The global crypto market has witnessed another wave of fluctuations as the market couldn’t retain gains. The recent changes in the market show that Bitcoin, Ethereum, and others continue to recede. The negative changes have continued in the market for a while and might continue like this. The current situation tells of a difficult time for the market as it hasn’t been able to return gains to investors, creating uncertainty.
Grayscale has cited security concerns for withholding on-chain proof of reserves. Grayscale has shared a letter from Coinbase custody, attesting that each of its assets is fully-backed but hasn’t shared any wallet addresses. The company shared details of its assets in a Twitter thread but hasn’t disclosed any wallet addresses. The statement said that the non-disclosure will come as a disappointment to some but the complex security measures have kept the investors’ assets safe.
The move from Grayscale came as the result of concerns regarding proof of reserves as the collapse of FTX created chaos in the market. A user who replied to the arguments said that the addresses of Satoshi Nakamoto are of higher value yet they remain secure. Grayscale has also shared a letter signed by Coinbase’s CFO and Custody CEO, affirming that the assets are secure.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns bearish
Dogecoin has given a tough time to Bitcoin and Ethereum, as its profitability surpasses the two. Dogecoin remains a strong contender for the attention of cryptocurrency investors who are chasing assets with the most potential. Larger asset holders might also be attracted by DOGE.
The recent changes for Bitcoin show another wave of fluctuation. The latest data shows that it has shed 1.70% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 1.60%.
The price value of BTC is currently in the $16,626.66 range. The market cap value of Bitcoin is estimated to be $319,417,840,874. The 24-hour trading volume of this coin is about $24,103,100,059
ETH in losses
Solana has lost $1 billion to Ethereum due to the FTX collapse. A $1 billion chain transfer to convert USDT from the Solana blockchain to the Ethereum blockchain was announced by stablecoin issuer Tether. FTX’s collapse has continued to affect the market.
Ethereum has also been affected by the negative changes in the market. The latest data shows that it has receded by 1.42% over the last 24 hours. The weekly performance of this coin shows a loss of 5.52%.
The price value of ETH is currently in the $1,207.13 range. The market cap value of this coin is estimated to be $147,721,330,601. The 24-hour trading volume of this coin is about $7,171,124,840.
QNT on the losing side
The performance of Quant also shows a negative trend. The latest data shows that it has shed 3.50% over the last day. The weekly data shows that it has added 1.21%. The price value of QNT is currently in the $116.14 range.
The market cap value of Quant is estimated to be $1,402,186,486. The 24-hour trading volume of this coin is about $33,096,410. The same amount in its native currency is about 284,891 QNT.
VET faces downtrend
VeChain has also faced a downtrend due to continuing losses in the market. The latest data shows that it has shed 2.66% over the last 24 hours. The weekly performance of this coin shows a loss of 9.73%. The price value of VET is currently in the $0.01909 range.
The market cap value of VeChain is estimated to be $1,384,037,963. The 24-hour trading volume of this coin is about $32,600,161. The circulating supply of this coin is about 72,511,146,418 VET.
Final Thoughts
The global crypto market has witnessed a negative change in its performance. The current changes show that Bitcoin, Ethereum, and others are on backfoot. The negative changes have affected the overall performance of the market. As the negative trend continues, the market has seen fluctuations in the influx of capital. The global market cap value has also been affected. The latest data shows that it is estimated to be $830.64 billion.
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