The global crypto market has seen a mixed trend over the last day. The performance of Bitcoin shows losses while the following ones continued to rise. The ongoing changes show that the market has remained uncertain. Despite the uncertainty, there is an overall trend of gains. As the current situation unfolds, there is a likely chance that the market will rise further in value. The bullish changes are a sign of the optimistic investors who would continue to pour their capital into the market.
Bitcoin Foundation chairman has called FTX collapse a big scam. Many top officials in the crypto market have commented on the current situation. Brock Pierce, the chairman of the Bitcoin foundation recently had an interview with Fox News. He said that the FTX collapse had wreaked havoc on the market. He further added that it was the biggest scam that he had ever witnessed.
Pierce, however, is of the view that the failure was not associated with technology or Bitcoin. Rather he said that the main reason behind its collapse was the lack of transparency and proper legacy. Despite the damage caused by one of the biggest events in the crypto industry, Pierce remains bullish on this industry. He is of the view that bad actors are not bad for the system, instead they help it improve.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC turns red
Bitcoin mining revenue has reached a two-year lowest as the hash rate is on the decline. The total Bitcoin mining revenue in US dollars fell to $11.67 million. The mining revenue includes both block rewards and transaction fees. The decline has affected the mining companies badly.
The recent changes for Bitcoin show that it has seen a negative trend. The latest data shows that it has receded 0.16% over the last day. The weekly performance of this coin shows that it has added 0.06%.
The price value of BTC is currently in the $16,569.58 range. The market cap value of Bitcoin is estimated to be $318,436,601,739. The 24-hour trading volume of this coin is about $19,392,564,663.
BNB bullish
REN has rallied after the rumors of the Binance acquisition as it faced problems. Ren had said that it needs additional funds to execute its Ren 2.0 project. The mentioned project has been in the works for a while.
The value of Binance Coin has continued to improve due to a bullish trend. The latest data shows that it has added 0.01% over the last day. The seven-day data shows that it has added 17.54%.
The growth in value has brought BTC’s price value to the $314.63 range. The market cap value of this coin is estimated to be $50,332,108,295. The 24-hour trading volume of the same coin is about $891,700,211.
HBAR continues to rise
The performance of Hedera also shows a positive trend as it continued to enhance its value. The latest data shows that it has added 1.18% over the last day. The seven-day data shows that it has added 6.77%. The price value of HBAR is currently in the $0.05063 range.
The market cap value of Hedera is estimated to be $1,162,856,119. The 24-hour trading volume of this coin is about $9,907,739. The same amount in its native currency is about 196,824,955 HBAR.
CHZ in losses
Chiliz has been on the losing side due to receding value. The recent changes show that it has shed 2.10% over the last 24 hours. The weekly data shows that it has shed 25.14%. The price value of CHZ is currently in the $0.1731 range.
The market cap value of Chiliz is estimated to be $1,062,142,598. The 24-hour trading volume of this coin is about $149,640,414. The circulating supply of this coin is about 6,136,972,228 CHZ.
Final Thoughts
The global crypto market has witnessed a mixed situation over recent hours. The latest data for Bitcoin shows losses while Binance Coin and others have attracted gains. The recent changes show that the market remains uncertain, but it might soon turn bullish. The global market cap value has continued to grow as it is estimated to be $843.08 billion.
