The global crypto market has faced a decline in value despite attempts to recover value. The recent changes show that there has been no improvement in the value of Bitcoin and Ethereum. In comparison, the following coins have seen a considerable improvement as they added value. The market has continued to face problems as the major coins are still unable to attract gains. If the leading two coins are able to attract gains, it will have a significant impact on the overall market.
Wallstreet Journal has disclosed that Binance will not invest in crypto lender Genesis. Despite attempts from the lender to raise $1 billion on an emergency basis, Binance has said a clear no. The reason Binance cited to turn down the deal is allegedly the conflict of interest based on the two companies models. The lending firm has suspended client redemptions, seeking a respite in the form of an emergency loan.
Genesis has also sought support from Apollo Global Management. The struggles for the company began in the wake of the collapse of FTX. Investors went for withdrawals from its affiliated exchange Gemini, which affected its business. Genesis is still weighing its options to see what it can do and has still not decided to file for bankruptcy.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC drops to $15.7K
Bitcoin address activity has hit its six-month high, showing a significant change in performance. The dazed Bitcoin might have much to show in the coming months but the current stats show that it is resisting further decline. Supply from outside of exchanges in derivatives markets shows that there is yet hope for the king coin.
The recent changes for Bitcoin show that it has faced red candles. The latest data shows that it has shed 1.99% over the last 24 hours. The weekly performance of Bitcoin shows that it has shed 5.59%.
The price value of BTC is currently in the $15,794.74 range. The market cap value of this coin is estimated to be $303,477,477,008. The 24-hour trading volume of Bitcoin is about $36,748,233,655.
ETH continues to decline
Coinbase stock has hit an all-time low due to the Bitcoin, and Ethereum decline. The crypto industry is facing problems in the aftermath of FTX’s collapse. On the other hand, ETH continues to see a downside due to the huge amount that the FTX hacker holds.
The performance of Ethereum has also been showing lows due to a bearish market. The latest data shows that it has shed 2.04% over the last day. The weekly performance of this coin shows that it has shed 2.62%.
The price value of ETH is currently in the $1,100.01 range. The market cap value of this coin is estimated to be $134,612,423,245. The 24-hour trading volume of this coin is about $13,806,190,036.
FTM gains momentum
The performance of Fantom has shown a positive trend. The latest data shows that it has added 1.66% over the last 24 hours. The weekly performance of this coin shows that it has receded by 6.88%. The price value of FTM is currently in the $0.1703 range.
The market cap value of Fantom is estimated to be $433,388,452. The 24-hour trading volume of this coin is about $49,860,713. The same amount in its native currency is about 292,976,288 FTM.
NEXO in gains
The value of Nexo has also made a slight improvement due to the influx of capital. The latest data shows that it has added 0.25% over the last 24 hours. The weekly performance of this coin shows that it has shed 5.82%. The price value of NEXO is currently in the $0.6723 range.
The market cap value of Nexo is estimated to be $376,489,814. The 24-hour trading volume of this coin is about $9,050,717. The circulating supply of this coin is about 560,000,011 NEXO.
The global crypto market has witnessed a decline in value due to unfavorable situations. The performance of Bitcoin, Ethereum, etc. continues to show losses. In comparison, some following coins have turned bullish. The ongoing changes show that the market has continued to lose value. The global market cap value has lowered as it is currently estimated to be $786.59 billion.