The global crypto market has seen a negative trend as it couldn’t turn bullish. The recent data for Bitcoin, Binance Coin, and others show a continuation of the decline. As there has been no positive development, the investors have remained dormant. The market has seen a continuation of lows because of the deteriorating global financial situation, affecting investors. There is a likely chance that the market will continue like this in the coming hours. The market would need a push to get out of this difficult situation.
Sam Bankman-Fried has proposed a standard for sanctions and licensing of DeFi protocols. SBF said that the DeFi protocols hosting websites and marketing products to US investors might need licensing and KYC obligations. Sam is of the view that the crypto market needs to be an open community, keeping doors open for innovation. Despite the freedom that this market offers, there is a need for regulatory oversight.
SBF shared his thoughts on Twitter, expecting the US authorities to bring elaborate frameworks. According to SBF, the solution to illegal financing is the adoption of a blocklist and not allowist model. He also proposed a 5-5 model to prevent hacks, which will help the market thrive. While licensing is also a necessary part of the plan to help establish the crypto market.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to lag
Bitcoin mining has continued to remain unprofitable throughout Q3. Bitcoin miners faced a rough third quarter as the cost of mining continued to increase. BTC price continued to fall while the hashrate also faced issues. The continuing fluctuations have affected the performance of Bitcoin over recent months.
The recent data shows that Bitcoin couldn’t regain momentum. The latest data shows that it has shed 0.06% over the last day. The weekly performance of Bitcoin shows that it has added 4.29%.
The price value for BTC is currently in the $19,152.27 range. The market cap value for Bitcoin is estimated to be $267,346,444,828. The 24-hour trading volume of this coin is about $23,096,616,950.
BNB turns bullish
Binance has expanded its European stronghold with the acquisition of a new license. According to the available updates, it has received its fourth license from Cyprus. The crypto exchange will offer services in Cyprus.
The performance of Binance Coin has shown a positive trend. The latest data shows that it has added 0.11% over the last 24 hours. The weekly data shows that it has added 4.34%.
The price value for BNB is currently in the $271.84 range. The market cap value for this coin is estimated to be $43,782,720,371. The 24-hour trading volume of this coin is about $526,952,309.
ADA recessive
Cardano has also stayed recessive due to the negative trend. The latest data shows that it has shed 1.25% over the last 24 hours. The weekly data shows that it has receded by 2.63% due to the negative trend. The price value for ADA is currently in the $0.3515 range.
The market cap value for Cardano is estimated to be $12,075,765,841. The 24-hour trading volume of this coin is about $399,141,946. The same amount in its native currency is about 1,133,553,280 ADA.
TRX in losses
Tron has also undergone losses due to the negative market situation. The latest data shows that it has regressed by 1.08% over the last day. The weekly performance shows that it has added 4.23%. The price value for TRX is currently in the $0.06225 range.
The market cap value for Tron is estimated to be $5,741,545,287. The 24-hour trading volume of this coin is about $312,294,531. The circulating supply of this coin is about 92,299,635,739 TRX.
Final Thoughts
The global crypto market has seen a negative trend as it couldn’t overcome problems. The ongoing situation has affected the performance of Bitcoin, Binance Coin, and others. As the negative trend continues, investors have continued to suffer. The recent changes have also affected the global market cap value. The latest data shows that it is estimated to be $922.04 billion. The ongoing situation shows that it is likely to lower further.
