The global crypto market has continued in a fluctuating manner. The recent changes in the market show that it has seen a decline recently. The last day’s data shows that the market had remained bullish, but the following hours deprived it of the gains. As the negative trend for Bitcoin and others continues, the market has continued to suffer. The continuing negative trend has deprived the market of a significant amount in its value. If the same pattern continues further, the market might see grave losses.
IRS has secured court approval to probe records of M. Y. Safra Bank, SFOX users over failure to report taxes. The IRS has found that tax reporting and compliance are significantly low when it comes to digital asset transactions. A US judge permitted IRS to require M.Y. Safra Bank to submit records of taxpayers who haven’t reported on crypto transactions or paid taxes.
The IRS is specifically interested in the records of cryptocurrency prime broker SFOX’s users. In a press release, the U.S. Attorney’s office stated that taxpayers must report profits or losses related to cryptocurrencies on their tax returns. As IRS has found a significant gap in this regard, they are taking further steps to ensure compliance.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC in losses
The investor interest in Bitcoin has fallen selling Bitcoin has fallen to a yearly low as Ethereum and XRP climb. The broader cryptocurrency market has undergone corrections, affecting some of the major names. While, Bitcoin mining firm Compute North has filed for bankruptcy due to continuous losses.
The recent data for Bitcoin shows the continuation of the difficult phase. The latest data shows that it has shed 1.33% over the last 24 hours. In comparison, the losses for the last seven days are about 4.43%.
The price value for BTC has also been affected as it is currently in the $18,922.04 range. The market cap value for Bitcoin $362,840,162,008. The 24-hour trading volume of this coin is about $37,306,849,054.
BNB remains bullish
Binance has expanded payment services in Bahrain with EazyPay. The partnership will allow support between the two for transactions related to more than 70 cryptocurrencies to vendors across the state. The expanding web of Binance has kept it the top exchange across the globe.
The performance of Binance Coin continues to show fluctuations. The recent data shows that it has added 1.33% over the last day. In comparison, the past week brought losses of 0.52%.
The price value for BNB is currently in the $273.72 range. The market cap value for this coin is estimated to be $44,200,148,160. The 24-hour trading volume of this coin is about $872,891,020.
FLOW recessive
The value of Flow has also been affected by the reduced influx of capital. The latest data shows that it has receded by 0.70%. The weekly data shows that this coin has shed 5.80%. The price value for FLOW has been reduced to the $1.68 range.
The market cap value for FLOW is estimated to be $1,735,897,579. The 24-hour trading volume of this coin is about $54,772,078. The same amount in its native currency is about 32,694,802 FLOW.
TON regresses
The performance of Toncoin has also shown a negative trend. The latest data shows that it has shed 4.72% over the last 24 hours. In comparison, the weekly data shows a loss of 19.06%. The price value for TON is currently in the $1.36 range.
The market cap value for Toncoin is estimated to be $1,673,161,567. The 24-hour trading volume of this coin is about $22,136,408. The circulating supply of this coin is about 1,221,401,181 TON.
Final Thoughts
The global crypto market hasn’t yet been out of the difficult phase. The recent changes in the market have brought losses to Bitcoin, Binance Coin, and others. As the ongoing changes continue, the market might lose further value. The global market cap value has seen fluctuations due to a bearish market. The recent data shows that it is estimated to be $928.18 billion.
