There has been no positive change in the global crypto market as losses continued. The performance of Bitcoin, Ethereum, and others has continued to deteriorate. As the market hasn’t seen any improvement, there has been a feeling of cynicism amongst the investors. The sudden change in the pace of growth and then the sharp decline has shown the vulnerabilities of the market. If there is no break in losses, the market will be on the brink of a big crash.
Binance CEO CZ has said that the FTX acquisition and crypto crash is bad for the community. He gave statements to clarify the air amid the FTX ordeal and the problems that the market is facing. On Tuesday, the FTX token went to ruins as it saw a decline of more than 73%. The change came as the result of Ethereum’s liquidation as the exchange made attempts to mitigate its insolvency problem.
Before the crisis came to the fore, there was a statement from FTX CEO SBF regarding ‘no pressures’ on the company. However, a day later he requested Binance to help the exchange get out of the difficult times. Later, Binance CEO CZ announced that they would acquire the emaciated exchange. He also stated that the acquisition wasn’t planned.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC drops to $16K
Bitcoin ATM locations have surged by 28% in Canada. Although there has been a downtrend in the global crypto market, crypto-related developments have continued to make headlines almost daily. The price value of Bitcoin has hit a multi-year low as the negative pull has continued without any respite.
The recent hours for Bitcoin didn’t prove any different in regard to losses. The latest data shows that it has shed 11.28% over the last 24 hours. The weekly performance shows that Bitcoin has shed 20.46%.
The price value of BTC is currently in the $16,147.84 range. The market cap value of Bitcoin is estimated to be $310,089,526,242. The 24-hour trading volume of Bitcoin is about $106,076,807,064.
ETH falling rapidly
Swedish researcher Eric Wall has highlighted StarkNet’s influence on Ethereum scalability. He says that L2 is crucial to Ethereum decentralization, censorship resistance, and other problems. He gave this statement after he joined the newly formed company.
The performance of Ethereum is no different from other coins. The recent changes show that it has shed 12.59% over the last 24 hours. The weekly performance shows that it has receded by 26.24%.
The price value of ETH is currently in the $1,139.19 range. The market cap value of this coin is estimated to be $139,406,834,393. The 24-hour trading volume of this coin is about $39,919,300,966.
APE faces recession
The performance of ApeCoin has also shown a trend of losses due to severe pressure. The latest data shows that it has regressed by 17.37% over the last 24 hours. The seven-day performance of this coin shows a loss of 29.49%. The price value of APE is currently in the $3.09 range.
The market cap value of ApeCoin is estimated to be $932,731,833. The 24-hour trading volume of this coin is about $428,741,500. The same amount in its native currency is about 141,058,816 APE.
AAVE in losses
The value of Aave has continued to recede due to a downward pull. The latest data shows that it has shed 13.48% over the last 24 hours. The weekly performance of this coin shows that it has receded by 27.06%. The price value of AAVE is currently in the $60.69 range.
The market cap value of Aave is estimated to be $845,395,673. The 24-hour trading volume of this coin is about $226,968,351. The circulating supply of this coin is about 14,093,193 AAVE.
The global crypto market has witnessed a continuation of the negative trend. The recent data for Bitcoin, Ethereum, and others shows that there has been no improvement. Instead, the market has continued to decline in value. The global market cap value has also been affected by the ongoing changes. The latest data shows that it is estimated to be $809.03 billion.