As the reversal continues, the global crypto market has seen a decline in value. The latest data shows that Bitcoin and Ethereum saw a speedy reversal while others followed. The market wasn’t expected to hold fast as the previous week’s data showed difficulties. As the negative trend continues, individual investors will also be affected. The recent losses show that sell-offs have increased. If the negative trend continues, the losses will also rise.
India’s Enforcement Directorate agents have raided crypto exchange CoinSwitch Kuber. According to the available updates, the said exchange was raided for not abiding by the local laws. The raid was in connection with a money-laundering probe to monitor 365 instant loan apps. The official report says that five offices of the said exchange were searched.
The official report says that there might be multiple violations against Foreign Exchange Management Act (FEMA). The mentioned law regulates incoming and outgoing transactions from India. The recent raid seems to be a continuation of other raids that took place on WazirX and other exchanges. The authorities froze all its assets after the raid. Authorities have investigated the P2P transactions of Kuber.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC recedes to $20K
The recent recession has brought negative as well as positive changes. A recent survey shows that 72% of Russians have yet to buy Bitcoin and are interested in it. The survey shows that a huge number of Russians are interested in purchasing crypto, especially Bitcoin.
The recent data for Bitcoin shows that it has seen a speedy decline. The latest data shows that it has shed 5.97% over the last 24 hours. The weekly data shows a loss of 3.74%.
The change in performance has also affected the price value of Bitcoin, which is currently about $20,284.67. The market cap value for Bitcoin is estimated to be $388,247,802,119. The 24-hour trading volume of this coin is about $42,933,219,801.
ETH on free-fall
Coinbase has said in a statement that it will be considering ETH forks following the merge. The decision resulted from the plunge in the value of Ethereum alternatives. The available data shows that ETHW has risen 93% in daily trending volume. The reason for this rise is the disagreement of some users and developers on the Ethereum merge.
Ethereum has also seen a decline in value following market bearishness. The latest data shows that it has receded 10.52% over the last 24 hours. The weekly data shows a loss of 7.18% for this coin.
The price value for ETH is currently in the $1,507.91 range. The market cap value for the same coin is about $184,416,554,557. The 24-hour trading volume of the same coin is about $26,956,745,646.
DOGE unable to retain value
Dogecoin has also been in losses as it couldn’t retain its value. The latest data shows that it has shed 7.24% over the last day. The weekly data shows that it has seen a loss of 7.85%. The increase in losses has brought DOGE price value to the $0.06399 range.
The market cap value for Dogecoin is estimated to be $8,483,656,628. The 24-hour trading volume of this coin is about $625,747,471. The same amount in its native currency is about 9,785,685,456 DOGE.
MATIC on decline
Polygon, too, is on the decline due to a bearish market. The latest data shows that it has receded 6.04% over the last day. The weekly data shows a loss of 1.77%. As the losses continue, the price value of MATIC has been reduced to the $0.7731 range.
The market cap value for Polygon is estimated to be $6,567,329,639. The 24-hour trading volume of this coin is about $611,511,923. The circulating supply of the same coin is about 8,482,124,683 MATIC.
The global crypto market has seen another wave of bearishness. The recent changes in the market have brought the gains to new lows. The value of Bitcoin, Ethereum, etc., has seen new lows due to bearishness. The global market cap is also on the decline due to bearish changes. The latest data shows that it is currently estimated to be $975.55 billion.