The global crypto market has continued to decline in value due to bearishness. The latest data shows that there has been no positive change over the last day. The reversal has continued for a while as Bitcoin, Binance Coin, etc., couldn’t recover. The continuation of the reversal trend has affected the market investors. Their losses have increased with sell-offs and increasing inflation in the US. If the ongoing situation continues further, the market might see a further decline in value.
The recent sanctions from US authorities on Tornado Cash have alerted other countries. Singapore has taken the lead role in crypto regulations. According to the available information, the Monetary Authority of Singapore has sought details ahead of regulatory changes. A report from Bloomberg revealed that MAS has asked for the said information from both licensed companies as well as applicants.
The people familiar with the matter said that insolvencies and defaults had forced MAS for strict regulations. While MAS might also be looking for further regulations to keep the investors safe. The reports said that MAS is asking companies for information like crypto assets they hold, lending or borrowing counterparts, amount loaned, etc.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC lowers further
The US Federal Reserve chairman, Jerome Powell, spoke at Wyoming on Friday, having lasting repercussions for the market. He said that Fed rates are likely to continue to increase. As Powell made this announcement, the Bitcoin price saw a decline. The said statement has also had an impact on the overall market.
The recent few hours saw a speedy decline in Bitcoin value. The latest data shows that Bitcoin has shed 4.45% over the last 24 hours. The weekly data shows that it has shed 4.83%.
The price value for Bitcoin is in the $20,237.45 range. The market cap value for Bitcoin is estimated to be $387,067,213,426. The 24-hour trading volume of Bitcoin is about $43,188,232,622.
BNB in losses
Binance has agreed on a deal with MasterCard to explore the power of crypto. They did strike partnerships to create ease for the customers as well as expand their services. MasterCard is the biggest credit card service provider, while Binance is becoming the leading crypto services provider.
The value of Binance Coin also saw a decline due to the recessive market. The latest data shows that it has regressed 3.30% over the last 24 hours. The weekly data shows a loss of 1.55% for this coin.
The price value for BNB is currently in the $283.17 range. The market cap value for this coin is estimated to be $45,686,524,675. The 24-hour trading volume of this coin is about $1,226,132,675.
FIL declines
The value of Filecoin is also on the decline due to the recession. The recent data shows that it has shed 5.24% over the last 24 hours. The weekly data shows that it has receded by 11.90%. The ongoing changes have brought the FIL price to the $5.80 range.
The market cap value for Filecoin is estimated to be $1,565,727,142. The 24-hour trading volume of this coin is about $327,154,222. The same amount in its native currency is about 56,442,742 FIL.
MANA on reversal
The value of Decentraland has also seen a depreciating trend. The latest data shows that it has shed 4.91%. The weekly data shows a loss of 9.44%. As the market has continued to change, its price value has receded to the $0.7757 range.
The market cap value for MANA is estimated to be $1,435,615,528. The 24-hour trading volume of this coin is about $208,035,364. The circulating supply of this coin is about 1,852,413,497 MANA.
Final Thoughts
The global crypto market has seen a further decline in value due to bearishness. The recent changes show that the losses for Bitcoin, Binance Coin, and others have increased. The losses have affected the gains for investors. The continuation of the increase in US inflation rates is likely to affect the market in the coming days. The global market cap value has also been affected. The latest data shows that it is currently estimated to be $974.06 billion.
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