- The global crypto market witnesses continuous dips as it shows a bearishness of 11.81%.
- Bitcoin sufferings continue, loses 1.23% in the past 24 hours.
- Ethereum’s losses increase as the recession continues, losing 3.16% in 24 hours.
- Cardano and Terra LUNA face the same fate, losing 3.92% and 2.36%, respectively.
The crypto market situation is again moving towards instability as it has lost 11.81% in the previous 24 hours. The said amount of losses is tremendous compared to the total value of the market. Though the market witnessed a gain of more than 11% in 24 hours, it is to be seen this time whether it will be able to repeat the history. If it happens, the market will again take a bullish turn.
Though there is a general perception regarding the security of Coinbase, a white-hat hacker has exposed it. In a recent experiment, the hacker used different methods to show the vulnerability of this exchange. As these weaknesses have been exposed, the technical experts on the mentioned exchange will improve it for their customers and enhance security.
The recent drop in the market is mainly the result of the growing tensions between Russia and Ukraine. Geopolitical risks pose threats to the crypto market like other markets, so investors prefer to play safe. The result was a dip as the investors wanted to secure their capital. In this regard, a significant change in bitcoin value, as it dropped below $43K. The impacts of bitcoin loss are evident on the market because of its market dominance value.
Here is a brief overview of the leading currencies of the market, including bitcoin, Ethereum, and some others.
BTC seesawing at $42K
Bitcoin has been affected by the major crises in the world. These include the US inflation, Chinese ban, Indian legal changes regarding crypto, Kazakhstan’s shutting down of mining hubs, etc. The result was major changes in its value as it dropped from $69K to a much lower value. It even touched $32K briefly but later improved.
The recent change has brought it again to a difficult situation. The results are evident in losses that amount to 1.23%, while the weekly performance shows a gain of 2.63%. As a result of new changes in the market, its price has been reduced to $42.424.06.
The market cap might need an improvement once the situation changes, while it is currently estimated to be $805,356,284,364. In contrast, the trading volume of bitcoin is estimated to be $25,194,119,130.
ETH recedes from $3K
Ethereum follows the track of bitcoin in the changes that have swept the market. Its 24-hour performance shows a reduction in value amounting to 3.16%. While if we compare its weekly performance, it also shows 1.19% losses. Bitcoin might face the same dilemma if the situation remains unchanged as its gains are eroding.
The current price of Ethereum is in the $2,953,61 range, while the new losses might lower it further. As Ethereum faces losses, its market cap is facing the same situation, which is about $252,479,878,384 as per the latest updates.
The trading volume of this coin is estimated to be $14,963,505,398.
ADA finding a way out
Cardano faces continuous losses if we take a peek at its weekly and daily performance. Its seven-day performance shows a loss of 11.78%, while the 24-hour data shows 3.92% bearishness. Thus, it might cross the red line soon if it continues like this. The current value of this coin is $1.09, while it can recede if the bearishness doesn’t change.
The market cap of Cardano is about $36,617,385,611. The 24-hour trading volume of Cardano is estimated to be $1,318,488,518.
LUNA consistent in losses
Terra LUNA needs to regain momentum because it is facing a difficult situation. The data for the past seven days shows a loss of 7.90%. At the same time, the 24-hour performance shows -2.36%, which will add further to the value of its losses.
The current price for Terra LUNA is in the $50.78 range, while its trading volume is about $1,552,717,440. The current market cap for this coin is about $20,361,410,872.
The market is moving on a downward way instead of improving. As said above, the main reason for changes in the market situation is the geopolitical situation. The loss of the market is evident from the total market cap, which is $1.72T after the losses continue. The volatility might increase if the tensions mount. The specific area affects the nearby region but both the EU and US, which means that impacts are widespread.