The global crypto market is in a free-fall situation as its losses haven’t halted. The latest updates regarding Bitcoin and other currencies show that the recessive bout has strengthened. The market has speeded up its losses since the start of last week, while the weekend brought it to new lows. The changes have been pessimistic for the investors because of the tremendous losses.
As the market has entered an alarming situation, various countries have finalized legislation regarding crypto. According to a report, the EU has neared an agreement on crypto regulations. EU members had reservations regarding crypto. This is why the legislation wasn’t finalized despite strong efforts.
On the other hand, Russia is also taking steps regarding its protection from the possible impacts of crypto. The Russian parliament is to review a bill regarding the prohibition of crypto payments. It has continued with strong regulation of crypto after the start of the Russia-Ukraine conflict.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC on a free fall
The global crypto market saw new lows as the crypto market cap went below $1 trillion. The new changes have brought huge losses to investors like Elon Musk and Michael Saylor, who have lost a combined amount of $1.5 billion due to ongoing losses for Bitcoin. The ongoing changes have increased market volatility.
The latest data for Bitcoin shows that it has shed 12.35% over the last 24 hours. In comparison, the weekly losses for Bitcoin rose to 23.16%. This time there has been no halt to its losses. It entered new lows.
The price value for Bitcoin has been lowered to the $24,095.64 range. If we compare the market cap value, it is estimated to be $462,579,761,276. The 24-hour trading volume of Bitcoin is about $61,884,866,969.
BNB seeing new lows
Binance US has faced charges over the sale of Terra tokens. A lawsuit filed against Binance US has brought it under the charge of a class-action lawsuit. Terra has continued to keep various exchanges and investors in trouble after its collapse. The recent attempt to defraud investors has been another distrust for Terra.
The performance of the Binance Coin has also lowered as it has receded 12.97%. The losses for the last seven days are about 26.83%. The loss pace has increased, which has further affected its emaciated value.
The current price value for BNB is in the $225.35 range. Its market cap value has also lowered, estimated to be $36,794,637,177. The 24-hour trading volume of this coin is about $2,109,675,454.
ATOM speeding up losses
Cosmos has also been shedding value as the market remained bearish. The latest data shows that it has shed 15.38%. In comparison, the seven-day losses are about 35.59%. The increase in losses has lowered its price value to $6.19.
The market cap value shows that it has reached $1,773,143,998. The 24-hour trading volume of this coin is about $374,924,269. The same amount in its native currency is about 60,551,864 ATOM.
VET showing plain bearishness
VeChain has continued to lower its value as the market has lost. The changes show that it has shed 12.51% over the last day. The changes for the last seven days are even bigger as it has shed 27.41%. The losses have continued to rise as its price value has decreased to $0.02342.
The market cap value has lowered in tandem with losses as it is currently about $1,697,925,897. The 24-hour trading volume of this coin is about $236,097,602. The circulating supply of it is about 72,511,146,418 VET.
Final Thoughts
The global crypto market has continued to shed value as its losses increased considerably. The latest data shows that the global market cap value has lowered the $1T range, which is currently about $970.23 billion. The free-fall situation in the market has led to further meltdowns, affecting the overall investments in the market. The situation has worsened for Bitcoin and other coins in the market, which might have increased in value due to the influx of capital.
