The global crypto market has continued to see a negative trend. The latest data for Bitcoin, Binance Coin, and others shows that there has been a continuation of losses. Though the market has made attempts to revive value, it hasn’t been successful so far. The regressive trend has affected the influx of capital, which has resulted in lowering the market value. There is a likely chance that the market will continue to be negative.
2022 didn’t prove a good year for the crypto market, and an evident example is a more than 30% decline in Ethereum exchange reserves. The on-chain data shows that investors withdrew a large amount of Ethereum during 2022, leading to a decline in its reserves. Analysts have pointed out that the investors might be withdrawing these assets with the aim of keeping them for a longer term.
The exchange reserves are an indicator of measure of the total amount of Ethereum currently stored in the wallets of all centralized exchanges. Though the value of Ethereum reserves saw a decline in 2021, 2022 proved to be a difficult year in terms of market changes. The collapse of the FTX exchange was a major event that spurred the decline of total Ethereum reserves.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues bearish
The debt amount on public Bitcoin mining companies will have increased in 2022. According to available updates, the total debt of the mentioned companies reached a collective amount of $4B. These companies took massive amounts during the 2021 bull market, and the result is impacts on bottom lines during the market winter.
The recent changes for Bitcoin show that it hasn’t been able to regain momentum. The latest data shows that it has shed 0.17% over the last day. The seven-day data shows that it has added 0.63%.
The price value of BTC is currently in the $16,837.78 range. The market cap value of Bitcoin is estimated to be $323,994,277,076. The 24-hour trading volume of Bitcoin is about $13,976,009,127.
BNB unable to retain gains
Binance and the Kazakhstan government have launched a blockchain education program. According to available information, Binance has launched this program in collaboration with Kazakhstan state organizations for country-wide crypto education. Binance and Kazakhstan state have already been in collaboration for the promotion of crypto.
Binance Coin has also lingered in lows due to the negative trend. The latest data shows that it has shed 0.81% over the last day. The seven-day data shows that it has added 2.06%.
The price value of BNB is currently in the $244.19 range. The market cap value of this coin is estimated to be $39,061,603,012. The 24-hour trading volume of this coin is about $328,980,347.
FLOW faces decline
The performance of Flow has also seen a decline over recent hours. The latest data shows that it has receded by 0.98% in a day. The seven-day data shows that it has regressed by 0.82%. The price value of FLOW is currently in the $0.7571 range.
The market cap value of Flow is estimated to be $784,455,550. The 24-hour trading volume of this coin is about $12,606,257. The same amount in its native currency is about 16,678,564 FLOW.
AAVE regressive
Aave has also been regressive due to increased downward pressure. The latest data shows that it has shed 1.30% over the last 24 hours. The seven-day data shows that it has shed 1.43%. The price value of AAVE is currently in the $54.47 range.
The market cap value of Aave is estimated to be $767,659,818. The 24-hour trading volume of this coin is about $28,095,176. The circulating supply of the same coin is about 14,093,193 AAVE.
Final Thoughts
The global crypto market has seen a negative trend in performance over recent hours. The value of Bitcoin, Binance Coin, and others has seen a decline. As the market has receded, there has been an increase in downward pull. The new investments have been affected by the negative changes. The global market cap value has also suffered, as it is estimated to be $810.32 billion.
