The global crypto market has continued to recede in value due to unfavorable situation. The performance of Bitcoin, Binance Coin, and others shows slight improvement, but they haven’t turned bullish. The continuation of negative changes has brought the market to a difficult situation. Though there were hopes regarding the revival of bullishness with the recent gains, it didn’t happen. The investors are awaiting a positive change in the market to reverse their losses.
SEC’s win against the blockchain file-sharing network LBRY. The high-profile case was a mainstay for XRP Army, and the loss has unnerved them. James Filan, a former federal prosecutor had been updating the crypto community on the SEC Vs Ripple lawsuit. He shared the details of how the SEC bagged the win against the mentioned company. He tweeted on Monday that LBRY offered LBC as security and the fair notice defense has failed.
SEC had sued LBRY in March, alleging that its LBC tokens were securities and violating the securities laws. The company had sold them without any registration with SEC, thus violating the law. LBRY had argued that its tokens were not securities and thus were not subject to securities laws. Later, in the detailed judgment, federal judge Paul Barbadoro stated the LBC were securities and SEC’s contention couldn’t be rejected.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC trading at $16.8K
Bitcoin has slipped under $17K and crypto stocks stumble due to FTX bankruptcy. FTX has officially filed an application for bankruptcy while BTC has reached the lows it faced in June.
The recent changes for Bitcoin show little hope as it has relatively been able to retain its value. The latest data shows that it has shed 2.57% over the last day. The weekly performance shows that it has shed 20.98%.
The price value of BTC is currently in the $16,853.73 range. The market cap value of Bitcoin is estimated to be $323,682,583,890. The 24-hour trading volume of Bitcoin is about $46,829,372,823.
BNB trying to revive gains
Binance CEO CZ issued a statement regarding the FTX crash. He stated that the market has been set back a few years because of this huge loss. The company fell overnight because of the allegations of misappropriation of user funds. CZ said that it was devastating for the industry which took away a lot of consumer confidence.
The value of Binance Coin has also been affected by the negative changes. The recent data shows that it regressed by 3.60% over the last day. The weekly performance of this coin shows that it has shed 20.08%.
The price value of BNB is currently in the $282.95 range. The market cap value of this coin is estimated to be $45,265,515,240. The 24-hour trading volume of the same coin is about $1,628,834,991.
FIL still in losses
The performance of Filecoin has also shown a negative trend. The data for the last 24 hours shows that it has shed 4.22%. In comparison, the weekly performance shows that it has shed 29.20%. The price value of FIL is currently in the $4.33 range.
The market cap value of Filecoin is estimated to be $1,378,833,310. The 24-hour trading volume of this coin is about $130,419,124. The same amount in its native currency is about 30,241,126 FIL.
FLOW recessive
Flow has also been facing a decline in value due to the bearish trend. The latest data shows that it has shed 7.07% over the last day. The weekly performance shows a loss of 34.96%. The price value of FLOW is currently in the $1.22 range.
The market cap value of Flow is estimated to be $1,266,170,918. The 24-hour trading volume of this coin is about $45,406,397. The circulating supply of this coin is about 1,036,200,000 FLOW.
Final Thoughts
The global crypto market has reduced its losses but couldn’t turn bullish. The recent changes for Bitcoin, Binance Coin, and others show that the negative trend has continued. The ongoing changes have been mainly elicited by the crash of FTX and its repercussions. The global market cap value is also on the decline. The latest data shows that it is estimated to be $848.53 billion.
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