There has been a trend for speedy fluctuations in the global crypto market over the last few days. The recent changes for Bitcoin, Binance Coin, and others show that the market hasn’t been able to retain gains. As the alternating trend of losses and gains continues, it has affected the market’s growth. Previously, it had resumed gains and showed a considerable increase in value. The recent decline has brought the market into a difficult situation.
Voyager has opened up about the details of the buyout offer from FTX. It has called the offer misleading as it offered too low for the bid. The bankrupt firm’s lawyers have shared the offer’s details and named it a harmful deal. Sam Bankman-Fried has responded to these allegations.
He said the lawyers opposed the liquidation because they wanted to drain the remaining capital in the form of their fee. Voyager filed for bankruptcy as 3 Arrows Capital dragged into a crisis as it couldn’t pay the $665 million loan. According to Sam Bankman-Fried, the customers will bear the brunt of the lawyers’ decisions.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC slows down
Even though the market is bearish for Bitcoin, some analysts assess its chances of reaching $28K. According to market analysts, it needs to make 23% gains to reach this target. Also, it would face serious odds of reaching its target, which seems almost unlikely in the bearish situation.
The latest data for Bitcoin shows that it has receded 2.90% over the last day. The weekly performance shows a reduction of gains to negative. It has shed 0.08% over the last seven days, showing a negative value for the first time in recent weeks.
The price value for Bitcoin is in the $22,022.32 range. If we compare the market cap value for Bitcoin, it is estimated to be $420,555,000,358. The 24-hour trading volume of Bitcoin is about $28,884,598,194.
BNB unable to revive
Binance has continued its place as one of the popular names in the crypto industry. It has attracted renowned names as its brand ambassadors. One of these is Khaby Lame, whose fans have expressed happiness about him promoting Binance. Binance has also expanded the list of cross margin and isolated margin.
The value of the Binance Coin is also on the decline as it has shed a considerable amount. The latest data shows a loss of 3.05% in a single day. In comparison, the losses for the last seven days are about 2.04%.
The price value for BNB is in the $256.27 range. The market cap value of this coin is estimated to be $41,345,136,586. The 24-hour trading volume of the same coin is about $925,167,411.
XRP faces decline
The value of XRP has also shown a negative trend as the market is bearish. The latest data shows that it has been 4.80% over the last 24 hours. The seven-day performance shows a loss of 4.97%. The trending redness in the market has also affected its price value, which is currently about $0.3472.
The market cap value for XRP is estimated to be $16,782,792,185. The 24-hour trading volume of this coin is about $1,154,689,728. The same amount in its native currency is about 3,326,102,323 XRP.
SOL losing value
Solana is also shedding value due to lowered influx of capital. The latest data shows that it has receded by 5.21%. The regressive trend has resulted in weekly losses of 6.57%. It seems as if this coin is intent on losing its recent gains. The price value for it has dropped to the $38.96 range.
If we compare the market cap value for SOL, it is estimated to be $13,477,152,441. The 24-hour trading volume of this coin is about $1,154,689,728. The circulating supply for Solana remained 345,893,105 SOL.
Final Thoughts
The global crypto market is in a recessive mood as the losses continue. There have been short respite moments, but there has been no significant growth. Instead, the value of Bitcoin, Binance Coin, and others is continuously declining. The global market cap value hasn’t been able to see stability. It is currently estimated to be $1.01 trillion.
