TL;DR Breakdown
- The global crypto market speeds up its losses, losing 3.77% over the last 24 hours.
- Bitcoin starts to decline in value at the week’s close, shedding 3.48%.
- Binance Coin is also undergoing steep depreciation, losing 3.89% in 24 hours.
- Polkadot and Polygon MATIC lost 6.85% and 5.21%, respectively.
The market has begun to depreciate as the weekend has come close. The market saw lesser activity because of Easter, and now the market would be able to see clearly what the investors have for it. The previous few days saw a continuous recession, which would have continued, but Easter put it to a temporary halt. Now, the start of the new week will determine the right direction of the market. The significant decrease in the value of various coins is evidence of what direction it might take.
The chances of illegal use of crypto can’t be shrugged off, and the latest in this regard is a person indicted in New York. A Bitcoin ATM operator in New York has been indicted for allegedly running an illegal business. Authorities claim that the person has attracted persons involved in illegal activities. The complete details of the case are not public yet, but they will be out once the trial begins. On the other hand, the Russian parliament has received the laws for crypto taxation. It will look into the matter and make a final decision regarding its implementation.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC goes below $40K
Bitcoin faces a risky week because of the chances of recession. The previous week for Bitcoin was no good, but the weekend brought it to a relatively stable position. It remained at $40K for more than a day, and then as the week came to a close, it had a lower value. It might go even low as the margin for losses increases.
The data for the last 24 hours shows that Bitcoin has shed 3.48% over the last 24 hours. In comparison, the losses for the last seven days also increase in value and are about 7.96%. As a result of these changes, the price value of Bitcoin has also been disturbed. It is currently in the $39,925.96 range.
If we take a peek at the market cap value of Bitcoin, it has also been affected as the result of price changes. The recent estimates tell of it reaching $739,642,550,769. In comparison, the 24-hour trading volume of Bitcoin is about $23,052,339,155.
BNB below $400
Binance Coin has suffered more losses in value compared to Bitcoin. The 24-hour data for Binance Coin clearly shows what the market has brought it. As the changes continue, they might have to recede in value. The recent data tells of an increasing trend of bearishness for this coin.
The recent data for Binance Coin shows that it has shed 3.89% over the last 24 hours. If we compare the weekly losses for this coin, they are almost in the same range. Their value is about 3.98%. The recession has affected its price value, which has reduced from $400, which served as its threshold level.
The recent data shows that its price is in the $399.37 range. If we look at the market cap value, it is estimated to be $65,876,302,863. In comparison, the 24-hour trading volume of this coin is about $1,329,046,669.
DOT sees speedy depreciation
Polkadot has shown a shaky track record as the coin has suffered bouts of recession over the last few days. The recent data shows that it has depreciated 6.85% over the last 24 hours. If we look at its weekly losses, they are about 9.06%. The losses are expected to continue as there are no close chances of the market improving.
The market cap value for Polkadot is estimated to be $17,066,642,621. The 24-hour trading volume was also affected as the activity saw a decline due to losses. Its recent value of it is about $553,315,674. If converted to its native currency, the same amount is about 32,018,196 DOT.
MATIC continues to recede
Polygon MATIC is no different from Bitcoin or other coins in the market in the losses that they have suffered. The latest data shows that MATIC has shed 5.21% in the last 24 hours. If we compare the weekly losses, their value is relatively greater. Its seven-day losses amount to 8.44%. The current price value for MATIC is about $1.31.
If we look at the market cap value for this coin, its value has seen a continuous decrease. The recent data shows that it has been reduced to $10,203,822,218 after the latest losses. The 24-hour trading volume of this coin remained at $406,987,646.
Final Thoughts
The global crypto market is moving towards further depreciation as the investors continue the outflux of funds. The recent change has affected the global market cap value, which is currently estimated to be $1.81T. The decrease in the value might worsen as the market faces hard times, which might last for a while. Currently, the market’s problems are grave, and they might affect the individual coins. The upcoming day will determine the trend of the market for the week.
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