The global crypto market has seen a revival of gains over recent hours. The performance of Bitcoin, Binance Coin, and others shows that there has been a significant improvement. As the market has regained momentum, there has been an increase in the influx of capital. Naturally, the dominance of bears proves to be an indication of a scare for the investors. Traders have preferred to invest in the gaining market and will likely continue it if the bullish trend continues.
RBI deputy governor has touted CBDCs, saying that the data related to crypto is not reliable. The ongoing debate regarding the use of cryptocurrencies or Central Bank Digital Currencies (CBDCs) has prompted the RBI representative to enter the fray with a few words of caution. Mr. Patra said in a statement that whatever data is available in CBDCs is misleading. The comments came during an online event organized by the Reserve Bank of India.
Mr. Patra added that the unreliable data could result in a lack of proper regulation and guidelines in its place of use. He gave different reasons for the unreliability of the data available regarding cryptocurrencies. Furthermore, he added that the lack of proper regulations due to the absence of reliable data is the reason behind fraud in the mentioned market. The perpetrators can’t be prosecuted due to a lack of proper regulations.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC resumes bullishness
A German citizen has been imprisoned for attempting to hire a hitman using Bitcoin. The Berlin district court sentenced a man to prison time for repeated attempts to hire a hitman with Bitcoin on the deep web. The use of crypto for illicit activities has increased with time.
The performance of Bitcoin has shown hope as the market turned bullish. The latest data shows that it has added 0.06% over the last 24 hours. The weekly performance of Bitcoin shows that it has added 1.20%.
The price value of BTC is currently in the $17,169.20 range. The market cap value of Bitcoin is estimated to be $330,175,688,144. The 24-hour trading volume of Bitcoin is about $12,647,988,478.
BNB in gains
Binance has locked withdrawals of some accounts amid what the CEO called ‘just market behavior.’ The abnormal price movements on Binance sparked an internal investigation that led to its CEO issuing a statement.
The performance of Binance Coin has also improved as the influx of capital resumed. The latest data shows that it has added 0.99% in a day. The weekly performance of this coin shows that it has shed 0.02%.
The price value of BNB is currently in the $290.15 range. The market cap value of this coin is estimated to be $46,414,495,872. The 24-hour trading volume of the same coin is about $436,978,337.
DOGE turns green
The performance of Dogecoin shows that it has also turned green. The latest data shows that it has added 0.11% over the last 24 hours. The weekly performance of this coin shows that it has shed 6.02%. The price value of DOGE is currently in the $0.09686 range.
The market cap value of Dogecoin is estimated to be $12,851,124,742. The 24-hour trading volume of this coin is about $206,478,287. The same amount in its native currency is about 2,131,769,143 DOGE.
ADA still bearish
Cardano is yet to resume gains as the bullish trend continues for it. The latest data shows that it has receded 0.16% over the last day. The seven-day data shows that it has shed 2.51%. The price value of ADA is currently in the $0.3123 range.
The market cap value of Cardano is estimated to be $10,764,993,201. The 24-hour trading volume of this coin is about $88,683,653. The circulating supply of the same coin is about 34,471,844,534 ADA.
Final Thoughts
The global crypto market has seen a positive trend over recent hours. The performance of Bitcoin, Binance Coin, and others shows that they have resumed gains. As the market has resumed gains, investors have flocked towards the market. The enhancement has also strengthened the global market cap value. The latest data shows that it is estimated to be $856.61 billion.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
