The global crypto market has seen a negative trend over recent hours. The performance of Bitcoin, Binance Coin, and others shows that there has been no improvement. Instead, the market has faced a continuous negative change, affecting the influx of capital. There has been a considerable efflux of capital because of the lowered gains. As the market has faced a bearish trend, there is a likely chance of further losses.
The House Financial Services Committee leader wants to extend crypto tax reforms. The chairman of HFSC, a leading Republican, has asked the treasury department to postpone the enforcement of crypto tax provisions of the Infrastructure Investment and Jobs Act. He has asked for the postponement until there is clear information regarding who is covered by this legislation. Rep. Patrick McHenry has published a letter asking for a delay in the tax provisions’ implementation.
He is currently the committee’s ranking member and will soon be the chair when GOP takes control of the US House of Representatives. The change will take place in the new Congress in the coming month. He is of the view that the taxpayers should be informed prior before the implementation. McHenry stated that there are some doubts which need to be addressed.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC trading at $17K
Bitcoin miner Core Scientific is in gains as a result of the new inflows. The stock price of the mentioned company has doubled as a result of $72M financing. The mentioned exchange struggled for life as the value of Bitcoin continued to dip.
The recent changes for Bitcoin show the continuation of losses. The latest data shows that it has shed 3.94% over the last 24 hours. The seven-day data for Bitcoin shows a loss of 1.32%.
The negative trend has brought the BTC price value to the $17,019.43 range. The market cap value of Bitcoin is estimated to be $327,375,949,110. The 24-hour trading volume of Bitcoin is about $23,321,325,063.
BNB stays bearish
Though there have been rumors regarding the collapse of Binance, the FUD has successfully come to an end. CryptoQuant has verified Binance’s reserves and reported no FTX-like behavior. The news has come as a fresh wind to Binance, which faced severe pressure.
Binance Coin has also been at lows as a result of recent losses. The latest data shows that it has shed 5.30% over the last day. The seven-day data shows that it has regressed by 13.66%.
The price value of BNB is currently in the $251.19 range. The market cap value of this coin is estimated to be $40,181,552,591. The 24-hour trading volume of the same coin is about $874,468,982.
SOL unable to regain momentum
The performance of Solana has also shown a regressive trend. The latest data shows that it has shed 4.61% over the last 24 hours. The weekly data shows that it has declined by 3.21%. The price value of SOL is currently in the $13.44 range.
The market cap value of Solana is estimated to be $4,926,524,755. The 24-hour trading volume of this coin is about $252,420,788. The same amount in its native currency is about 18,790,385 SOL.
LINK sees downtrend
Chainlink has seen a downtrend as the market remains unfavorable. The latest data shows that it has regressed by 5.52%. The weekly performance shows a loss of 11.17%. As negative changes continue, the price value of LINK has lowered to the $6.25 range.
The market cap value of Chainlink is estimated to be $3,173,689,661. The 24-hour trading volume of this coin is about $220,914,375. The circulating supply of the same coin is about 507,999,970 LINK.
Final Thoughts
The global crypto market has seen a trend of losses over recent hours. The performance of Bitcoin, Binance Coin, and others shows a continuing decline. As the negative trend has continued, the market has struggled with the influx of capital. The increase in efflux has affected the global market cap value. The latest data shows that it is estimated to be $837.34 billion.
