There has been another turn in the gains for the global crypto market. The changes for Bitcoin, Ethereum, etc., are evident from lowered gains, while others have turned bearish. This change has created difficulties for the investors in the market who expected it to take a positive turn. It was improving as the last day brought it speedy gains. But then the investors went for sell-offs, creating difficulties.
Putin has a sign of a ban on crypto payments in Russia mainly due to mixed signals from leaders and regulators. After the draft was signed into law, Russians won’t be able to use crypto for payments. Before this key step, a debate was ongoing between the Russian Central Bank and the government.
Russian Central Bank had asked for a complete ban on crypto back in January. Though the current law isn’t that restrictive, it will cause difficulties for the investors and the market. The current change seems closer to a draft submitted by a Russian parliamentarian.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some altcoins.
BTC swinging at $20K
Bitcoin is facing mixed signals as it remains in a specific price range. According to US officials, the value of Bitcoin increased as the inflation numbers were released. While Kazakhstan has also released the details of a crypto taxation policy for miners. It remains one of the top countries in Bitcoin mining.
The latest data for Bitcoin shows that it has added 0.06% over the last day. If we compare the weekly performance of Bitcoin, it has shed 4.27%. The decrease in value suggests oncoming bearishness.
The price value for Bitcoin is in the $20,673.09 range. If we look at the market cap value for Bitcoin, it is estimated to be $394,747,450,637. The 24-hour trading volume of Bitcoin is about $25,451,453,184.
ETH sees no big change
Ethereum merge has been one of the most anticipated events for crypto investors. Some developments have been made in this regard as some steps have been completed successfully. Also, Ethereum developers said in a press conference that the merge is scheduled for September and will be complete by then.
Ethereum has continued to face problems as its gains decreased considerably. The latest data for this coin shows that it has added 0.55% over the last day. The weekly performance shows an addition of 0.02%.
These changes have brought ETH’s price value to the $1,215.97 range. The market cap value for this coin is estimated to be $147,817,851,807. The 24-hour trading volume of the same coin is about $16,776,182,480.
CRO turns bearish
Cronos has treaded to bearishness as the market continues to change its value. The latest data shows it has shed 0.11% over the last day. If we compare the weekly performance, it has shed 3.85%. These changes have affected its price value which is about $0.1185.
The market cap value for CRO is about $2,989,267,453. The 24-hour trading volume of the same coin is about $15,722,867. The same amount in its native currency is about 132,877,710 CRO.
ATOM facing difficulties
Cosmos has also been facing a bearish market as the market took a turn. These changes have resulted in a loss of 0.87% over the last 24 hours. The weekly performance also shows a loss as it has shed 3.17%. The regressive changes have led to a decrease in price value which is about $8.94.
The market cap value for ATOM has remained recessive as it is estimated to be $2,560,082,325. The 24-hour trading volume for the same coin is about $326,884,105. The circulating supply for this coin is about 286,370,297 ATOM.
Final Thoughts
The global crypto market has taken a speedy turn towards bearishness. These changes have resulted in losing a considerable value for various coins. Bitcoin and Ethereum are still green, while others have shown a bearish trend. The global market cap value has also changed as its value dropped. The latest data shows that it is estimated to be $928.67 billion.
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