The global crypto market has declined in value over the last day. The change in performance has affected Bitcoin, Ethereum, and others. As no positive change has been seen, the market has continued to shed value. The negative trend in the market has persisted for a day, and there is no certainty about it. As there is an uncertain situation in the market, investors are likely to stay on the back foot till there are positive signs. The recessive trend has considerably lowered investments.
The United States announced it had taken 2 Venezuelans and 5 Russians accused of using cryptocurrency to evade sanctions. The group has been taken over the accusation of the illegal trade of oil and technology using cryptocurrency. The group used USDT to trade outside the traditional banking structure and thus evaded international sanctions. The evasion of sanctions has become one of the most discussed crypto-related scenarios.
The execution of sanctions on the countries deemed unfavorable is likely becoming difficult. The U.S. Department of Justice announced that it was pressing charges against the persons apprehended. These persons are accused to be representing the Venezuelan state-owned company Petroleos de Venezuela, S.A (PDVSA). According to the press release, 12 charges have been filed against the persons arrested.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC on reversal
According to recent data, Elon Musk’s Tesla is still HODLing $218 million in Bitcoin. Despite the bearish situation in the market and the Twitter battle, Tesla has remained one of the top corporate holders of Bitcoin. Tesla had taken Bitcoin price to new highs with its investments.
The recent changes for Bitcoin show the continuation of the negative trend. The latest data shows that it has shed 1.12% over the last day. The weekly data for Bitcoin shows a loss of 0.09%.
These changes have brought the price value for BTC to the $19,077.50 range. The market cap value for Bitcoin is estimated to be $365,879,235,377. The 24-hour trading volume of Bitcoin is about $23,015,783,053.
ETH stays recessive
Ethereum volume actions suggest that there might be a fall in its price value below the $1.2K mark. The Ethereum price action is gradually narrowing with two converging lines. However, experts suggest that this consolidation pattern is part of the bearish cycle.
The performance of Ethereum also showed a negative trend. The latest data shows that it has shed 1.83% over the last day. The weekly data shows that it has receded by 0.74%.
The recent changes have brought ETH’s price value to the $1,281.57 range. The market cap value for this coin is estimated to be $156,780,911,733. The 24-hour trading volume of this coin is about $8,608,046,772.
STX in losses
The value of Stacks has continued to lower due to the negative trend. The latest data shows it has shed 2.41% over the last day. The weekly data shows that it has receded by 3.67%. The negative trend has brought STX price value to the $0.2942 range.
The market cap value for Stacks is estimated to be $393,347,703. The 24-hour trading volume of this coin is about $7,124,096. The same amount in its native currency is about 24,258,468 STX.
DCR continues to lower
The value of Decred has continued to decline due to market fluctuations. The recent data shows that it has receded by 1.49% over the last day. The weekly performance shows that it has added 3.26%. The price value for DCR is currently in the $25.64 range.
The market cap value for Decred is estimated to be $369,468,236. The 24-hour trading volume of this coin is about $1,631,008. The circulating supply of this coin is about 14,439,481 DCR.
Final Thoughts
The global crypto market has seen a negative trend over the recent day. The performance of Bitcoin, Ethereum, and others continued to show a decline. As the market continues to fluctuate, there has been a significant decline in its value. The global market cap value has also declined, which is currently estimated to be $915.97 billion. There are chances that it will lower further due to the negative trend.
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