The global crypto market has witnessed a change in performance over recent hours. The performance of Bitcoin shows bearishness while Ethereum has turned bullish. Also, there has been a change for the rest of the market as losses have lowered. The change in performance has brought the market a slight respite and there is hope for improvement. The past two days have proved rough and shaky for the market. There is a hope that the market will turn bullish soon, as evident from the metrics.
BlockFi has halted withdrawals amid the market meltdown. The New-Jersey-based exchange has informed the customers that it will have a ‘limited platform activity.’ The reason cited for the halted withdrawals is the ongoing FTX issue. Apart from the halting of transaction activity, California state officials have also launched an investigation to see what resulted in the failure of the firm. BlockFi uploaded a message on their socials that stated they learned about the crisis through Twitter.
The statement further says that the news about Alameda and FTX was appalling for them. BlockFi was saved by FTX back in June and the latest statement says that they can’t continue in the current situation. Furthermore, the business has prohibited its users from funding interest-bearing accounts and hosted wallets.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC continues bearish
Bitcoin has fluctuated over the recent hours while the on-chain data also shows warning signs for it. The price value of BTC is likely to lower to $15K due to continuing bearish situation. The increased losses have furthered the bearish pressure on the leading coin.
The recent changes for Bitcoin show a ray of hope as it lowered its losses. The latest data shows that it has shed 1.43% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 20.63%.
The price value of BTC is currently in the $16,934.07 range. The market cap value of Bitcoin is estimated to be $325,218,477,294. The 24-hour trading volume of BTC is about $53,195,983,138.
ETH turns bullish
FTX US will resume Ethereum and MATIC withdrawals soon. The exchange released a statement on Friday that said that they will resume transactions. They had halted transactions due to a huge outflow of capital, bringing its value to a crashing situation.
The value of Ethereum has seen a speedy rise over recent hours. The latest data shows that it has added 2.38% over the last day. The seven-day performance shows that it has shed 22.24%.
The price value of ETH is currently in the $1,284.56 range. The market cap value of this coin is estimated to be $157,196,555,984. The 24-hour trading volume of the same coin is about $19,735,256,334.
ATOM trying to reduce losses
There has been a slight change in the performance of Cosmos. The recent data shows that it has shed 3.75% over the last 24 hours. The weekly performance of this coin shows a loss of 25.31%. The price value of ATOM is currently in the $11.47 range.
The market cap value of ATOM is estimated to be $3,284,413,250. The 24-hour trading volume of this coin is about $245,452,960. The same amount in its native currency is about 21,327,642 ATOM.
ALGO stays recessive
The performance of Algorand has also shown a recessive trend. The latest data shows that it has shed 5.03% over the last 24 hours. The weekly performance of this coin shows a loss of 29.78%. The price value of ALGO is currently in the $0.2935 range.
The market cap value of Algorand is estimated to be $2,082,284,188. The 24-hour trading volume of this coin is about $225,529,475. The circulating supply of this coin is about 7,094,651,744 ALGO.
Final Thoughts
The global crypto market has witnessed a slight change in performance. The value of Bitcoin remains in bearish limbo while Ethereum has turned bullish. The rest of the market is also making attempts to revive value. The global market cap value has also enhanced. The latest data shows that it is estimated to be $858.81 billion.
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