The global crypto market has seen a trend of decline due to lowered gains. The performance of Bitcoin, Binance Coin, and others shows that there has been no improvement. As the performance of the market has seen a decline, there has been a reduction in the influx of capital. The investor gains have also suffered, which has affected the overall performance of coins. As the market continues to face trouble, there is a likely chance that it will face further losses.
Gemini Earn users have launched class arbitration against Genesis, DCG. The claimants have alleged that Genesis breached its agreement with Gemini Earn users and engaged in the unregistered sale of securities. Three users have filed this case against Genesis Global Capital, Digital Currency Group, and Genesis Global Trading. The case was filed with American Arbitration Association on 30 December.
Winklevoss twins-owned crypto exchange Gemini offered an ‘earn’ program where user assets were lent out to Genesis Global Capital, allowing users to earn interest. Gemini announced a halt to withdrawals on 16 November following the collapse of FTX and Alameda Research. The claimants in class arbitration want Genesis to return their digital assets as per the Master Digital Asset Loan Agreements made between the two parties.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC facing difficulties
VanEck has made a forecast for Bitcoin, saying that its price is likely to hit $12K in Q1 while it will be by $30K in Q3. Investment manager VanEck’s head of Digital Assets Research Manager Mathew Sigel, has made the prediction regarding Bitcoin.
The performance of Bitcoin has shown a trend of decline. The latest data shows that it has added 0.01% in a day. In comparison, the weekly data shows that Bitcoin has shed 0.66%.
The price value of BTC is currently in the $16,727.37 range. The market cap value of Bitcoin is estimated to be $322,019,684,811. The 24-hour trading volume of Bitcoin is about $11,689,286,960.
BNB in trouble
Binance is all set to acquire Gopax to re-enter the South Korean market. According to available information, this move will give Binance a 41% share in one of South Korea’s largest exchanges. Binance has continued to expand its influence to get a fair share of the market.
Binance Coin has also been in trouble due to the negative trend. The latest data shows that it has shed 0.72% in 24 hours. The weekly performance of this coin shows that it has added 0.70%.
The price value of BNB is currently in the $245.36 range. The market cap value of this coin is estimated to be $39,249,184,734. The 24-hour trading volume of the same coin is about $298,999,598.
FIL in losses
Filecoin has also been at a loss as the negative trend continues. The latest data shows that it has shed 1.12% over the last day. The seven-day performance shows that it has shed 0.50%. The price value of FIL is currently in the $3.15 range.
The market cap value of Filecoin is estimated to be $1,135,074,355. The 24-hour trading volume of this coin is about $76,894,287. The same amount in its native currency is about 24,354,031 FIL.
HBAR still bullish
Hedera has been in a bullish mood as the investors remain bullish on it. The latest data shows that it has added 0.92% in a day. The seven-day performance shows that it has shed 11.36%. The price value of HBAR is currently in the $0.03904 range.
The market cap value of Hedera is estimated to be $981,287,853. The 24-hour trading volume of this coin is about $15,268,492. The circulating supply of the same coin is about 25,136,978,704 HBAR.
Final Thoughts
The global crypto market has seen a positive trend despite the strong bearish pressure. The value of Bitcoin, Binance Coin, and others has continued to lower despite attempts for stability. As the market continues to face problems, there is a likely chance that it will lower further value. The trend of bearishness has continued to affect the global market cap value. The latest data shows that it is estimated to be $807.32 billion.
