The performance of the global crypto market has suffered because of the changing influx of capital. The market performed better recently as Bitcoin, and other coins attracted significant amounts over the last few days. The gains couldn’t retain the momentum, and the market gradually receded to the previous lows. Though the current market cap value is in a stable range, it might slide back, affecting the investments. A speedy recession might affect the market in the longer run.
The Monetary Authority of Singapore (MAS) has continued to adopt new changes in technology. The latest in this regard is the digital asset tokenization plan for MAS. Deputy Prime Minister Heng Swee Keat revealed the plans. He revealed the project Guardian, which will help keep track of things more efficiently while also helping digitalize. It will help the country get its share in the developments of Web3.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some others.
BTC on backfoot
Bitfarms has reported an increase in gains for May. According to the available details, the average daily production for Bitfarms increased by 3%. The production increased to 13.9 Bitcoin a day which is significant progress. The same amount in US dollars is $13.3M if the Bitcoin price is $31K.
The latest data for Bitcoin shows that it has shed 0.29% over the last 24 hours. If we compare the performance of Bitcoin for the last seven days, its gains remain at 7.31%. The changes have affected Bitcoin’s progress which is aimed at consolidating its price.
The price value for Bitcoin is in the $31,593.44 range. If we compare the market cap value for Bitcoin, it is estimated to be $602,024,303,245. The 24-hour trading value of Bitcoin is about $33,086,259,172.
BNB reversing gains
Binance has been taking steps to prevent any unruly event amid the bearish market. The latest data shows that it has begun to work on building a $500 million crypto fund. The mentioned fund would be used to prevent any happening like one happening to Terra UST.
The 24-hour data for Binance Coin shows that it has shed 1.22% as the losses saw a hike. The seven-day performance for this coin shows a loss of 3.13%. It has begun to increase its venture capital to help enhance the metrics.
The price value for BNB is in the $316.05 range and has continued to depreciate. The market cap value for this coin is about $51,603,337,979. The 24-hour trading volume for this coin is about $1,631,063,563.
OKB unsure about the direction
OKB has also faced problems as the market has continued to bearish. The available data for this coin shows a loss of 1.68% in the last 24 hours. The value of this coin receded 5.76% over the last seven days. The price value is also declining as it has receded to $12.03.
The market cap value for this coin remained at $721,920,213. The 24-hour trading volume of the same coin remained at $35,933,788. The same amount in its native currency is about 2,986,517 OKB.
Nexo has also fluctuated in value as the amount of losses increased. The latest data shows that it has shed 2.63%. In comparison, the weekly performance shows an addition of 1.43%. The price value has also decreased in tandem as it is currently about $1.28 range.
The market cap value of NEXO also suffered as it was reduced to $714,130,876. The 24-hour trading volume of NEXO is about $9,789,289. The circulating supply of this coin remained 560,000,011 NEXO.
The global crypto market has continued to recede in value as the losses increased in the margin. The ongoing period of losses has affected all the major coins of the market, including Bitcoin. The current trend has also affected the global market cap value, which saw consolidation during the bullish period. The change in the market situation has brought it to $1.30T and might continue to lower if the losses continue. If the negative changes continue, they will threaten the market’s current value. It would need a strong push for the market to get out of this difficult situation.