- The global crypto market is back to a recessive mood, shedding 2.62% over the last 24 hours.
- Bitcoin has also changed direction, affecting its gains as it shed 2.60% in the previous 24 hours.
- Binance Coin is affected as Bitcoin, depreciating 2.71% over the last 24 hours.
- Filecoin and Fantom are also affected due to the changing market situation, losing 4.44% and 4.57% over the last day.
The global crypto market has taken yet another turn due to unreliable investments. The change has been mainly driven by the recession of Bitcoin, which suffered losses as the investors pulled out their capital. The same change followed the rest of the market, where significant changes took place, leading to a popular trend of bearishness. Even though it took time, the chances for the market’s bearishness were evident the other day.
The changes in the US strategy towards Russia and Iran have come as there were rumors about the two nations taking the benefit of crypto to evade sanctions. According to the US treasury department, they have banned Bitriver, which Russian crypto experts allegedly used for this purpose. Market experts had accused Russia and Iran of using crypto to accumulate wealth from Western nations using crypto mining. As per the mentioned news, mining proved helpful for the said two states because of the availability of energy and bigger profits compared to expenditure.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC recedes in value, back to $40K
Bitcoin has been thriving recently because of the influx of funds. The change came as the result of price correction, which brought it back to the same position where it stood before the bullish wave. According to the experts, the bearish whales are still in action and might affect Bitcoin further.
The data for the last 24 hours shows that Bitcoin has shed 2.57% as it continues to lower its value. In comparison, it has been able to make gains of 0.89%. The latter value has been reduced significantly due to changes in the market as Bitcoin went from bullish bloom to bearishness.
The current price value of Bitcoin is in the $40,602.10 range. The market cap value for Bitcoin is estimated to be $771,733,137,722. In comparison, the 24-hour trading volume of this coin is about $36,864,514,535.
BNB reversing its progress
Binance Coin is also going through a difficult phase as the changes affect its value. Binance Coin was going through a bout of bearishness, but the amount of depreciation was in a limited range. The change has put it in a difficult situation as the losses have increased.
The market data shows that Binance Coin depreciated 2.71% over the last 24 hours, keeping Bitcoin behind. If we compare the weekly performance, Binance Coin has suffered a loss of 2.07% as the market seems to be going through hard times, so its losses might continue.
The price value for Binance Coin is currently about $410.17. If we look at the market cap value for this coin, it is estimated to be $66,981,952,128. In comparison, the 24-hour trading volume of this coin is about $2,274,864,133.
FIL on a downward journey
Filecoin is also heading towards new lows as the market is changing. The result of these changes is a continuous wave of depreciation in its value. The recent changes have brought a loss of 4.44% over the last 24 hours. If we compare its weekly performance, it has suffered a loss of 0.47%. The changes might continue if the market doesn’t improve.
The current price value for Filecoin has been reduced to $19.08 as the new changes lowered its price. The market cap value for this coin is estimated to be $3,692,375,395. In contrast, its 24-hour trading volume of it remained at $437,991,987.
FTM experiences depreciation
Fantom has also gone through a hard change in value as it depreciated. The recent data shows that it has suffered a recession valuing 4.57%. While if we look at its weekly performance, the losses are about 3.87%. The price value also depreciated as it is currently in the $1.13 range.
The graph for Fantom shows fluctuations and then a steep decline in its value. The market cap value for Fantom is estimated to be $2,883,693. In contrast, its 24-hour trading volume of it is about $378,085,277. The circulating supply of Fantom remained at 2,545,006,273 FTM.
The value of the global crypto market has fluctuated due to changes in investments. The recent changes have come as Bitcoin changed its track and turned bearish. The result has been in the form of bearish altcoins and reduced market cap value. The value of the global market cap as per the latest updates is about $1.88T. As the market is going through a correction phase, its value might reduce further if the changes continue.