The global crypto market has seen a slight fluctuation in value due to dominant bears. The recent changes for Bitcoin, Binance Coin, and some others show losses. As the market has faced a trend of decline, there has been a slight trend of selloffs. The market has looked for stability in value despite the strong downward pull due to the untoward situation. There is hope that the market will be able to regain strength despite the current odds.
UK crypto inquiry has asked Binance whether it knew it would collapse FTX. The UK government has begun an inquiry into the matter of FTX collapse. Officials from Ripple and Binance investigated whether crypto could be compared to 17th-century tulip mania. While Binance representatives were also asked if the company was aware of its relationship with FTX. Furthermore, the investigators asked if Binance had information about the consequences of the steps it took regarding FTX.
The UK Parliament Treasury Committee is probing risks related to crypto, impacts on social inclusivity, and the possible need for regulatory change in the future. As the part of inquiry leading officials like Ripple’s head of policy, and Binance’s head of govt. affairs, Galaxy Digital’s head of Europe, and CryptoUK’s director were investigated. The main questions were regarding the vulnerability of the market and whether there was any need for further regulations.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC close to $17K
Bitcoin miner TeraWulf raised $17 million in Q3 but there is no clarity it is going to perform onwards. In comparison, Riot Blockchain has reported a revenue of $46.3 million for Q3. Also, Australian crypto mining group Iris Energy has received default notice because of the continuing winter.
The recent changes for Bitcoin show fluctuation in its value. The latest data shows that it has shed 0.73% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 13.83%.
The price value of BTC is currently in the $16,933.87 range. The market cap value of Bitcoin is estimated to be $325,265,421,684. The 24-hour trading volume of Bitcoin is about $40,122,816,414.
BNB turns recessive
Binance’s CZ and Ethereum’s Vitalik Buterin are working on a Proof-of-Reserve solution. CZ further revealed that Binance will serve as the peg for Vitalik Buterin’s Proof-of-Reserve.
The performance of Binance Coin has also shown a trend of decline. The latest data shows that it has shed 4.26% over the last 24 hours. The weekly performance of this coin shows that it has shed 14.69%.
The price value of BNB is currently in the $277.71 range. The market cap value of this coin is estimated to be $44,426,293,414. The 24-hour trading volume of the same coin is about $1,276,682,131.
FLOW still bullish
The value of Flow has continued to rise as the result of continued influx. The recent changes for this coin show addition of 3.40% over the last day. The weekly performance shows that it has shed 21.51%. The price value of FLOW is currently in the $1.25 range.
The market cap value of Flo is estimated to be $1,294,361,113. The 24-hour trading volume of this coin is about $26,413,305. The same amount in its native currency is about 21,158,338.
CHZ facing losses
Chiliz is also facing losses due to the bearish market as it has changed direction. The recent changes for this coin show that it has shed 3.38% over the last day. The weekly performance of this coin shows that it has 18.07%. The price value of this coin shows that it is currently in the $0.2018 range.
The market cap value of Chiliz shows that is estimated to be $1,228,149,419. The 24-hour trading volume of this coin is about $472,676,805. The circulating supply of this coin is about 6,086,972,347 CHZ.
Final Thoughts
The global crypto market has seen a negative change in performance in value. The recent changes for Bitcoin, Binance Coin, and others show that they have lagged in gains. As the current situation persists, there has been a decline in the influx of capital. The recent changes have also affected the global market cap value. The latest data shows that it is estimated to be $853.94 billion.
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