The global crypto market has continued to face a decline in value due to the negative trend. There have been various attempts from Bitcoin, Binance Coin, and others to attract gains but to no avail. The problems for the market have prevailed and it continues to recede in value. The downside of this issue is the continuous decline in the influx of capital. If the current situation persists, investors will turn away due to persistent losses.
SBF chat leak shows that he exclaimed that ‘Now CZ is a hero,’ as he came to know about FTX collapse. SBF, the ex-CEO of FTX has remained the focal point of conversation in the crypto circles. However, in a recent interaction, SBF unveiled his stance over FTX collapse and Binance CEO CZ. He talked about the unethical things ongoing in the industry. He said that a month back CZ was talking about sticking to ethical standards.
He added that CZ would say that money is worthless and one should focus on being virtuous. A recent report disclosed that CZ has plans to launch a recovery fund for the projects that have been affected by the recent crisis due to the collapse of FTX. SBF didn’t seem to be pleased with the regulators and said that they made everything worse.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stays recessive
El Salvador’s BTC buying spree hasn’t come to end yet. In a recent announcement, El Salvador’s president Nayeb Bukele said that they will start buying new BTC this Friday. The new spree will add one Bitcoin to El Salvador’s treasury every single day.
The recent changes for Bitcoin show no improvement in its value. The latest data shows that it has receded 0.15% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 0.07%.
The price value of BTC is currently in the $16,578.95 range. The market cap value of this coin is estimated to be $318,478,365,410. The 24-hour trading volume of Bitcoin is about $31,074,289,064.
BNB trying to lower losses
Binance has reportedly stepped back into the bidding for Voyager Digital. The American arm of the company has plans to acquire Voyager Digital, the company which filed for bankruptcy earlier this year. Voyager Digital is one of the big names that collapsed due to the ongoing economic downturn.
The performance of Binance Coin has also shown a trend of recession. The recent data shows that it has shed 1.84% over the last 24 hours. The weekly performance of this coin shows a loss of 4.39%.
The price value of BNB is currently in the $267.41 range. The market cap value of this coin is estimated to be $42,779,286,953. The 24-hour trading volume of the same coin is about $922,252,364.
ALGO facing problems
The performance of Algorand has also been affected by the negative trend in the market. The latest data shows that it has receded by 4.32% over the last day. The weekly performance of this coin shows a loss of 9.46%. The price value of ALGO is currently in the $0.2659 range.
The market cap value of Algorand is estimated to be $1,889,077,997. The 24-hour trading volume of the same coin is about $151,736,718. The same amount in its native currency is about 570,716,023 ALGO.
CRO facing regression
The value of Cronos has continued to recede due to the negative trend. The latest data shows that it has shed 1.00% over the last day. The weekly performance of this coin shows that it has regressed by 23.68%. The price value of CRO is currently in the $0.06875 range.
The market cap value of Cronos is estimated to be $1,736,793,537. The 24-hour trading volume of this coin is about $43,331,891. The circulating supply of this coin is about 25,263,013,692 CRO.
Final Thoughts
The global crypto market has continued to face a decline due to the negative trend. The recent data shows that Bitcoin, Binance Coin, and others haven’t been able to turn bullish. The ongoing situation shows that the market has continued to decline in value. The global market cap value is currently estimated to be $827.79 billion.
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