The global crypto market has continued to face bearishness as there has been no positive change. The value of Bitcoin, Binance Coin, and others is in a recessive mood, affecting the recent losses. As the losses continue, the investors have continued to reduce their investments. The increase in sell-offs will affect the overall market, reducing gains for investors. There is still uncertainty in the market about whether the bearishness will last short or it will persist.
Bitfinex might be the next to face a criminal investigation in the US. According to a reply from the Department of Justice, there is a possibility of criminal charges against the sister company of stablecoin Tether. A Twitter user had asked the DOJ Twitter handle in compliance with the Freedom of Information Act. Bitfinex has already faced investigations for its actions, and another session might begin soon.
DOJ has denied a request for disclosure of information regarding Tether Holdings Ltd. The reason cited for the non-disclosure is 7(A) of the FOAI Guide. The response to the application said that the pretrial disclosure could affect the trial, and thus the information couldn’t be disclosed. Bitfinex and Tether have faced scrutiny since 2021. They had to pay $42.5 million to US CFTC in civil monetary penalties.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to fluctuate
Bitcoin has continued to face fluctuations as the market remains uncertain. These changes have forced Peter Schiff to urge investors to sell-offs. He has asked investors to secure their money during the ‘sucker rally’ and go for sell-offs of Bitcoin. He has dismissed the recent rallies as short-term gains.
The latest data for Bitcoin shows that the downtrend continues. The 24-hour data shows a loss of 3.61% for Bitcoin. In comparison, the seven-day data shows a gain of 1.68%.
The price value for Bitcoin is in the $23,776.81 range. If we compare the market cap value for Bitcoin, it is estimated to be $454,114,919,525. The 24-hour trading volume of Bitcoin is about $32,229,038,008.
BNB stays bearish
Binance has continued to curb criminals on its chain. According to the available information, Binance has frozen $450,000 from Curve Finance hack. According to the CEO, Changpeng Zhao, they have recovered roughly 83% of the stolen funds from Curve Finance.
Binance Coin has also seen a decline in value due to an uncertain market. The latest data shows that it has receded 3.37% over the last 24 hours. The seven-day data shows an addition of 0.59% for this coin.
The price value for Binance Coin is in the $320.14 range. If we compare the market cap value for this coin, it is estimated to be $51,650,604,245. The 24-hour trading volume of this coin is about $1,274,776,187.
FLOW showing reversal
Flow has also seen a reversal in its performance as losses dominate. The latest data shows a loss of 4.76% over the last 24 hours. The weekly data shows that it has added 5.82%. As the gains have fluctuated, the price value of this coin is in the $2.89 range.
The market cap value for this coin is estimated to be $2,989,953,994. The 24-hour trading volume of the same coin is about $212,537,727. The same amount in its native currency is about 73,657,184 FLOW.
ALGO in losses
Algorand has also seen a trend for losses over the last few hours. The one-day data shows a loss of 2.88%. In comparison, the weekly data shows an addition of 2.47%. The change in performance has brought its price value to the $0.3579 range.
The market cap value for Algorand is estimated to be $2,450,736,697. The 24-hour trading volume for this coin is about $89,778,960. The circulating supply of the same coin is about 6,889,813,560 ALGO.
Final Thoughts
The global crypto market has seen a negative change in its performance. Losses have continued for various coins as the investments have been reduced due to lowered gains. The value of Bitcoin, Binance Coin, and others saw a considerable decline. The global market cap value has also fluctuated due to these losses. It is currently estimated to be $1.14 trillion.
