The global crypto market has faced a trend of decline in value over recent hours. The ongoing changes in the performance of Bitcoin, Ethereum, and others show losses. As the market has turned recessive, there has been a decline in the value of gains. Investors feel insecure in such situations as the fluctuations have continued for a lasting while. If the current situation persists, the market is likely to face further turbulence.
SBF has said in an interview that he has no idea where wired Alameda funds ended up. The former FTX CEO SBF stated in a Wallstreet Journal interview that he can only speculate about what happened to funds worth billions of dollars. The funds were transferred to the sister fund Alameda research by customers. SBF estimates that the funds wired to Alameda research were worth more than $5 billion. FTX is under scrutiny for the handling of customer funds and what happened between it and Alameda.
Reuters said on 11 November that more than $1 billion worth of funds has vanished from the FTX exchange. SBF explained that back in 2019-20, the crypto exchange supported only wallets and not bank accounts for the onboarding of money. So, the money first went to Alameda, and then it was asked to be credited to the FTX account. And this is where the funds vanish which would be investigated.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns recessive
The number of Bitcoin wallets holding more than 1,000 BTC has reached a three-year low. These accounts which hold about $17 million as of the latest estimates have reached 2,063 addresses which is the lowest for the last three years.
The recent changes for Bitcoin show a negative trend as it fluctuates. The latest data shows that it has added 0.29% over the last 24 hours. The weekly performance of Bitcoin shows that it has added 2.64%.
The price value of BTC is currently in the $16,982.59 range. The market cap value of Bitcoin is estimated to be $326,468,815,818. The 24-hour trading volume of Bitcoin is about $15,928,165,025.
ETH also in losses
Ethereum and Tether have continued to flow towards exchanges while Bitcoiners have preferred to go for self-custody. The continuous deposits of ETH and Tether show that there is a growing trust in centralized exchanges.
The performance of Ethereum has also shown a recessive trend over recent hours. The latest data shows that it has shed 2.17% over the last day. The seven-day data shows that it has added 3.57%.
The price value of ETH is currently in the $1,259.31 range. The market cap value of this coin is estimated to be $154,107,162,663. The 24-hour trading volume of the same coin is about $5,616,962,521.
DOT changes direction
Polkadot has also changed direction due to the recessive trend. The latest data shows that it has shed 1.20% over the last day. The seven-day data shows that it has added 2.73%. the price value of DOT is currently in the $5.53 range.
The market cap value of Polkadot is estimated to be $6,312,280,056. The 24-hour trading volume of this coin is about $150,547,356. The same amount in its native currency is about 27,224,489 DOT.
TRX bearish
Tron has also been in losses as the market has continued to lower value. The latest data shows that it has receded by 1.20% over the last 24 hours. The seven-day data shows that it has added 2.73%. The price value of TRX is currently in the $0.05401 range.
The market cap value of Tron is estimated to be $4,975,481,275. The 24-hour trading volume of this coin is about $141,860,611. The circulating supply of the same coin is about 92,126,975,444 TRX.
Final Thoughts
The global crypto market hasn’t been able to retain the bullish trend. The recent changes show a decline in the value of the market as Bitcoin, Ethereum, and others receded. The negative trend has affected the overall performance of the market. The global market cap value has also lowered as it is estimated to be $852.89 billion.
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