The global crypto market has continued to be bullish, though with lessened vigor. There has been a change in the performance of Bitcoin, Binance Coin, and others as the gains lowered. The market had turned bullish a day back, but there has been no strength in the influx of capital. The result of these changes is an emaciated market that couldn’t resist the downward pressure. As the pressure mounts, the market might again face a bearish trend.
US Senator Pat Toomey said in a statement that crypto couldn’t be stopped. He spoke at the Senate Banking Committee hearing on the collapse of FTX. He explained the illegal actions of various exchanges, but he added that the lawful and innovative companies should be separated. He emphasized that the collapse of FTX is not an indictment of the crypto industry. He added that if Congress made attempts to stop this industry, it might migrate offshore.
He spoke about the events that led to the collapse of FTX and called the practices unacceptable. He said that the collapse of FTX doesn’t justify a complete ban on crypto. He gave the example of the 2008 financial crisis and how mortgages were misused. He asked the question of whether mortgages were banned. He concluded that in a similar manner, that illicit practices should be prevented in the crypto industry and legitimate ones allowed.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stuck at $16.4K
Bitcoin has taken a deep dive as the withdrawals from Binance peak. There are 15M Bitcoin in self-custody, showing the levels of trust that investors have left in the centralized exchanges. The derivatives have switched to risk-off as the result of a peak in withdrawals.
The recent changes for Bitcoin show the continuation of the bullish trend. The latest data shows that it has added 0.22% over the last 24 hours. The seven-day data shows that Bitcoin has shed 2.48%.
The price value of BTC is currently in the $16,740.51 range. The market cap value of Bitcoin is estimated to be $322,037,913,045. The 24-hour trading volume of Bitcoin is about $10,780,438,193.
BNB stays bullish
Michael Burry has continued to criticize the audit of Binance funds. He said in plain terms that the audit is meaningless. Though Binance had presented a Proof-of-Reserves report to its customers, there have been rumors regarding huge withdrawals.
The performance of Binance Coin also shows a bullish trend. The latest data shows that it has added 3.82% over the last day. The seven-day data shows that it has shed 14.77%.
The price value of BNB is currently in the $247.06 range. The market cap value of this coin is estimated to be $29,521,560,090. The 24-hour trading volume of the same coin is about $954,804,536.
MATIC lowers gains
The value of Polygon has shown resilience as it continues to grow. The recent changes for this coin show that it has lowered gains to 0.87% in the last 24 hours. The seven-day data shows that it has shed 10.67%. The price value of MATIC is currently in the $0.8126 range.
The market cap value of Polygon is estimated to be $7,097,807,733. The 24-hour trading volume of this coin is about $188,141,170. The same amount in its native currency is about 231,510,141 MATIC.
SOL facing hard times
Solana has also faced hard times due to the severe downward pressure. The latest data shows that it has added 1.29% in a day. The seven-day data shows that it has regressed by 9.13%. The price value of SOL is currently in the $12.41 range.
The market cap value of Solana is estimated to be $4,549,540,386. The 24-hour trading volume of this coin is about $109,881,659. The circulating supply of the same coin is about 366,569,239 SOL.
Final Thoughts
The global crypto market has seen a positive trend over recent hours. The value of Bitcoin, Binance Coin, and others has increased slightly. As the market has lowered gains, there has been a decrease in the influx of capital. The global market cap value hasn’t seen any big change, as it is estimated to be $809.27 billion.
