176,162,325 LRC.
CELO increases its losses
Celo has dipped further into losses due to the market’s bearishness. The changes have affected it much as it has depreciated 5.56% over the last 24 hours. The losses for the last seven days have grown, amounting to 27.73%. The price value for it has lowered to the $1.44 range.
If we look at the market cap value for CELO, it is estimated to be $634,566,713. In comparison, its 24-hour trading volume of it is about $53,501,881. The circulating supply value for it is 439,191,694 CELO.
Final Thoughts
The global crypto market is changing due to continuing losses. Though there was a short-lasting bullishness in the market for a while, it didn’t last long. The changes for the coins have resulted in the lowering of the global market cap value to $1.29T, which might go even lower due to losses. The market needs resuscitation from the continuous losses which have left it in rags. The losses worth billions have affected it significantly.
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