The global crypto market hasn’t been able to resume its gains as the negative trend continues. The recent changes for Bitcoin, Binance Coin, and others show a continuation of the losing pace. The performance of the market has remained on the losing side because of the changing political scenario. There has been uncertainty in the US political scenario because of the midterm elections. If there is no change in this situation, the losses are likely to continue.
Billions of dollars in crypto have continued to pour out of exchanges following the FTX fiasco. Crypto exchanges have faced large amounts of withdrawals as the outflows have been spurred by FTX’s collapse. The high-profile collapse has been the reason for panic in the market. According to available information, more than $1 billion have been withdrawn from crypto exchanges.
Furthermore, $950 million in USDC, $400 million in USDT, and $195 million BUSD has also been withdrawn. The widespread crypto withdrawals began as the result of insolvency issues once FTX signed a letter of intent with Binance. The former has plans to take ownership of FTX. The crypto industry is trying to take stock of the situation as the uncertainty continues.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to decline
Bitcoin has continued to nosedive as a result of the unfavorable market situation. The biggest name in the market lost its all-time high of $18,000 as it couldn’t retain value. Analysts predict that the investors should expect further losses. The liquidation has proved nerve-wracking for the investors.
The recent changes in Bitcoin show that there has been no improvement. The latest data shows it has shed 9.50% over the last 24 hours. The weekly performance shows that Bitcoin has shed 12.88%.
The price value of BTC is currently in the $17,819.84 range. The market cap value of Bitcoin is estimated to be $341,519,031,244. The 24-hour trading volume of this coin is about $123,645,528,853.
BNB facing losses
The leading investors in FTX had been kept in the dark over the recent deal. SoftBank and BlackRock hadn’t been informed about the ongoing situation. One of the two is the largest asset manager in the world while the other is one of the most significant pension funds.
The value of Binance Coin has also been affected by the speedy downtrend. The latest data shows that it has shed 5.67% over the last 24 hours. The weekly data shows no difference as it shed 0.10%.
The price value of BNB is currently in the $305.51 range. The market cap value of this coin is estimated to be $48,586,745,703. The 24-hour trading volume of this coin is about $5,409,216,836.
UNI in a recessive mode
The value of Uniswap has also been moving in a negative direction. The recent data shows that it has shed 11.31% over the last 24 hours. The weekly data shows that it has shed 17.27%. The price value of UNI is currently in the $5.73 range.
The market cap value of Uniswap is estimated to be $4,342,012,712. The 24-hour trading volume of this coin is about $418,065,476. The same amount in its native currency is about 73,388,409 UNI.
XMR losing value
Monero has also been losing value as there has been no favorable trend over the recent hours. The latest data shows that it has shed 8.98% over the last 24 hours. The weekly performance shows that it has receded by 10.90%. The price value of XMR is currently in the $132.93 range.
The market cap value of Monero is estimated to be $2,416,459,964. The 24-hour trading volume of this coin is about $166,612,983. The circulating supply of the same coin is about 18,198,367 XMR.
Final Thoughts
The global crypto market hasn’t been able to resume gains as the negative trend continues. The performance of Bitcoin, Binance Coin, and others continues to show losses. The recent changes show that there has been an overall trend of losses, keeping the investors panicked. The global market cap value has also been affected. The latest data shows that it is estimated to be $877.23 billion.
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