The global crypto market has continued to recede in value due to dominant bearishness. The latest data shows that the losses for Bitcoin, Binance Coin, etc., have increased. There has been no positive change in the market, affecting the overall gains. The investors have continued to suffer in the declining market. The recent changes increased sell-offs serving counter to the enhancement. If the said situation persists, it is likely to decrease the already suffering market value.
Different countries across the globe have continued to go for stricter crypto regulations. According to available updates, Singapore’s regulator is all set to introduce stricter crypto rules for investors. The rise and growth of the crypto industry were initially unwatched, but the increased losses have forced governments to move towards stricter regulations. The new rules in Singapore will be implemented initially to deter retail investors.
MAS plans to roll out the new roles to tackle the irrationally oblivious behavior of the investors. Ravi Menon from MAS said they had issued multiple warnings, but customers have increasingly invested in these ventures. The main reason for these investments is the prospects of a future price surge. MAS is also planning to restrict retail access to cryptocurrency.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC remains red
Bitcoin price has tested monthly lows as the result of stark bearishness. The change came unexpectedly for Bitcoin as it couldn’t stand the pressure. Investors have begun thinking about whether the market will continue towards the bottom or stop here.
The recent changes suggest a continuation of losses for Bitcoin. The latest data shows that Bitcoin has shed 1.07% over the last 24 hours. The weekly data tells of a loss of 6.73%.
The price value of Bitcoin has been lowered to the $19,810.49 range. The market cap value for BTC is estimated to be $379,083,245,376. The 24-hour trading volume of this coin is about $27,497,975,636.
BNB somber
Binance took some serious steps as it froze the account of the Tezos tool provider. The decision came after a request from law enforcement authorities. Tezos has continued to decline in value after the said decision, affecting its overall performance. While it has also signed a memorandum with the city of Busan for improved crypto services.
The recent changes for Binance Coin suggest a further decline. The latest data shows that it has lost 2.28% over the last day. The seven-day data shows that the losses have amounted to 7.57%.
The price value of BNB has also been downgraded as it is about $273.51. The market cap value for this coin is estimated to be $44,127,193,269. The 24-hour trading volume of this coin is about $836,172,638.
MATIC in losses
Polygon has also been in losses for a while due to dominant bearishness. The latest data shows that it has receded 3.60% over the last day. The weekly data shows a loss of 0.81%. The continued losses have brought its price value to the $0.7799 range.
The market cap value for MATIC is estimated to be $6,613,082,856. The 24-hour trading volume of this coin is about $434,105,120. The same amount in its native currency is about 556,795,345 MATIC.
SHIB declines further
Shiba Inu has also been at lows due to continuing losses. The latest data shows that it has shed 3.33% over the last 24 hours. The weekly data shows that its losses reached 8.32%. The price value for SHIB is currently in the $0.00001194 range.
The market cap value for Shiba Inu is estimated to be $6,554,924,906. The 24-hour trading volume of this coin is about $345,366,353. The circulating supply of this coin is about 549,063,278,876,302 SHIB.
Final Thoughts
The global crypto market has seen a continuation of the negative trend. The continuation of losses has brought investor gains to new lows. These changes have affected the value of Bitcoin, Binance Coin, etc. If the devaluation continues, the losses will continue. The global market cap value has seen new lows in recent months. The latest data shows that it is currently estimated to be $952.30 billion.
