TL;DR Breakdown
- The global crypto market continues to recede, sheds 0.91% in 24 hours.
- Bitcoin faces the wrath of the hard times, losing 1.30% in 24 hours.
- Binance coin continues to be bearish, losing 0.86% in 24 hours.
- Solana and Shiba Inu are no different, losing 0.76% and 0.34%, respectively.
The global crypto market continues in a difficult situation as investors are unsure about what to do. It has led to a depreciation in the value of Bitcoin and Ethereum, the undisputed leaders of the market, while other coins have also been facing difficult times. The result is evident from the gradually decreasing global market cap. Crypto is facing challenging times because of its use in the war-affected area. News from Ukraine says that Ukrainians are getting $3K more for their exchange of Bitcoin to Dollars. The authorities have imposed limits on cash withdrawal because of the subsequent problems.
Despite the difficulties, the crypto market has continued to grow its influence, and an evident example is crypto acceptance by Latin American freelancers. Thus, exchanges have seen an increase in crypto transactions in recent times. On the other hand, the crypto donations for Ukraine have increased to $30 million. The more the amount comes in donations, the more war-affected Ukraine will withstand the miseries. There are hopes that soon, the problem will be solved using negotiations.
XRP has continued to gain victories against SEC while the case is successfully closing to the end. As soon as these issues are resolved, XRP will regain value. Here is a brief overview of the market progress using some of the main currencies in the market like Bitcoin, Binance Coin, etc.
BTC rolls back to the $37K range
Bitcoin was expected to soar higher, as the stats from a few weeks back show. Instead, misfortune stuck and wasn’t even able to retain its value. The threshold level was $40K back then, which lowered to $36K, and now there are fears of further devaluation. The investor is directly impacted in the case of bitcoin value reduction. Thus, investors have recoiled, trying to reduce their investments in bitcoin.
The data for the last 24 hours shows that bitcoin has shed 1.30% compared to a 3.02% loss in the previous seven days. The current bitcoin price is in the $37,951.50 range. If the value of bitcoin is reduced further, there are chances that it will have consequences for upcoming days. The current market cap for bitcoin is estimated to be $722,513,493,385.
The 24-hour trading volume has also witnessed a decrease in value because of the growing fear of loss and is estimated to be $23,714,852,089. The weekly performance graph shows an improvement as it has recovered from steep falls that it suffered recently.
BNB fluctuates, shedding the previous gains
Binance Coin is no different from Bitcoin as it has also followed the trail of losses. The result is evident in daily losses amounting to 0.86%. These losses have reduced its value to $362.61. In contrast, the weekly losses amount to 7.45%. The mentioned value for the weekly performance tells of how much the investors have lost in a single week.
The current market cap for Binance coin is estimated to be $59,873,581,405. The 24-hour trading volume of this currency is estimated to be $1,555,128,569. There seem no chances currently of Binance coin’s revival to replace Tether to 4th position in the global list. The mentioned amount for the trading volume in its native currency is about 4,288,666 BNB.
SOL lowering its losses
Solana has also been growing through hard times, though it has begun to lower the value of losses. The performance for the last 24 hours shows that it has shed 0.76%. In comparison, the value of losses for the past seven days is about 8.57%. Subsequently, the price for Solana in the market has also improved. It is estimated to be $86.39, which might grow if the market goes towards stability.
The graph for Solana shows continuing rising and fall as it has tried to stabilize itself. The market of Solana is about $27,651,625,872. The 24-hour trading volume of the same currency is approximately $1,965,174,560. The circulating supply of it for the last 24 hours is about $320,062,957 SOL.
SHIB continues bearish
Shiba Inu has also seen turbulent times due to the ongoing global crisis. It has shed about 0.34% in the last 24 hours. In contrast, the losses for the previous seven days are approximately 11.52%. The price of it tended to stabilize, but now it has been reduced to $0.00002355.
The market cap of this coin is about $12,932,333,254. If we look at the 24-hour trading volume, it is estimated to be $1,186,540,376. Shib might perform better in the coming days because of its growing investments in real-world businesses.
Final Thoughts
Due to continuing turbulence, the global crypto market has been reduced to $1.72T in the last 24 hours. The situation shows no signs of improvement as the tensions continue. Ukraine has announced that it will offer a bounty to those who crack the wallet information of Russian politicians. It might also impact the market because there are chances that it will affect the security of the wallets. There are also chances that Russians might withdraw their capital from their wallets. Still, there are hopes for improvement in the situation.
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