The global crypto market has seen a change in performance as it couldn’t regain momentum. The value of Bitcoin, Ethereum, and others has continued to decline. The market had seen hope in regaining value as various coins had reduced their losses. But the current situation shows that the bearish trend is likely to continue, affecting the overall market. The bearish situation has had lasting impacts on the market as various coins significantly degraded.
Experts say that the latest EU sanctions on Russia will lead to the strengthening of its crypto industry. As the sanctions are imposed, they will stimulate the Russian crypto market and exchange services. A Russian lawmaker, Anatoly Aksakov, said Russians would easily bypass the current sanctions. While the major exchanges have informed the Russian users that the trading continues. The DUMA member insisted that Russians have continued to find ways to circumvent sanctions.
This week EU has adopted a wide range of new changes to restrict Russia from utilizing crypto. The recent escalation in the Ukraine conflict is why the EU has sought enhanced sanctions. Along with crypto, Russian export wealth and other industries were also targeted. European Union completely blocked access of Russian citizens and entities to the provision of crypto wallet, account, and custody services.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC lags at $19.3K
The recent changes in the market suggest that Bitcoin mining difficulty is likely to catapult higher. The hashrate of Bitcoin is riding high at 250.04 EH/s following the ATH on 5 October. There has been a speedy enhancement in block processing.
The ongoing changes for Bitcoin show a decline in its value. The latest data shows that it has shed 0.88% over the last 24 hours. The weekly data shows that Bitcoin has added 0.32%.
The price value for BTC is currently in the $19,384.82 range. The market cap value for Bitcoin is estimated to be $371,655,892,773. The 24-hour trading volume of this coin is about $16,468,907,770.
ETH stays recessive
Fidelity has launched Ethereum Index Fund to see clients’ demand for exposure to digital assets beyond BTC. The update came as the disclosure of filing with the US SEC, where Fidelity has shown the intention to launch an investment product. The product has been named Fidelity Ethereum Index Fund.
The performance of Ethereum has been no different as losses continue. The latest data shows that it has receded by 1.76% over the last 24 hours. The seven-day data shows that it has shed 2.39%.
The price value for ETH is currently in the $1,309.95 range. The market cap value for this coin is estimated to be $160,710,301,299. The 24-hour trading volume of the same coin is about $5,792,436,590.
OKB in losses
The value of OKB has also lowered due to continuing losses. The latest data shows that it has shed 0.40% over the last day. The weekly data shows that it has regressed by 1.98%. As losses continue, the price value for OKB has receded to the $15.69 range.
The market cap value for OKB is estimated to be $941,798,385. The 24-hour trading volume of this coin is about $87,717,157. The same amount in its native currency is about 649,524 OKB.
KCS regressive
The recent changes in the market have continued to affect KuCoin Token. The data for the last 24 hours shows that it has shed 0.84%. In comparison, the weekly data shows that it has receded by 1.18%. The price value for KCS is currently in the $8.99 range.
The market cap value for KuCoin Token is estimated to be $883,074,175. The 24-hour trading volume of this coin is about $1,094,797. The circulating supply of this coin is about 98,379,861 KCS.
Final Thoughts
The performance of the global crypto market has continued to see bearishness. The recent data for Bitcoin, Ethereum, and others show a decline. The market has seen a decline in value due to the bearish trend. Recent data shows that the global market cap value has receded to $937.40 billion. If the current trend continues, it is likely to reduce further.
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