The global crypto market has seen a decline in value as it couldn’t retain momentum. The recent changes for Bitcoin, Binance Coin, and others show a negative trend. As the market has continued to see uncertainty, there is a continuation of losses. The market has continued to fluctuate between positive and negative trends. As there is a lasting uncertainty, there is a need for stability in the market. If the current situation persists, the market might continue to lose value.
A judge has approved amicus briefs filed in Ripple’s defense, while the judgment is expected in H1 2023. Judge Anissa Torres has reportedly approved I-remit and Tapjet’s requests to file amicus briefs to defend Ripple Labs in the ongoing SEC vs. XRP lawsuit. Earlier, the two had approached the US district court to file an amicus brief.
The application will see the third parties provide evidence that proves XRP’s utility in their day-to-day business. However, SEC had opposed the request on the grounds that Ripple might have influenced the details of the brief. Ripple responded to this request by saying that the brief would help the court provide details that are not readily available otherwise. The two companies will provide an amicus brief by 14 October 2022.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC again in losses
Bitcoin mining software Stratum V2 has to receive an important update soon. The new details show that the mining software for Bitcoin is going to receive an update after 2012. The mentioned period has seen numerous changes, and this software needed to get an upgrade. On the other hand, Grayscale has filed the opening brief in the Bitcoin ETF battle against SEC.
The recent changes for Bitcoin show a negative trend as its value nosedived. The latest data shows it has shed 0.50% over the last 24 hours. The weekly data shows that Bitcoin has receded by 4.75%.
The ongoing changes have brought BTC’s price value to the $19,060.35 range. The market cap value for Bitcoin is estimated to be $365,676,237,814. The 24-hour trading volume of this coin is about $27,580,575,978.
BNB recessive
Binance has plans to invest $500 million in Elon Musk’s Twitter buyout. Changpeng Zhao, the outspoken CEO of renowned exchange Binance has announced that he is allocating more than $1 billion for acquisition purposes.
The ongoing changes for Binance Coin also show a decline in value. The latest data shows that it has shed 0.95%. The weekly performance shows that it has shed 7.58%.
The price value for BNB has receded to the $270.05 range. The market cap value for this coin is estimated to be $43,596,768,136. The 24-hour trading volume of this coin is about $574,059,035.
FTT red
The performance of FTX Token has also turned bearish. The recent changes for this coin show loss of 0.93%. The continuation of losses has also affected its weekly performance, as it has shed 5.58%. The negative changes have brought the FTT price value to the $23.26 range.
The market cap value for FTX Token is estimated to be $3,118,296,214. The 24-hour trading volume of this coin is about $41,808,519. The same amount in its native currency is about 1,796,272 FTT.
ALGO bearish
The value of Algorand has also declined due to the negative trend in the market. The latest data shows that it has shed 1.33% over the last 24 hours. The seven-day data for this coin shows that it has shed 10.09%. The price value for ALGO is currently in the $0.315 range.
The market cap value for Algorand is estimated to be $2,220,276,639. The 24-hour trading volume of this coin is about $145,665,907. The circulating supply of this coin is about 805,595,928 NEAR.
Final Thoughts
The global crypto market has receded due to the negative trend in the market. The recent data shows that it has shed a considerable amount in the case of Bitcoin, Binance Coin, and others. As the negative trend continued, the global market cap value also regressed. The latest data shows that it is estimated to be $920.70 billion.
