The global crypto market has seen a reversal in the pattern of gains as the influx of capital lowered. The recent data shows that Bitcoin, Ethereum, and others couldn’t continue the positive trend. Thus, the reversal of the pattern has resulted in losses for the overall market. As said earlier, there is a macroeconomic factor behind the losses in the market; it might take time to recover. The rising inflation rates and other problems might continue to plague the global crypto market.
Silvergate has delayed its planned stablecoin launch because of continuing problems. The company had planned to launch its own payments-focused, dollar-pegged stablecoin. The company executives said that the delay was mainly the result of regulatory compliance, not technical issues. The CEO of the crypto-bank company, Alan Lane, disclosed these details in the third quarter earnings call of the company.
The company announced in January 2022 that it has plans to launch its stablecoin. Silvergate had acquired intellectual property, infrastructure, and tools from blockchain developer Diem Group. The partnership between the two companies was first announced in May 2021. When asked about regulatory issues, the CEO of Silvergate replied that the main problem they are facing is related to compliance.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC reverses gains
The European Commission has plans to impose energy labels on Bitcoin miners. The commission released an update on the energy strategy to be adopted by European Union in the coming years. This transition of Ethereum to Proof of Stake has created growing pressure on the blockchains using the PoW consensus mechanism.
The recent changes for Bitcoin show a reversal in the gains’ pattern. The latest data shows it has shed 1.21% over the last 24 hours. The weekly data shows that Bitcoin has added 1.22%.
The price value for BTC is currently in the $19,283.96 range. The market cap value for Bitcoin is estimated to be $370,137,236,067. The 24-hour trading volume of Bitcoin is about $30,475,168,827.
ETH turns recessive
Royalty chaos shows that the Ethereum NFT market is more serious than Solana. Fidenza artist Tyler Hobbs said that losing NFT artist royalties would be a ’tragedy.’ The Art Blocks and QQL artist expressed his worries as some markets make the royalties optional. The NFT market has seen a downturn since the macroeconomic problems saw a rise.
The performance of Ethereum also saw a downtrend due to the bearish market. The latest data shows it has shed 2.04% over the last day. The weekly data shows that it has added 1.79%.
The price value for ETH is currently in the $1,304.93 range. The market cap value for this coin is estimated to be $159,742,668,667. The 24-hour trading volume of this coin is about $10,352,124,569.
AVAX loses momentum
The value of Avalanche has also declined due to the bearish market. The latest data shows that it has regressed by 2.46% over the last day. The weekly data shows that it has shed 1.31%. As the negative changes continued, the price value for AVAX regressed to the $15.72 range.
The market cap value for Avalanche is estimated to be $4,668,218,562. The 24-hour trading volume of this coin is about $191,856,689. The same amount in its native currency is about 12,182,458 AVAX.
LINK regressive
The performance of Chainlink has also shown a negative change as it couldn’t retain gains. The latest data shows that it has receded by 3.23% over the last day. The weekly data shows that it has declined by 1.64%. The price value for LINK is currently in the $7.04 range.
The market cap value for Chainlink is estimated to be $3,470,005,575. The 24-hour trading volume of this coin is about $296,485,909. The circulating supply of the same coin is about 491,599,970 LINK.
Final Thoughts
The global crypto market has seen a change in performance due to the negative trend. The recent data shows that Bitcoin, Ethereum, and others couldn’t continue their gains. The lowering gains have also affected the global market cap value. The latest data shows that it is estimated to be $927.85 billion.
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