The global crypto market has been making desperate attempts to revive value as the market is still turbulent. The changes in the market suggest that Bitcoin, Ethereum, and others might continue to face problems. Though the losses have decreased considerably, there is still a chance of sell-offs. If it continues like this, there is little possibility of speedy improvement in the market value.
India has taken a different approach to regulate crypto as global changes have continued. It has continued to tax crypto despite the absence of any other legal protection. The latest news in this regard is the consideration of the imposition of a 28% additional tax on crypto. India’s federal and finance ministers will meet on 28 and 29 June regarding a meeting about this tax.
If the panel favors this tax, it will increase the burden of taxes on crypto investors. They have already faced problems due to previous taxes on crypto. If the new tax is implemented, it will also impact the global crypto market. One of these impacts will be decreased investments.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
Bitcoin has seen a decrease in value over the recent hours even though it holds above $20K. It has been facing macro challenges even though the giant bearish wave has passed. The metrics still show the worst bear markets as its value has decreased 70% compared to its all-time high. It would take consolidated efforts to revive Bitcoin value.
The latest data shows that Bitcoin has added 1.05% over the last day. The weekly performance of Bitcoin has seen speedy deterioration as its losses increased to 9.37%. The increase in losses has affected its metrics while attempts for revival are on.
The price value for Bitcoin has stayed in the $20,471.67 range. If we compare the market cap value, it is estimated to be $390,486,152,602. The 24-hour trading volume of Bitcoin is about $29,681,330,210.
ETH still suffering
Ethereum has also been turbulent as the market has remained unfavorable. The current metrics show that its hashrate has fallen 12% from its all-time high. Its conservative leaders have faced losses in the recent days, while the following days might increase the risk.
Ethereum has continued to suffer as its value dropped 2.94% over the last day. In comparison, the losses for this coin over the last seven days are about 11.75%. The changing market has brought it speedy losses.
The price value for ETH has lowered to $1,090.18 as the market remains bearish. The market cap value has also suffered, estimated to be $132,206,415,590. The 24-hour trading volume of this coin is about $15,790,899,268.
SOL still fluctuating
Solana has continued to fluctuate in value as the losses continue. The latest data shows that it has receded 2.24% over the last day. In comparison, the last seven days proved better as it has added 1.89%. The price value for SOL is currently about $35.62.
The losses in value have continued to plague the market cap value, which is currently estimated to be $12,201,074,455. The 24-hour trading volume of this coin is about $1,573,202,265. The same amount in its native currency is about 44,162,872 SOL.
DOT remains bearish
Polkadot has also stayed bullish as the sell-offs continued. The changes have resulted in a loss of 1.39% over the last 24 hours. In comparison, the losses for the last seven days are about 8.61%. The price value for DOT is currently about $7.62.
The market cap value for this coin is estimated to be $7,523,884,591. The 24-hour trading volume of this coin is about $407,908,942. The circulating supply for this coin remained at 987,579,315 DOT.
The global crypto market has continued to change in value as the fluctuations persist. The latest changes have lowered the value of Bitcoin, Ethereum, and others. Though they have attempted to recover value, it would take time to turn bullish. The global market cap value has also been downtrend as it lowered to $904.14 billion. A continued downtrend means that this value might see a further recession.