The global crypto market has continued to see a negative change. The value of Bitcoin, Binance Coin, and others saw no improvement in value. The recent changes show that the losses for the market have lowered but the negative trend still continues. As the market hasn’t been able to retain gains, there has been a speedy decline in its value. The ordeal faced by FTX and US midterm elections are two of the main factors behind the current scenario.
There has been a small ray of hope for FTX as Tron lead Justin Sun has said that he is putting together a solution with FTX. The Tron boss has swooped in as FTX faces ruin. The news has come after the allegation that SBF moved $4 billion worth of FTX funds to save Alameda Research. Things might be deteriorating for FTX, but they have found a white knight in the form of Justin Sun.
Binance had announced a bailout package for FTX, but it walked away because of the problems in balance sheets. Analysts suspect that there might be a gap of about $10 billion in its balance sheet. Hours after this happened, Tron head Justin Sun tweeted that he is looking into the matter of how he can help FTX. There have been no further details, but he might have a plan.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC sees respite
Grayscale Bitcoin trust is trading at a discount of more than 40% amid the market tumult. The company has been trading Bitcoin at discount since February 2021 but has made further relaxations recently. The market saw a sharp decline recently and the most shocking was that of Bitcoin which panicked investors.
The recent changes for Bitcoin show little improvement as it has held itself together over the recent hours. The latest data shows that it has shed 6.98% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 18.10%.
The price value of BTC is currently in the $16,550.89 range. The market cap value of Bitcoin is estimated to be $317,836,428,849. The 24-hour trading volume of Bitcoin is about $99,261,984,111.
BNB continues to lose
Binance has published the details of its wallets and current holdings. The details from the world’s largest cryptocurrency exchange show the addresses of both hot and cold wallets.
The performance of Binance Coin has also shown a continuing pattern of losses. The latest data shows that it has shed 2.22% over the last day. The weekly performance of this coin shows a loss of 14.92%.
The price value of BNB is currently in the $278.17 range. The market cap value of this coin is estimated to be $44,499,797,602. The 24-hour trading volume of the same coin is about $2,684,547,153.
FTM sees no difference
The value of Fantom continues to recede as it couldn’t find respite from losses. The latest data shows that it has shed 5.10% over the last 24 hours. The weekly performance of this coin shows a loss of 27.01%. The price value of FTM is currently in the $0.1935 range.
The market cap value of Fantom is estimated to be $492,463,356. The 24-hour trading volume of this coin is about $182,882,397. The same amount in its native currency is about 948,727,484 FTM.
NEXO bearish
The performance of Nexo has also been bearish due to the unfavorable market. The recent changes show that it has shed 10.88% over the last 24 hours. The weekly performance shows that it has declined by 20.55%. The price value of NEXO is currently in the $0.7587 range.
The market cap value of Nexo is estimated to be $424,897,084. The 24-hour trading volume of this coin is about $17,706,648. The circulating supply of this coin is about 560,000,011 NEXO.
Final Thoughts
The global crypto market has seen a decline in performance as it couldn’t regain value. The change has resulted in a lowered value of Bitcoin, Binance Coin, and others. As the market continues to lose value, the investors have preferred to sell off their investments. The global market cap value continues to lower as it is currently about $833.23 billion.
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