The global crypto market has seen a decline in value due to the negative trend. The recent changes for Bitcoin, Binance Coin, and others show no positive development. Instead, the market has continued to lose value. The negative changes and fluctuations due to uncertainty have been the reason that market hasn’t been able to grow. As the market continues in difficulties, investors have little hope. The crypto winter has lasted more than usual, and it might continue.
Russia has been supplying electricity to Kazakhstan for mining as it has faced sanctions from the West. Russia is looking forward to bolstering its relationship with Kazakhstan to fulfill the energy demands of the latter. The partnership resulted from the amendment that created a favorable environment for former soviet states regarding their energy needs. The electricity demand increased because of the increased demand from miners as the mining activities saw an uptick.
The development was uncovered by the Russian media outlet RBC in a report. The report says that the Russian government has demanded modifying the binational energy agreements between the two nations. As a result of the new changes, Russia will be supplying enough energy to fulfill the energy demands of Kazakhstan for cryptocurrency mining.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC sees a slight change
The ongoing situation has confused the investors in the top coin in the market. The investors are confused between the continuation of investments or sell-offs. If the current bearish trend continues, there is a chance of a decrease in the value of Bitcoin due to sell-offs.
The recent changes for Bitcoin show slight bearishness. The latest data shows a loss of 0.83% for this coin. In comparison, the weekly data shows a gain of 1.26% for Bitcoin.
The price value for BTC is currently in the $19,173.61 range. The market cap value for Bitcoin is estimated to be $367,536,546,888. The 24-hour trading volume of this coin is about $18,194,645,991.
BNB stuck in losses
Binance has attracted big names from the sports industry, and one of them is Maria Sharapova. The legendary tennis star has expressed her views regarding NFTs and her growing passion for the new technology. She spoke at Binance Blockchain Week in Paris to discuss her growing interest in this field.
The performance of Binance Coin also shows uncertainty. The latest data shows that it has receded 0.15% over the last day. The weekly data shows an addition of 2.71%.
The price value for BNB is currently in the $282.67 range. The market cap value for this coin is about $45,594,655,315. The 24-hour trading volume of this coin is about $595,088,288.
ATOM unable to grow
The value of Cosmos has also seen negative changes due to an unruly market. The latest data shows a loss of 2.75% over the last day. The seven-day data shows a continuation of losses as it shed 10.69%. The price value for ATOM is currently in the $12.50 range.
The market cap value for Cosmos is estimated to be $3,578,324,002. The 24-hour trading volume of this coin is about $186,668,513. The same amount in its native currency is about 14,938,926 ATOM.
FTT recessive
FTX Token has also seen a recession trend due to the dominant bearishness. The recent data shows a loss of 0.41% over a day. The weekly data shows an addition of 1.98%. The price value for FTT has remained in the $24.12 range.
The market cap value for FTX Token is estimated to be $3,229,812,893. The 24-hour trading volume of this coin is about $36,352,953. The circulating supply of this coin is about 133,975,253 FTT.
Final Thoughts
The performance of the global crypto market has continued to show a negative trend. The recent changes for Bitcoin, Binance Coin, and others show no improvement. The market has continued to linger at lows and might do so. The negative changes have affected the global market cap value as well. The latest data shows that it is estimated to be $928.65 billion.
