The global crypto market has witnessed a speedy change in performance. The value of Bitcoin, Ethereum, and others improved significantly due to the influx of capital. The mercurial change has brought hope to the investors who were looking for enhancement. The negative changes had affected the market, causing huge losses over the last few days. There is no surety about how long this bullish trend will continue. There is a need for sustained gains because the market has been emaciated by the downtrend.
Senators are moving forward with the SBF-backed bill after the FTX collapse. Legislators have plans to increase federal oversight of crypto exchanges and underlying spot markets. The shocking collapse of FTX has been the main reason behind the moving of this bill. SBF was a proponent of this bill but was opposed by industry leaders. The bill was named Digital Commodities Consumer Protection Act. The bill would grant CFTC oversight over crypto markets and exchanges.
Senators said in a statement that the current situation demands an urgent need for oversight over the industry. She further stated that consumers continue to suffer because of the lack of govt. oversight and lack of accountability in the market. She added that she is planning to work on a bill with her Republican counterpart and regulators to finalize the bill.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC rises to $17.1K
The recent bearish trend in the market has cost the market $200 billion due to the plunge of Bitcoin. On the other hand, Bitcoin Options data shows that a sub-17K BTC price gives bears a $200 million payday. If the situation changes, the losses can be reduced.
The recent changes for Bitcoin show a speedy reversal in performance. The latest data shows that it has added 7.69% over the last 24 hours. The weekly performance of this coin shows that it has shed 15.52%.
The price value of BTC is currently in the $17,145.71 range. The market cap value of Bitcoin is estimated to be $329,267,313,444. The 24-hour trading volume of Bitcoin is about $78,242,041,518.
ETH gains momentum
Midas.Investments has migrated to Ethereum in order to build a more robust ecosystem. The mentioned name is one of the functional CeDeFi platforms in Web3. Midas.Investments has migrated from Fantom to Ethereum.
The performance of Ethereum has also improved following the new changes. The latest data shows that it has added 10.07% in the last 24 hours. The seven-day data shows that it has shed 18.84%.
The price value of ETH is currently in the $1,251.32 range. The market cap value of this coin is estimated to be $153,129,431,312. The 24-hour trading volume of this coin is about $26,907,951,279.
STX revives gains
The value of Stacks has also revived following the recent bullish wave. The latest data shows that it has added 9.61% over the last 24 hours. The weekly performance shows that it has shed 24.58%. The price value of STX is currently in the $0.2381 range.
The market cap value of Stacks is estimated to be $319,882,182. The 24-hour trading volume of this coin is about $9,331,145. The same amount in its native currency is about 9,331,145.
KAVA turns bullish
The performance of Kava has also shown a change in pace as its gains increased. The latest data shows that it has added 18.27% in a day. The weekly performance shows a loss of 30.76%. The price value of KAVA is currently in the $0.9801 range.
The market cap value of Kava is estimated to be $312,594,866. The 24-hour trading volume of this coin is about $24,685,857. The circulating supply of this coin is about 318,935,229 KAVA.
Final Thoughts
The global crypto market has witnessed a positive change over recent hours. The performance of Bitcoin, Ethereum, and others improved significantly. The ongoing changes have strengthened the market, bringing it new gains. As the new changes continue, the global market cap value has also seen a rise. The latest data shows that it is estimated to be $868.67 billion.
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