The global crypto market has witnessed a decline in value, but the optimistic fact is the lowering losses. The performance of Bitcoin, Ethereum, and others has seen a considerable improvement. These coins had suffered gut-wrenching losses recently, but the latest updates tell of positive changes. The market will make attempts to revive its gains and if it happens, it will bring significant revenue to the investors. The unruly changes in the market are one of the main reasons for the rough movement of the market, panicking the investors.
Elon Musk has told Twitter staff that the economic picture ahead is dire and bankruptcy is not out of question. The billionaire bought Twitter for about $44 billion about two weeks ago and since then it is in shambles. Musk sent his first email to the employees saying that the financial situation is grim and there is no need to sugarcoat the message.
He proceeded that Twitter is mainly dependent on advertising in a grim financial situation. Furthermore, 70% of the advertising is brand which makes the platform further vulnerable. He continued that is the reason they have worked on Twitter Blue subscriptions. He added that they plan to make subscriptions half the revenue of the platform. The work is arduous for the platform and the upcoming weeks and months might prove shaky.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC stuck at $16K
Peter Schiff has said that Bitcoin might not be able to hit $69,000 again. He said in his tweet that the surge to $69K was a fraud that resulted from high advertising and speculative buying funded with leverage. He backed his claim with the FTX bankruptcy, maintaining that Bitcoin mania is over.
The recent changes for Bitcoin show signs of recovery. The latest data shows that it has shed 0.03% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 20.53%.
The price value of BTC is currently in the $16,868.72 range. The market cap value of Bitcoin is estimated to be $323,978,755,474. The 24-hour trading volume of this coin is about $28,112,570,317.
ETH continues recessive
The withdrawals from Ethereum have heightened and there is a possibility that it could see more downside. Analysts expected a price correction for Ethereum due to the shaky market. The current stage shows no bad omen as it has begun to recover.
The performance of Ethereum shows that it has continued recessive but there is hope. The recent changes show that it shed 0.56% over the last day. The weekly performance shows a loss of 21.94%.
The price value of ETH is currently in the $1,264.25 range. The market cap value of this coin is estimated to be $154,711,095,771. The 24-hour trading volume of this coin is about $10,606,891,055.
The value of the Chain has also been fluctuating due to the unruly market. The latest data shows that it has receded by 3.29% over the last day. The weekly performance of this coin shows a loss of 8.57%. The negative changes have brought XCN’s price value to the $0.04791 range.
The market cap value of Chain is estimated to be $1,028,716,107. The 24-hour trading volume of this coin is about $28,183,967. The same amount in its native currency is about 588,542,551 XCN.
EOS trying to stabilize
The value of EOS hasn’t seen stability over recent days. The latest data shows that it has made attempts for recovery as it reduced losses to 1.56%. The weekly performance of this coin shows a loss of 21.78%. The price value of EOS is currently in the $0.905 range.
The market cap value of EOS is estimated to be $910,179,898. The 24-hour trading volume of this coin is about $155,495,978. The circulating supply of this coin is about 1,005,729,407 EOS.
The global crypto market has witnessed a negative change despite attempts to recover gains. The recent changes for Bitcoin, Ethereum, and others show a continuation of the bearish trend. The ongoing changes have affected various coins as the investors preferred to stay dormant. The global market cap value continues to fluctuate as it is currently about $848.55 billion.