The global crypto market has witnessed another wave of negative changes. The recent data for Bitcoin, Binance Coin, and others shows that the market has faced a decline. As the market has suffered losses, there has been a significant change in its value. Though the market had made attempts to regain strength, it couldn’t retain gains. As there is a wave of changes ongoing in the market, it is likely to fluctuate in the coming days as well.
A report says that the crypto winter might continue until the end of 2023. There is a chance that the market sees ‘second-order effects’ from parties in business with FTX or Alameda. The FTX collapse has had a deterring impact on investor confidence. Furthermore, it has created a liquidity crisis in the market, which can extend a year further. A research report shows that the fall of the third largest crypto exchange might have lasting impacts.
Many institutional investments in FTX were stuck as it filed for bankruptcy in a US court. The FTX collapse has been a turning point for institutional investors and large buyers. The report further highlighted that the stablecoin investment has increased by 18%, which indicates furthering liquidity crisis. As the stablecoin dominance rises, it indicates that the participants are exiting out of crypto assets.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC in losses
Tim Draper has remained positive on Bitcoin despite the collapse of FTX. He is of the view that it can reach $250K despite the current hurdles. According to Draper, Bitcoin will reach $250K in 2023 which seems unlikely at the moment.
The recent changes for Bitcoin show another wave of a bearish trend. The latest data shows that it shed 1.37% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 6.07%.
The price value of BTC is currently in the $16,603.81 range. The market cap value of Bitcoin is estimated to be $318,940,623,158. The 24-hour trading volume of Bitcoin is about $34,614,970,647.
BNB changes direction
Binance has obtained crypto custody services approval for Abu Dhabi. As it received the latest approval from the regulatory authority, Binance has added another stronghold to the MENA region. The mentioned region is becoming a hub for its business and industry growth.
The performance of Binance Coin has also shown losses over recent hours. The latest data shows that it has receded by 1.49% over the last day. The weekly performance of this coin shows a loss of 10.22%.
The price value of BNB is currently in the $272.33 range. The market cap value of this coin is estimated to be $43,565,907,623. The 24-hour trading volume of this coin is about $961,963,997.
HNT unable to retain gains
The performance of Helium has also shown lows as it couldn’t retain gains. The recent data for this coin shows a loss of 8.55% over the last day. The weekly performance of this coin shows a regression of 18.50%. The price value of HNT is currently in the $2.36 range.
The market cap value of Helium is estimated to be $307,908,353. The 24-hour trading volume of this coin is about $6,826,618. The same amount in its native currency is about 2,894,936 HNT.
CSPR turns recessive
Casper has also changed direction due to the negative trend. The recent changes show that it has regressed by 2.26% over the last 24 hours. The weekly performance of this coin shows a loss of 20.21%. The price value of CSPR is currently in the $0.02807 range.
The market cap value of Casper is estimated to be $294,937,331. The 24-hour trading volume of this coin is about $10,272,856. The circulating supply of the same coin is about 10,508,261,589 CSPR.
Final Thoughts
The global crypto market hasn’t been able to retain its gains. The recent changes show that the value of Bitcoin, Binance Coin, and others has receded. As the recent changes took place, there has been a decline in the influx of capital. The global market cap value has also been affected by the recession. The recent data shows that it is estimated to be $834.85 billion.
