The global crypto market has continued to attract new gains as the influx of capital continues. The recent changes for Bitcoin, Binance Coin, and others show that there has been a continued inflow. Though the market hasn’t been able to see any big change in value, the inflow has kept the market from bearishness. The problems that the market has faced due to the continued crypto winter persist and are likely to continue.
A new report has disclosed that Silvergate sold assets at a loss and cut staff to cover $8.1 billion in withdrawals. Furthermore, the same company has laid off 200 staff members, which is around 40% of the total workforce of the company. The FTX debacle has resulted in a bank run on Silvergate, causing the company to take extreme steps. According to the report published by WSJ, the bank liquidated the debt that it was holding to keep up with withdrawals.
The result has been a loss of $718 million during the process. The recent losses surpass its profits since 2013. In addition, there has been a decline of 68% in crypto deposits in the Q4 of 2022. Apart from dismissals, there has been a halt to the launch of the digital currency project that it had planned.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stuck at $16.8K
According to market analysts, a big move is expected for Bitcoin as its volatility hits new lows. The past few weeks proved much boring because of no significant change in the value of Bitcoin. Volatility has fallen to historical new lows, which has been a boring trend for investors.
The recent changes for Bitcoin show that it has continued to remain bullish. The latest data shows that it has added 0.05% in the past 24 hours. The performance of Bitcoin over the past week shows an addition of 1.32%.
The price value of BTC is currently in the $16,829.98 range. The market cap value of Bitcoin is estimated to be $324,027,474,980. The 24-hour trading volume of Bitcoin is about $324,027,474,980.
BNB continuing gains
Attorney John Deaton is of the view that Binance.US will be sued by the SEC. Binance’s acquisition of the Voyager assets faces minimal SEC protest. Though there has been no big reaction, Attorney John Deaton expects SEC to sue the firm for various reasons.
The performance of Binance Coin has also shown a positive trend. The latest data shows that it has added 0.66% over the last day. The seven-day data shows that it has added 4.50%.
The price value of BNB is currently in the $256.75 range. The market cap value of this coin is estimated to be $41,070,192,783. The 24-hour trading volume of the same coin is about $455,101,899.
OKB turns bearish
OKB has been in a bearish mood due to the efflux of capital. The latest data shows that it has shed 2.74% in a day. In comparison, the weekly data shows that it has added 11.81%. The price value of OKB is currently in the $27.03 range.
The market cap value of OKB is estimated to be $1,622,088,795. The 24-hour trading volume of this coin is about $27,771,406. The same amount in its native currency is about 1,026,078 OKB.
APE facing problems
ApeCoin has also faced problems as the market remains bearish for it. The latest data shows that it has shed 2.34% in a day. In comparison, the weekly data shows that it has added 10.91%. The price value of APE is currently in the $4.04 range.
The market cap value of ApeCoin is estimated to be $1,459,614,228. The 24-hour trading volume of this coin is about $114,033,750. The circulating supply of the same coin is about 361,250,000 APE.
Final Thoughts
The global crypto market has seen a trend of gains as the influx of capital continues. The performance of Bitcoin, Binance Coin, etc., shows gains. Though some coins have seen fluctuations, there is a chance of improvement. The global market cap value has also remained stable. The latest data shows that it is estimated to be $819.10 billion.
