The global crypto market has seen no positive change over the last day. The performance of Bitcoin, Binance Coin, and others continues to show losses. The market has witnessed a decline in value due to the recent upsets in the market. The major one is the crash of the FTX exchange and experts suggest that further collapses are underway. If this situation continues, the crypto market will face a sharp decline.
Sam Bankman-Fried has denied the rumors that he has fled to Argentina. SBF stepped down as the CEO of FTX on 11 November after the company filed for bankruptcy in the District of Delaware. The news began to develop regarding his fleeing to Argentina after FTX collapsed. In a text message to Reuters, SBF said that he is still in the Bahamas. When Reuters further asked about the rumors regarding any travel to Argentina, his response was a plain denial of any such happening.
Users took to Twitter, speculating about whether SBF is on the run after the company filed for bankruptcy. The rumors gained popularity after the users tracked his private jet using the flight tracking website ADS-B Exchange. The tracker suggested that his flight has landed in Buenos Aires after a direct flight from Nassau Bahamas.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC unable to cross $17K
The FTX collapse has been the major reason for the decline of various coins. Available information shows that about $3 billion in Bitcoin has left exchanges this week. BTC investors have continued to withdraw funds from exchanges which have been unprecedented compared to April 2021 levels.
The performance of Bitcoin has continued to show lag due to a bearish trend. The latest data shows that it has shed 1.54% over the last 24 hours. The weekly performance of this coin shows a loss of 21.61%.
The price value of BTC is currently in the $16,630.61 range. The market cap value of Bitcoin is estimated to be $319,413,485,733. The 24-hour trading volume of Bitcoin is about $24,989,099,594.
BNB continues recessive
Cardano founder has slammed Ethereum fans who called ADA a Ponzi scheme. ADA has appeared as a strong competitor to Ethereum and Binance, giving them a tough time. Charles Hoskinson lashed out at those who didn’t miss any chance to defame Cardano but has been able to hold ground.
The value of Binance Coin has also lowered due to non-bullish changes. The recent data shows that it shed 1.54% over the last day. The weekly performance shows that it has receded by 20.52%.
The price value of BNB is currently in the $278.61 range. The market cap value of this coin is estimated to be $44,569,982,676. The 24-hour trading volume of this coin is about $2,150,121,968.
HNT in losses
The value of Helium couldn’t improve as the market continues unfavorable. The latest data shows that it has regressed by 1.16% over the last day. The weekly performance of this coin shows a loss of 37.78%. The price value of HNT is currently in the $2.55 range.
The market cap value of Helium is estimated to be $332,789,674. The 24-hour trading volume of this coin is about $4,084,101. The same amount in its native currency is about 1,605,367 HNT.
LRC kept fluctuating
Loopring hasn’t been any different from the rest of its market because of the unfavorable situation. The latest data shows that it has shed 0.66% over the last day. The weekly performance shows that it has shed 33.13%. The considerable decline in value has affected LRC’s price value which is currently in the $0.2481 range.
The market cap value of LRC is estimated to be $329,956,949. The 24-hour trading volume of this coin is about $47,881,384. The circulating supply of this coin is about 1,330,133,546 LRC.
Final Thoughts
The global crypto market hasn’t been able to make a comeback. The regressive trend has continued for Bitcoin, Binance Coin, and others. As the negative trend continues, the market has faced severe downward pressure. The ongoing changes have continued to affect the global market cap value. The latest data shows that it is estimated to be $836.52 billion.
