TL;DR Breakdown
- The global crypto market continues chaotically, shedding 2.55%.
- Bitcoin hasn’t changed its situation as it takes a dip of 2.45% in 24 hours.
- Ethereum also suffers losses, shedding 2.28% in the last 24 hours.
- FTX token and Bitcoin Cash are in loss, shedding 2.71% and 4.29%, respectively.
The global crypto market’s hard times continue. There has been no improvement in the performance, while on the other side, voting regarding proof-of-work assets might bring a radical change. The EU MiCA vote will decide the future of the Proof-of-Work cryptocurrencies and whether they will continue on crypto exchanges or would be banned. If the ban occurs, exchanges won’t be able to trade the said cryptocurrencies. If this happens, the impacts would be widespread considering the main POW currencies, Bitcoin and Ethereum. Thus, it might bring a blow to the market.
Binance is expanding its sphere of influence, and the latest in this regard is the consideration regarding license in Dubai. If it is granted a license, Binance Exchange would be able to avail a vast range of options. As Dubai is a booming market for investors, there are chances that Binance might be able to gather more profits. Dubai has been the hotspot of crypto investments since the beginning of the Russian invasion of Ukraine. Reports regarding massive investments in Bitcoin have put UAE on the watch list of global powers.
Here is a brief overview of the market situation using the leading currencies like Bitcoin, Ethereum, and some other significant names.
BTC lowers further in the $38K range
Bitcoin has continued in a difficult terrain since the start of 2022. The situation worsened when Bitcoin shed further value due to the escalation of tensions between Ukraine and Russia. The result was devaluation which lasted for more than the expected value. As a result of this change, Bitcoin resistance levels have lowered further.
The data for the last 24 hours shows that Bitcoin has shed 2.45%. While in comparison, the previous seven days were relatively better as the losses were about 1.94%. The weekly losses have been stabilized by the alternating bearish and bullish cycles. The current price for Bitcoin is in the $38,087.72 range.
The bitcoin market cap has also decreased in value due to constant devaluation. It is estimated to be $721,772,540,506 as per the latest updates. While if we take a peek at the 24-hour trading volume, it is about $18,310,664,879. The mentioned amount in its native currency is 481,570 BTC.
ETH unable to regain momentum
Ethereum has also continued with difficulty in the last 24 hours as its value has continuously decreased. The loss in the value has been 2.28% for the previous 24 hours. While if we compare the seven-day performance, it shows a loss of 0.83%. The change in value has lowered Ethereum’s price, which is in the $2,528.97 range as per the latest updates.
The current market cap for the said currency is estimated to be $302,934,828,525. In contrast, the 24-hour trading volume of it is about $9,040,911,135. The circulating supply for Ethereum remained 119,949,324 ETH for the last 24 hours.
FTX continues downward
FTT token has also decreased in value due to the losing market. Thus it has resulted in a loss of 2.71% over the last 24 hours. While if we compare the performance stats for the previous seven days, it shows a gain of 1.19%. So, the FTT token has continued losing compared to the past week.
The current price for this token is in the $40.08 range. The recent data about the market cap tells that it is estimated to be $5,504,291,755. In comparison, the 24-hour trading volume of FTT remained $67,907,469. If converted to the native currency of FTX, the same amount is 1,697,328 FTT.
The circulating supply for this coin remained at 137,578,070 FTT.
BCH sees no change
Bitcoin Cash hasn’t regained momentum as the market hasn’t seen any positive change. The result of it has been a loss of 4.29%. While in comparison, the seven-day losses are about 0.65%. The current price for BCH is in the $280.33 range.
The market cap value for this coin is estimated to be $5,325,700,139. At the same time, the 24-hour trading volume of Bitcoin Cash is about $3,133,248,525. The circulating supply for it remained 19,007,594 BCH.
Final Thoughts
There has been a continuous wait for an effective change in the market, which hasn’t yet come true. As a result of depreciation, the global market cap value has come down to $1.70T. The reduction in this value has continued, and it might lower further if the market isn’t able to revive. There are chances that the vote in favor of POW currencies in EU MiCA might bring the situation normal, adding to the gains for the said currencies.
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