The global crypto market has seen a decline in value as it couldn’t retain gains. The recent changes in the market deprived it of the recent gains. As the recessive trend has continued, Bitcoin and others have continued to shed value. The negative changes are likely to continue as there is little chance for improvement. The continuation of bearishness will affect investors as well. The ongoing market changes are unfavorable in the overall scenario.
According to a report from US security agencies, a Tornado Cash developer has had links to the Russian intelligence agency FSB. The arrested developer Alexey Pertsev had links with the said agency for a lasting period. While he also worked for Digital Security OOO, sanctioned by US authorities in 2018. The said company was alleged to enhance Russia’s offensive cyber capabilities.
Kharon, an intelligence firm, confirmed that Pertsev worked with FSB. He had worked on smart contracts development and other projects. He later founded PepperSec, which was a security firm for white-hat hackers. He also developed a MultiSender app that sends transactions to multiple addresses. Dutch authorities claim that Pertsev also facilitated and concealed money laundering.
Officials have classified information about Pertsev and will proceed with the case soon.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC bearish
South Korean authorities have said that about 75% of illicit transactions take place through crypto. As Bitcoin and other cryptocurrencies have become more mainstream, it has led to a huge misuse. Thus, the country might take steps to prevent such incidents.
The recent data shows a reversal of Bitcoin gains. The latest data for Bitcoin shows a loss of 2.35% over the last 24 hours. The weekly data shows a loss of 1.22% for Bitcoin.
The price value for BTC is currently in the $21,210.78 range. The market cap value for Bitcoin is estimated to be $405,334,701,812. The 24-hour trading volume of this coin is about $30,195,551,524.
BNB in losses
Binance has made some clarifications regarding the freezing of the Baking Bad corporate account. The said company said that it froze the account at the request of law enforcement authorities. The account assets were locked in agency custody. Baking Bad serves as Tezos tool contributor.
The value of the Binance Coin has also been low due to bearishness. The latest data shows that it has receded 3.61% over the last 24 hours. The weekly data shows a gain of 3.96%.
The price value for BNB is currently in the $292.76 range. The market cap value for the same coin is about $47,219,066,538. The 24-hour trading volume of this coin is about $901,440,043.
NEAR on decline
Near Protocol has also seen a decline due bearish market. The latest data shows a loss of 4.63% over the last 24 hours. The seven-day data shows a loss of 5.35%. The price value for NEAR is currently in the $4.17 range.
The market cap value for Near Protocol is estimated to be $3,206,733,823. The 24-hour trading volume of this coin is about $269,715,291. The same amount in its native currency is about 64,780,950 NEAR.
ALGO facing downtrend
Algorand has also faced a downtrend due declining market. The latest data shows that it has regressed 3.10% over the last 24 hours. The weekly data shows a loss of 2.67%. As the market declined, the price value for ALGO is currently about $0.2989.
The market cap value for Algorand is currently about $2,055,689,862. The 24-hour trading volume of this coin is about $71,114,726. The circulating supply of this coin is about 6,898,658,336 ALGO.
Final Thoughts
The global crypto market has rapidly changed value due to bearishness. The investors have decreased their investments in the market. The result of the negative changes has been a decline in the value of Bitcoin, Binance Coin, and others. As the bearishness continues, the global market cap value has also declined. The latest data shows that it is currently estimated to be $1.02 trillion. The market made attempts for bullishness but couldn’t succeed in it.
