The global crypto market has seen a negative change in performance as it continues to lose value. The recent hours saw stark bearishness as the market couldn’t stay stable. The result was speedy losses for Bitcoin, Ethereum, and other coins in the market. The ongoing situation shows that the market is likely to go much lower. The current situation might be retesting its strength, leading to a possible bullishness. Currently, there is uncertainty in the market about its possible upcoming direction.
China has shut down thirteen underground crypto trading apps. The Chinese authorities have put a ban on almost one year on these apps. The world’s second-largest economy has put a ban on crypto-related transactions, calling them illegal. Chinese regulators took down 23 crypto websites and 440 online accounts involved in promoting crypto. The crackdown also resulted in the ban of some bank accounts involved in crypto transactions.
Beijing Local Financial Supervision and Administration conducted the crackdown. The People’s Court of Chaoyang District posted information related to the crackdown via a social media account. OKX, one of the largest exchanges in China, has also faced a ban resulting from the recent crackdown.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC lowers to $18.9K
Bitcoin mining difficulty has continued to increase, causing immense pressure on the miners. The recent changes show that the mining difficulty increased by 13.55%. While the Bitcoin fundamentals have continued to eat up the market. Furthermore, the outflows from exchanges have put Bitcoin in a difficult situation.
The recent changes for Bitcoin show a continuing trend of bearishness. The latest data shows it has shed 2.53% over the last 24 hours. The seven-day data shows that Bitcoin has receded by 2.78%.
The price value for BTC is currently in the $18,988.42 range and might lower further. The market cap value for Bitcoin shows that it is estimated to be $364,105,847,125. The 24-hour trading volume of Bitcoin is about $28,804,085,341.
ETH facing stark bearishness
EU Commission plans to study real-time data of DeFi activity on the Ethereum blockchain. The executive body of the European Union showed interest in the study of Ethereum data. Recently EU parliamentarians have taken some revolutionary steps to facilitate blockchain technology in their block.
The market hasn’t been favorable to Ethereum during the recent changes. The latest data shows it has shed 4.13% over the last 24 hours. The weekly data shows that it has regressed by 3.59%, causing a significant loss in value.
The price value of ETH has shown a downtrend, as it is currently in the $1,273.03 range. The market cap value for this coin is estimated to be $156,269,473,712. The 24-hour trading volume of this coin is about $9,529,544,834.
DOT scaling lows
The performance of the Polkadot has been no different from the rest of the coins. The recent data shows that it has shed 5.56% over the last 24 hours. The seven-day data shows that it has receded by 3.18%. These changes have resulted in decreasing its price value to the $6.15 range.
The market cap value for DOT is estimated to be $6,924,834,997. The 24-hour trading volume of this coin is about $205,424,223. The same amount in its native currency is about 33,382,566 DOT.
UNI continues to lose
The value of Uniswap has also reduced due to the dominant bearishness. The latest data shows that it has receded by 2.81% over the last day. The seven-day data shows that it has shed 3.32%. The ongoing changes have brought its price value to the $6.44 range.
The market cap value for UNI is estimated to be $4,890,682,000. The 24-hour trading volume of this coin is about $94,933,330. The circulating supply of this coin is about 762,209,327 UNI.
Final Thoughts
The global crypto market has significantly decreased due to the negative trend. The market has continued to lower value due to lasting bearishness. The recent changes for Bitcoin, Ethereum, and others show continuing losses. The global market cap value has also been affected as negative changes persist. The recent data shows that it is estimated to be $916.22 billion.
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