The trend for losses in the global crypto market has remained unchanged. The continuing losses for the market have continued to affect the value of Bitcoin, Binance Coin, and others. As the negative changes continue, the investors have seen a decrease in their profits. Though the market was bullish for a while recently, it couldn’t retain the gains. The ongoing situation has created a sense of pessimism if the market is returning to the losing scene.
The ongoing regression in the market has hit some miners. One of these is Stronghold Digital Marketing, which has announced the return of 26,000 rigs to eliminate debt. The company’s deal with NYDIG will help alleviate its debt of 64.7 million. The US-based Bitcoin mining company announced that it will move towards restructuring to ensure that its problems are solved.
According to the company’s agreement with the lender New York Digital Investment Group, it will release 26,000 of its mining rigs. 18,700 of these are currently operational. As the rigs are released, the company’s $67.4 million worth of debt will be cleared. The hash rate of the company will be reduced to 2.5 EH/s. While the operational fleet of the company will be reduced to 16,000 miners.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stays recessive
Crypto lending company Celsius has got the approval to sell Bitcoin to run its operations. The company filed for bankruptcy recently. The New York bankruptcy judge allowed it to sell the Bitcoin generated from its mining operations.
The latest data for Bitcoin shows that it has shed 1.63% over the last 24 hours. The market has continued bearish for Bitcoin recently. The weekly data shows that its gains have been reduced to 0.37%.
The price value for Bitcoin is in the $23,638.89 range. The market cap value for Bitcoin is estimated to be $452,069,284,166. The 24-hour trading volume of this coin is about $30,197,182,233.
BNB facing reversal
Binance has recently halted the withdrawals of funds from its network. The said company has cited a technical issue as the reason for the suspension of withdrawals. According to the company, the funds are safe, and there has been no major issue.
Binance Coin has also seen a reversal in gains due to the bearish market. The latest data shows that it has shed 2.03% over the last 24 hours. The weekly data shows a loss of 4.14%.
As the changes continue, the price value for BNB has been reduced to the $310.46 range. The market cap value for the same coin is about $50,088,293,629. The 24-hour trading volume of this coin is about $1,006,578,488.
HNT stays bearish
Helium has also stayed bearish due to lowered influx of capital. The latest data shows a loss of 4.55% over the last day. The seven-day data shows a loss of 10.33%. The negative changes have affected its price value, which is currently about $7.81.
The market cap value for HNT is estimated to be $965,213,441. The 24-hour trading volume of this coin is about $7,368,644. The same amount in its native currency is about 946,561 HNT.
MKR continues to lower
Maker has also seen a continuing bearish trend. The latest data shows this coin’s loss of 1.86% over the last 24 hours. The weekly data shows a loss of 11.09%. The regressive pattern has brought its price value to the $973.76 range.
The market cap value for MKR is estimated to be $949,281,820. The 24-hour trading volume of this coin is about $245,323,769. The circulating supply of this coin is about 977,631 MKR.
Final Thoughts
The global crypto market has continued to regress as the sell-offs continue. The changing pattern has continued to affect the overall performance of the market. The recent changes show losses for Bitcoin, Binance Coin, and others. As the market has remained regressive, the global market cap value has seen considerable changes. The latest data shows that the global market cap value has receded to $1.13 trillion.
