TL;DR Breakdown
- The global crypto market suffers losses, as it sheds 5.48% in the last 24 hours.
- Bitcoin has continued to decrease in value, losing 5.69% in 24 hours.
- Binance Coin is trying to follow Bitcoin in losses, depreciating 3.53% daily.
- Celo and Loopring are both bearish and show redness of 7.54% and 8.50%, respectively.
The global crypto market has suffered a multiplication in losses over the last day. The changes in the market situation were not favorable as the investors witnessed a continuing trend of bearishness. The dominant trend was continuous sell-offs, which affected the coins to go further low in value. The situation seems to continue like this as there is little chance that the market will resume gains in a shorter while.
The New York senate has authorized NYDFS to assess crypto companies. The assessment will include a detailed analysis of these companies and their worth which will help regulators and legislators take requisite steps if any are needed. The assessment will also help with any chances of problems that the crypto market or its investors might face.
While on the other hand, crypto, especially Bitcoin, investors view that the regulations regarding this commodity are not carefully researched. They believe that most of them are the modified form of the regulations for other commodities imposed on crypto. The recent crypto outflows also suggest what is going on in the market as the investors face uncertainty.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other altcoins.
BTC down to $39K
Bitcoin has seen an increasing correlation with stocks, which has unexpectedly affected its value. The change has come too soon, impacting crypto investors who see this situation as unexpected. The downward movement to lows of $40K has been the first time since mid-March, and the depreciation might continue.
The recent data for Bitcoin shows that it has shed 5.68% over the last 24 hours. The recent data indicates that Bitcoin is approaching dangerously low levels. The change in the situation is evident from the weekly losses of this coin as well. The seven-day losses for Bitcoin are about 14.85%.
The current price of Bitcoin is $39,758.86. If we take a peek at the market cap value of Bitcoin, it is estimated to be $754,506,821,124. In comparison, the 24-hour trading volume of Bitcoin was also affected as the influx of funds lowered. The trading volume of Bitcoin remained at $33,786,200,119.
BNB below $400
Binance Coin has also followed the track of Bitcoin as its losses have brought it below the threshold level of $400. Further changes are awaiting as the market hasn’t yet been able to recover in value, as seen in the case of Bitcoin or others. So, if the losses continue, there are chances that Binance Coin will see a further decrease in value, affecting the investors’ capital.
The recent data for Binance Coin shows that it has depreciated by 3.53%. If we compare the recession for the last week, the losses amount to 12.25%. The price value continues to waver as the instability hasn’t let it remain steady. The current price value of the Binance Coin is about $399.29.
The market cap value for Binance Coin is estimated to be $65,806,284,613. If we compare the trading volume, it remained at $2,145,072,565 for the last 24 hours. The circulating supply of Binance Coin remained at 165,116,761 BNB.
CELO losing value
Celo has been no different from other coins in the losses. The change has continued to lower its value, and the result is a loss of 7.54% over the last 24 hours. If we compare its losses for the last seven days, it has suffered 35.28%. The price value has been affected likely as it has been reduced to $3.10.
If we take a peek at the market cap value for CELO, it is estimated to be $1.341,722,109. The trading volume has also been reduced as the influx of funds has reduced. The reduced activity for this coin shows that its trading volume remained at $107,139,892. The same amount converted to the native currency of this blockchain is 34,593,156 CELO.
LRC multiplies its losses
Loopring has seen an increase in the value of losses over the last few days. The previous 24 hours show that it has shed 8.50%, while the seven-day losses are about 27.59%. The change in the market is tremendous as the decrease in value of coins from a giant like Bitcoin to those like Loopring are equally suffering.
The price of Loopring, as per the latest updates, is about $0.8548. The market cap value has also been affected and is estimated to be $1,130,968,490. The 24-hour trading volume of this coin remained at $174,462,082. The circulating supply of Loopring remained at 1,329,675,414 LRC.
Final Thoughts
The continuing decrease in the market value is affecting the already-invested capital in the market. The constant trend of bearishness is affecting the value of the global market cap, which is currently about $1.83T. It was about $2.15T when the recent wave of the recession began to affect the market. If we compare the two values, we can easily infer what might be next for the market if the bearishness continues. There are hopes for improving the market as an enhanced influx of funds can save it from further depreciation.
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