There has been a change in the influx of capital for the global crypto market. The change came as the value of Bitcoin and others couldn’t see continuity in growth. Instead, the gains have begun to lower, affecting the previous pace. The increasing trend for losses might not be good news for the investors as the market has hardly remained bullish a day. It is yet to be seen what will be the next move for the market.
Another crypto exchange hasn’t been able to sustain losses and has filed for bankruptcy. Zipmex, a Singapore-based crypto exchange, has filed for bankruptcy protection in the mentioned country. Zipmex operates in Southeast Asian countries and has become the latest victim of bearishness. It had suspended withdrawals on 20 July but had resumed them a day after suspension.
Zipmex was working on $53 million exposures to lenders Babel Finance and Celsius. Celsius has also faced bankruptcy due to the deteriorating market situation. According to Reuters, Zipmex’s solicitors have submitted five separate applications to prevent legal proceedings against the exchange for six months. According to the law, it may gain the exchange protection for thirty days or more.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC unable to move ahead
Even though Bitcoin value hasn’t seen a considerable rebound, El Salvador’s authorities are happy about their decision. They have asked citizens to invest further in Bitcoin to strengthen their hold on the emerging technology. Some analysts have criticized the mentioned country for its Bitcoin affair.
The latest data for Bitcoin shows that it has added 2.78% over the last 24 hours. The weekly performance shows an addition of 0.51%. Though Bitcoin has remained bullish, it hasn’t crossed the $24K barrier.
The price value for Bitcoin is in the $23,716.44 range and has lowered. The market cap value for Bitcoin is estimated to be $453,484,072,368. The 24-hour trading volume of Bitcoin is about $40,931,983,482.
BNB continues bullish
Binance has emerged as one of the safest options for investors and industry leaders. A recent report from Bloomberg disclosed that Axie Infinity CEO moved funds to Binance before he disclosed the news of the Ronin Bridge hack. According to the information, he transferred AXS tokens worth $3 million to Binance.
Binance Coin has utilized the bullish current in the market. It has added 5.94% over the last 24 hours. The gains for the last seven days are about 5.70%.
The price value for BNB is in the $284.76 range. If we look at the market cap value for this coin, it is estimated to be $45,986,969,564. The 24-hour trading volume of this coin is about $2,062,627,377.
XEM shows a bearish trend
Nem has shown early effects of the bearishness in the market. It has shed 0.04% over the last 24 hours. The weekly performance shows no improvement as it has receded by 2.06%. The price value for this coin has come down to the $0.04903 range.
The market cap value for NEM is also lowering, estimated to be $442,864,059. The 24-hour trading volume of this coin is about $21,236,131. The same amount in its native currency is about 431,566,253 XEM.
CELO unable to retain gains
Celo has also decreased its gains as the result of ongoing bearishness. The ongoing changes have brought its gains to 4.66%. In comparison, the weekly performance shows a loss of 3.88%. As the gains lower, its price value has decreased to the $0.9732 range.
If we compare the market cap value for CELO, it is estimated to be $439,621,902. The 24-hour trading volume of this coin is about $41,783,404. The circulating supply of this coin is about 450,833,963 CELO.
Final Thoughts
The global crypto market has seen a change in the influx of capital. These changes have lowered the price value for different coins, including Bitcoin and Binance Coin. As these changes have continued, there are chances that the market might recede. The global market cap value has also lowered due to a decrease in influx. The current value of it is estimated to be $1.09 trillion.
