The global crypto market has seen a decline in value because of the bearish trend. The last day brought gains to the market, but it couldn’t retain them. As the market couldn’t retain value, the performance of Bitcoin, Binance Coin, and others saw a decline. The ensuing changes have affected the following coins as well. There is no certainty about how the market is going to perform in the upcoming hours because it has acted anomalously over the recent hours.
Brazilian and US authorities have busted a transnational crypto fraud ring led by Bitcoin Sheikh. The said ring had defrauded hundreds of citizens in Brazil and other parts of the world. Brazil’s federal police busted Bitcoin Sheikh, believed to have defrauded people and laundered funds worth $766 million. The operation was completed with the help of multiple LEAs.
A press release from the US Immigration and Customs Enforcement on 6 October disclosed the details of the operation. Curitiba, the fraud ring, was formed as a digital asset investment platform and led by Francisco Valdevino di Silva, also known as Bitcoin Sheikh. The company committed various crimes, including money laundering, fraud, a criminal enterprise operating, and crimes against the domestic financial system.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC again recessive
MicroStrategy founder and Bitcoin supporter Michael Saylor has said that CBDCs are destined to fail. The reason cited for the failure of CBDCs is the instability; thus, he believes they have little chance of survival. While Bitcoin mining difficulty has continued to rise.
The recent changes for Bitcoin show a change in performance. The latest data shows that it has shed 0.50% over the last 24 hours. The seven-day data shows a gain of 0.58% for Bitcoin.
The price value for Bitcoin is currently in the $19,413.03 range. The market cap value for Bitcoin is estimated to be $372,318,229,667. The 24-hour trading volume of Bitcoin is about $20,824,627,124.
BNB loses momentum
Binance has suddenly delisted HNT (Helium Network Token), creating an outcry amongst users. While Helium Foundation executive responded to this action. Helium COO said there is no basis for the partial delisting of Helium. These trading pairs are likely to be removed from Binance soon.
The performance of Binance Coin also shows a negative trend. The latest data shows that it has shed 0.74%. The weekly performance shows that it has shed 3.66%, unable to retain gains.
The price value for BNB is currently in the $276.09 range. The market cap value for this coin is estimated to be $44,549,225,904. The 24-hour trading volume of this coin is about $623,291,463.
ADA in losses
Cardano has also seen a decline in value due to the bearish trend. The latest data shows that it has shed 1.41% over the last 24 hours. The weekly performance of this coin shows a loss of 1.74%. The price value for ADA has receded to the 0.4176 range.
The market cap value for Cardano is estimated to be $14,314,070,266. The 24-hour trading volume of this coin is about $385,406,353. The same amount in its native currency is about 922,693,291 ADA.
DOT sees a downturn
The value of the Polkadot also receded due to the negative trend. The recent data shows that it has shed 0.29% over the last day. The seven-day data shows that it has added 1.14%. As the market remained unstable, DOT’s price value receded to $6.39.
The market cap value for Polkadot is estimated to be $7,185,913,457. The 24-hour trading volume of this coin is about $184,163,210. The circulating supply of this coin is about 1,124,994,231 DOT.
The performance of the global crypto market has seen a decline. The recent data shows that it hasn’t been able to retain the bullish trend. The value of Bitcoin, Binance Coin, and others has receded. The global market cap value also saw a change in value. The recent data shows that it is estimated to be $940.27 billion. If the losses continue, this value is likely to decline further.