The global crypto market has experienced a decline in value over the last day. The performance of Bitcoin, Binance Coin, and others has shown losses. The decline in value is part of the fluctuations that have continued for the last few months. The difference this time is that of the market being able to cross previous threshold levels. There has been a significant improvement and there is a likely chance of it being able to gain further value.
Coinbase revenue has dipped nearly 50% amid crypto winter. The crypto market has continued to see difficult times and one of the affected names is Bitcoin. As the negative trend continues for the market, the overall performance shows adverse reports. Recently, Coinbase release the annual report for Q3 of 2022. The report shows that it hasn’t made impressive revenue during the third quarter. The available data shows that its revenue dropped 50% compared to the previous year’s data.
According to official data, the firm lost about $545 million, while it gained $406 million over the previous year. The unfavorable macroeconomic condition and the dwindling crypto market are the main reason for losses. Usually, 90% of the gains for the company come from transaction fees which is considerably higher compared to other companies.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns bearish
Crypto experts give weightage to Bitcoin in case it becomes the foundation of DeFi with more single-sided liquidity pools. More options for single-sided Bitcoin staking could lead to a consolidation of the decentralized exchange aggregators which can be translated to improvement.
The recent data for Bitcoin shows a decline in the influx of capital. The data for the last 24 hours shows that it has shed 0.76%. The weekly performance shows that it has added 2.18%.
The decline in gains has brought BTC price value to the $21,248.80 range. The market cap value of Bitcoin is estimated to be $407,771,355,394. The 24-hour trading volume of this coin is about $35,235,428,255.
ETH continues to lower
There is a risk of Ethereum getting censored because of OFAC regulations. The increase in state regulations especially from the US has been the reason for the decline of various crypto companies. There has been an explicit mention of Ethereum being based in the US and thus subject to its ‘regulations.’
The performance of Ethereum has continued to show a decline. The latest data shows that it has receded by 1.56% over the last day. The weekly performance shows that it has shed 0.06%.
The price value of ETH is currently in the $1,620.80 range. The market cap value of this coin is estimated to be $198,156,287,837. The 24-hour trading volume of this coin is about $10,444,363,005.
FLOW lowers its gains
The performance of Flow hasn’t been impressive either. The recent data shows that it has shed 2.01% over the last 24 hours. The weekly performance shows that it has added 3.55%. The price value of FLOW is currently in the $1.83 range.
The market cap value of Flow is estimated to be $1,896,202,287. The 24-hour trading volume of this coin is about $95,443,907. The same amount in its native currency is about 52,156,343 FLOW.
CHZ continues to grow
The value of Chiliz has continued to grow due to bullish changes. The latest data shows that it has added 8.13% over the last day. The weekly performance shows that it has added 38.14%. The price value of CHZ is currently in the $0.2732 range.
The market cap value of Chiliz is estimated to be $1,641,393,330. The 24-hour trading volume of this coin is about $647,345,713. The circulating supply of this coin is about 647,345,713. The increase in gains is likely to improve the value of Chiliz.
Final Thoughts
The global crypto market has witnessed a decline in value due to lowered gains. The regressive performance of Bitcoin, Ethereum, and others has affected the overall gains. As the gains lower, the investors have also shown lag. The global market cap value has also been affected by the negative change. The latest data shows that it is estimated to be $1.05 trillion.
