The global crypto market has been going through a reversal as the losses for Bitcoin, and other coins in the market have speeded up. The changes in the market have been speedy, as a single day has cost the market more than it added over the past week. The market has continued to face difficult times due to the problems on the global level. The changes suggest that the market might continue fluctuating till the global recession sees a reversal.
Terra 2.0 saw a tremendous change in value soon after its launch, and it shocked the market analysts. What was more flabbergasting for the market experts was the sudden reversal as its value soon showed signs of melt-down. The changes resulted in a loss of more than 56% for it. A whistleblower has said that its management used anonymous wallets to deceive the investors. It will need a thorough investigation into the matter to see if the investors have been defrauded.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some others.
BTC undergoes a speedy reversal
Ethiopia has banned digital currencies for its citizens. It has warned its citizens not to purchase or sell digital currencies or any other ‘illegal activities.’ The change might be affecting the market to a minor level, but it would have lasting impacts on the residents of Ethiopia. It has termed cryptocurrencies like Bitcoin and others illegal.
The latest data for Bitcoin shows that it has shed 6.04% as the value of losses is rising. The increase in the daily losses has also impacted the weekly losses as they have risen to 6.84%. The price value for Bitcoin hasn’t seen big changes as it has remained in the $29,494.03 range.
If we compare the market cap value for Bitcoin, it is estimated to be $562,046,113,157. The 24-hour trading volume for Bitcoin is about $35,581,722,123.
BNB reducing value
The US Securities and Exchange Commission has started scrutiny about Binance. The mentioned company faces scrutiny regarding its Binance Coin offering in 2017. The value of the Binance Coin has reduced by more than 8% after the news came to the fore. The scrutiny is being done for the breach of securities laws.
The value of the Binance Coin has continued to lower as it has shed 9.33%. The increase in losses has also affected the weekly performance as it has lost 12.42%. The increase in the loss trend has led to a continuous decrease in value.
The current price value for BNB is about $278.34. If we take a peek at the market cap value, it is estimated to be $45,446,596,399. The 24-hour trading volume of this coin is about $1,797,467,673.
HBAR showing redness
Hedera has also faced bearishness as the market went lax. The changes for the last 24 hours show that it has shed 7.10%. In comparison, the weekly losses are about 6.30%. The change in the price value is also evident as it is currently about $0.08935.
The market cap value for HBAR is about $1,853,677,319 and might continue to decrease. The 24-hour trading volume for this coin is about $30,212,455. The same amount in its native currency is about 338,057,127 HBAR.
FIL attempting revival
The changes in the global crypto market have continued to affect individual coins, but Filecoin has attempted to make a recovery. The latest data shows that it has reduced its losses to 7.12%. While the seven-day data shows that its losses have reached 10.82%.
The price value for this coin is about $1,539,836,917. The 24-hour trading volume for the same coin remained at $222,270,272. The circulating supply for Filecoin is about 214,692,483 FIL.
The global crypto market has seen a sudden reversal in value. The changes suggest that it might be back to the $1.20T range. The market situation hasn’t seen any big improvement in value since March 2022. The changes might continue to affect the market as the global market cap value has suffered. The latest data shows that it is in the $1.21T range. If the bearishness continues, it will lower further.