The global crypto market has exhibited a trend of losses as it hasn’t been able to regain momentum. The changes in the value of Bitcoin, Ethereum, and others show that the efflux has strengthened. The market hasn’t been able to revive value as the regression didn’t let different coins regain value. As the regressive trend continues, there is a steep decline in the market value expected, as seen over the last couple of days.
US lawmakers plan to release the stablecoin bill draft as August recess is ahead. The UK had been a flagbearer in this regard as it has worked on some drafts earlier. Now, US House of Representatives lawmakers have plans to introduce the draft to complete the process before they go on break. The bill is being seen as a surprise as many thought it would take time.
Democrats had said that they are working on a wider crypto package. The initial plans were to release the bill’s details this week, but the negotiation stall has delayed it. News shows that some Republicans were unhappy as they were cut out of the negotiations.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC drops to $21K
Bitcoin saw significant changes last week but couldn’t maintain the streak of gains. According to available updates, Bitcoin addresses in profit falls below 50%. Its price value had seen a considerable push, but it couldn’t maintain the momentum.
The latest data for Bitcoin shows that it has shed 5.37% in the last 24 hours. The increased pace of losses has continued to affect it. The weekly performance shows a loss of 5.10%.
As the losses continue, Bitcoin‘s price has come down to the $21,070.07 range. If we look at the market cap value for Bitcoin, it is estimated to be $402,509,146,119. The 24-hour trading volume of BTC is about $36,518,065,019.
ETH headed to decline
Ethereum had also seen a surge in value as the market turned bullish. Its strength came from the announcements related to its much-anticipated merge. But as the market has progressed, it hasn’t been able to hold on to its gains. The dull earnings have lowered its price value from the recent highs.
The value of Ethereum has shown a decline as the gains for the market lowered. The latest data shows that it has regressed 8.61% over the last day. The seven-day performance shows a loss of 8.03%.
The increased losses have resulted in the decrease of ETH’s price value to the $1,419.39 range. The market cap value for this coin is estimated to be $172,737,652.187. The 24-hour trading volume for the same coin is about $20,942,912,092.
CRO exhibiting downtrend
The value of Cronos has also declined speedily as the downtrend continues. The latest data shows it has shed 4.42% in a single day. The weekly performance shows a loss of 8.28%. The changes in performance have also affected its price value, as it is currently estimated to be $0.1192.
The market cap value for CRO is estimated to be $3,007,855,574. The 24-hour trading volume of this coin is about $18,330,571. The same amount in its native currency is about 153,958,678 CRO.
XLM unable to resume gains
Stellar hasn’t been able to resume its gains as the market continues to bearish. The daily performance for this coin shows a loss of 5.68%. In comparison, the weekly performance shows a loss of 6.87%. The increased bearishness has brought its price value to $0.1046.
The market cap value for XLM is estimated to be $2,629,377,469. The 24-hour trading volume of this coin is about $197,272,968. The circulating supply of this coin is about 25,132,228,514 XLM.
The global crypto market has seen a change in an influx of capital. The resultant bearishness from the reduced gains has affected the overall market. The value of Bitcoin, Ethereum, and other coins is declining. The decrease has affected their recent gains, which were made possible due to a strong bullish current. The ongoing changes have also affected the global market cap value. It is currently estimated to be $965.97 billion.