TL;DR Breakdown
- The global crypto market has continued to depreciate as the losses continued, shedding 2.95%.
- The losses for Bitcoin have also grown with time as its value is depreciating, shedding 1.63%.
- Binance Coin faces a difficult situation as the losses have grown in value, shedding 3.76%.
- Tron and FTX Token are also going through a difficult phase as the losses soar for them, shedding 0.26% and 1.36%.
The global crypto market has continued to plunge to lows because of the constant depreciation that stocks and crypto face. The main reason for this bearishness is the expected rise in Fed rates due to uncontrollable inflation. There have been attempts to resuscitate the market with rate hikes but to no avail. It will be the second attempt, and the results have appeared in the form of dwindling markets. The losses of billions in these two markets result from unruly changes.
The problem of inflation has continued to affect various markets. World Bank has predicted a growth of 3% in its value, and the expected rise in its value for one ounce is $3K. As the prices continue to increase, little could be done to prevent the negative impacts of these changes. Also, as the recession has hit the crypto market, the number of arbitrary data storage entities for Bitcoin has declined. It is also affecting the dwindling value of Bitcoin, which needed support in the trying times.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC down to $37K
Bitcoin is facing a similar situation as it previously did when there was a rise in the value of fed rates expected. The situation has induced fear for various coins as the market has suffered much and can’t afford to bear it further. The example of Bitcoin is evident, which has come down to $37K from $45K.
The changes for Bitcoin over the last 24 hours show how it might go further down. It shed 1.63% while the losses continue. The losses for the last seven days are also going further and are about 4.50%. The increase in their value tells of what lies ahead for Bitcoin in price value.
The current price for Bitcoin is in the $37,939.51 range. If we compare the market cap value, it is estimated to be $721,859,296,765. The 24-hour trading volume of Bitcoin remained at $26,087,557,340.
BNB in anguish
Binance Coin is also in an anguished situation due to the rapid changes that have affected the market value. The value of losses has increased with the instability in the market. Binance Coin had remained immune to these changes to a specific level, but it has also deteriorated its value.
The data for the last 24 hours shows that it has shed 3.75%. In comparison, the seven-day performance of Binance Coin shows no improvement as it has suffered losses of 5.50%. The continuing rise in its losses has led to dwindling price value.
The current price value for Binance Coin is in the $382.15 range. In comparison, its 24-hour trading volume of it is about $1,559,499,094. The market cap value for it is estimated to be $62,319,961,514.
TRX disturbed by losses
Tron has faced a continuous depreciation as the market has gone through losses. The latest data shows a loss of 0.26% over the last 24 hours. If we compare the losses for the last seven days, it has shed 5.64%. The value of losses is on the rise and has seen no improvement.
The current price value for Tron is evidence of how it has gone through recessive bouts. It is currently in the $0.06387 range. If we compare the market cap value for Tron, it is estimated to be $6,424,498,521. While its 24-hour trading volume of it remained at $1,054,018,242.
FTT continues to depreciate
FTX token has also receded in value as the losses soared. The changes have deprived it of 1.36% over the last 24 hours. In comparison, the losses for the last seven days are about 7.42%. The price value has decreased to the $38.27 range because the investors have preferred to go for sell-offs instead of seeing depreciation in their capital.
The market cap value is also declining as it has come down to $5,236,785,672. In comparison, its 24-hour trading volume of it was about $77,823,139. If we look at its circulating supply for the last 24 hours, it is about 101,612,877,913 TRX.
Final Thoughts
The situation of the global crypto market has continued to go thinner. The losses have increased in value due to instability in the American market, leading to chances of increased fed rates. The market cap value for the global crypto market has decreased to $1.71T, causing a speedy recession. Its impacts will continue until the next week sees any development regarding fed rates and related issues.
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