The global crypto market has faced a decline in value over the last day. There has been no positive progress in the value of Bitcoin, Binance Coin, and others. As the market has continued to face decline, there has been a sharp reduction in investments. The influx of capital has lowered which has adversely affected investor gains. As the stagnation continues, there are fears about another crash that might affect the market further.
The Japanese subsidiary of FTX has plans to resume withdrawals by the year’s end. Japanese broadcaster NHK has disclosed the news of the resumption of withdrawals. Withdrawals can’t be resumed at the moment because the Japanese subsidiary uses the same system as the parent company. The country’s financial authority had ordered the suspension of withdrawals on 10 November. The company is developing its own system to ensure that withdrawals are made possible.
The Japanese subsidiary of FTX holds about $138 million in funds. While the parent company owes about $3.1 billion to its creditors. As a result of this amount of debt, it might be forced to sell its subsidiaries, FTX Japan is also an inclusion. While FTX Japan isn’t the only subsidiary that faces problems due to the collapse of the parent company.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC slides to $16.1K
The impact of FTX collapse has continued for Bitcoin as it couldn’t improve its value. The recent conversion of ETH to Bitcoin has created suspicions as FTX drained funds continue to move. The continued uncertainty is the reason that Bitcoin hasn’t been able to improve its value.
The recent changes show a continuation of the decline in Bitcoin value. The latest data shows that it has shed 2.30% over the last 24 hours. The weekly performance of Bitcoin shows that it has receded by 4.74%.
The price value of BTC is currently in the $16,169.05 range. The market cap value of Bitcoin is estimated to be $310,661,438,061. The 24-hour trading volume of Bitcoin is about $29,722,776,162.
BNB stays recessive
Binance has made moves to the hardware industry as part of the plan to expand its network. The new investment details show that it has made move to the hardware wallet industry. The company made a strategic investment in Belgian hardware firm Ngrave.
The performance of Binance Coin also shows no positive progress. The latest data shows that it has shed 3.05% over the last 24 hours. The weekly performance of this coin shows that it has receded by 9.44%.
The price value of BNB is currently in the $260.39 range as it continues to lower. The market cap value of this coin is estimated to be $41,656,049,645. The 24-hour trading volume of the same coin is about $944,216,152.
LTC continues red
The performance of Litecoin has also shown red candles as it remains bearish. The latest data shows that it has shed 1.73% over the last day. The weekly performance of this coin shows that it has added 3.89%. The recent fluctuations have brought LTC price value to the $60.67 range.
The market cap value of Litecoin is estimated to be $4,347,547,323. The 24-hour trading volume of this coin is about $759,974,640. The same amount in its native currency is about 12,586,016 LTC.
AVAX in losses
Avalanche has also stayed bearish over the last day. The latest data shows that it has shed 5.76% over the last 24 hours. The seven-day performance of this coin shows that it has shed 11.19%. The price value of AVAX is currently in the $11.98 range.
The market cap value of Avalanche is estimated to be $3,600,185,424. The 24-hour trading volume of this coin is about $156,410,313. The circulating supply of the same coin is about 300,614,108 AVAX.
Final Thoughts
The global crypto market has continued to face difficulties. The recent data shows that Bitcoin, Binance Coin, and others haven’t seen growth in value. As the market continues to recede, there has been an increase in sell-offs. The global market cap value has also been affected. The latest data shows that it is estimated to be $799.71 billion.
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