TL;DR Breakdown
- The global crypto market has continued to recede due to unfavorable conditions, losing 4.50%.
- Bitcoin continues to lower its value due to the recession, shedding 4.20%.
- Binance Coin faces the same unfavorable situation, depreciating 3.49% om 24 hours.
- Filecoin and Theta Network are also bearish, losing 10.69% and 5.97%, respectively.
The global crypto market hasn’t yet been able to get rid of the dominant trend of bearishness. The state of increasing losses for various coins like Bitcoin, Ethereum, and other major altcoins has affected the overall trust of the investors. As the situation deteriorated, the market turned to complete bearishness instead of alternating between losses and gains. The situation is quite alarming for investors because of this continuing sense of loss which might initiate further impacts.
Australia’s largest bank, Commonwealth Bank, had the intention to expand crypto services. It had plans to expand crypto services to 6.5M but couldn’t realize them. It would have included Bitcoin and other cryptocurrencies services if it had happened. The main hurdle to the success of its realization was local financial regulators, which didn’t allow the bank to take this revolutionary step. It might take time to cross the sea of red tapes spun by the regulators. Also, 70% of merchants believe that crypto payments will revolutionize the market simultaneously. Bitcoin was the initiator of this system, and later other blockchain systems have given much better results.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other currencies.
BTC lowers to $43K
The first quarter of 2022 has proved quite interesting for Bitcoin as it went through several ups and downs. These have been manifested in continuous changes in Bitcoin price, which fluctuated. Even though Bitcoin could recover to $50K, it has been back to the lowering price trend.
The latest data shows that Bitcoin is receding at an even faster speed. It shed 4.20% over the last 24 hours. While if we compare the weekly losses for Bitcoin, these amount to 7.79%. The depreciation of Bitcoin has affected its market to a significant level as it has lost more than $3K. The current price for Bitcoin is in the $43,386.54 range.
If we take a peek at the market cap value for Bitcoin, it is estimated to be $824,559,284,792. In comparison, the 24-hour trading volume of Bitcoin also shows signs of weakness due to losses. Its current value is about $38,300,620,912.
BNB in a regressive mood
Binance Coin has been on the same rollercoaster as Bitcoin. The constant surprises it faced included increasing-price value with little volatility and then a steep fall in value. Binance Coin has a specific market that has kept it relatively stable compared to Bitcoin and Ethereum.
Its recent data shows that the losses amount to 3.49% over the last 24 hours. If we compare its performance for the last seven days, it shows a depreciation of 3.62%. The latter value is also in a relatively moderate range. The current price value of the Binance Coin is about $426.87.
If we take a peek at the market cap value for Binance Coin, it is estimated to be $70,483,191,591. In contrast, its 24-hour trading volume of it is about $2,237,233,462. The same amount in its native currency is about 5,241,033 BNB.
FIL continues to lower the value
Filecoin has also suffered as Bitcoin, and other coins plunged to bearishness. The impact is evident in a continuing trend of recession, affecting its price value and daily gains. The latest data for this coin shows that it has shed 10.69%, which is tremendous if we look at its bulk.
The weekly losses for this coin are about 15.42% which are even bigger compared to daily recession. The impacts of this loss are evident in lowering the price, which is currently about $22.08. The graph for this coin shows a steep decline in its value, which might harm it in the longer run.
The market cap value for FIL is estimated to be $4,151,662,646. In comparison, the 24-hour trading volume is about $689,135,524.
THETA facing a difficult situation
Theta Network is also facing hard times as it has shed 5.97% over the past 24 hours. In comparison, its last seven days were tough, which experienced a loss of 18.33%. The current price value for THETA is in the $3.40 range.
The value of the market cap has also decreased as it has continued to reduce its bulk and is currently estimated to be $3,399,401,985. The circulating supply for Theta Network remained at 1,000,000,000 THETA.
Final Thoughts
The global crypto market is experiencing yet another recession due to continuous losses. These changes affect the global market cap value, which has been reduced to $1.99T. As the situation continues to show no positive indicators, there are chances that the market might be affected further. The previous two weeks showed bullishness, and experts had predicted gains for this week as well, but then the market changed direction all of a sudden, which continues as of now.
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