The global crypto market has been in trouble for a while. Recent market changes show that various coins, including Bitcoin, Binance Coin, and others, couldn’t continue bullish. These changes resulted from a lasting trend of recession in the market. As the negative changes continue, the impact of losses has extended to investors. Though there was a bullish change in the market a day back, it couldn’t prevent losses for the investors. The ongoing situation requires stability for the market to retain its value.
South Korea has asked Interpol to issue a red notice for Do Kwon. Financial Times reported on Monday that the South Korean authorities asked Interpol to facilitate them in the arrest of Terra co-founder Do Kwon. The report says that Do Kwon has refused to cooperate in the $40 billion probe resulting from the Terra collapse.
South Korean prosecutors also asked the country’s foreign ministry to cancel the accused’s passport. The prosecutors said that Do Kwon is obviously on the run and has no intention to appear for questioning. Kwon had said recently that he is not trying to evade any authorities and is not on the run. While Singapore’s authorities claimed that he was not there.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC down to $18K
Market analysts have expressed fears of Bitcoin falling to a multi-year low due to a hike in interest rates. Bitcoin was rejected by the long-term resistance line last week, creating a bearish situation for the coin. There is a risk of its price lowering further in the upcoming days if the ongoing pattern continues.
The recent changes show a continuation of the negative trend. The latest data shows it has shed 6.36% over the last 24 hours. The weekly data for Bitcoin shows that it has receded by 16.42%.
The price value for BTC is currently in the $18,670.85 range. The market cap value for Bitcoin is estimated to be $357,668,779,293. The 24-hour trading volume of this coin is about $39,521,597,199.
BNB super-recessive
Binance has said that the user assets are safe during accounting system vulnerability incident. The company clarified that the incident occurred on Binance US only and that other Binance users are safe. While they also check if there is any issue, and none could be found.
The performance of the Binance Coin has continued to show depreciation. The latest data shows it has shed 5.19% over the last 24 hours. In comparison, the losses for the last seven days are about 12.23%.
The price value for BNB is currently in the $262.28 range. The market cap value for this coin is estimated to be $42,283,537,481. The 24-hour trading volume of this coin is about $1,051,950,023.
ALGO rebounds
The performance of Algorand has also shown a languishing trend. The latest data shows that it has added 1.89% over the last 24 hours. The said coin has tried to rebound. The weekly data shows that it has shed 4.44%. The price value for ALGO is currently in the $0.3146 range.
The market cap value for Algorand is estimated to be $2,165,654,885. The 24-hour trading volume of this coin is about $205,375,354. The same amount in its native currency is about 656,453,693 ALGO.
APE in losses
The value of ApeCoin has also declined considerably due to the bearish market. The latest data shows that it has shed 5.95% over the last 24 hours. The weekly data shows that the losses for this coin are about 15.59%. The price value for APE is currently in the $5.19 range.
The market cap value for ApeCoin is estimated to be $1,593,066,023. The 24-hour trading volume of this coin is about $440,764,802. The circulating supply of this coin is about 306,875,000 APE.
Final Thoughts
The global crypto market has seen a change in performance over the last few hours. The changes for Bitcoin, Binance Coin, and others show that the market has declined in value. The continuing trend of losses has affected the overall market. As these changes continue, the global market cap value has been reduced to $909.45 billion.
