The global crypto market has witnessed a good day as it continues to add value. The recent changes for Bitcoin, Binance Coin, and others show optimistic results. As the market has regained momentum, the investors have felt reinvigorated. The ongoing changes tell of a continuing bullishness that will help the market in the longer run. The market has suffered losses due to the collapse of one of the largest exchanges, i.e., FTX.
US lawmakers have demanded answers from SBF and the current FTX CEO. The collapse of FTX and the following chaos is the talk of the town this month. New information is being uncovered every day and this has created a lasting interest in this issue. Investors and customers have demanded an investigation into the former CEO of the company SBF over the questionable practices. While others have questioned the lack of enforcement action from the lawmakers.
US senators from Massachusetts and Illinois, Elizabeth Warren and Richard Durbin have penned a letter to SBF and FTX’s new CEO. They have demanded answers related to the collapse of one of the biggest exchanges in the world. The collapse has wiped more than $180 billion from the crypto space. The mentioned senators have named it an appalling case of greed and deception.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC closer to $17K
Genesis Block might have plans to break ties with FTX before the bankruptcy case is pursued. The FTX-backed Singapore exchange is all set to close its trading network. As per reports, the largest Asian Bitcoin ATM network is likely to announce its decisions soon.
The performance of Bitcoin has improved over recent hours. The latest data shows that it has added 1.74% over the last day. The weekly performance of Bitcoin shows a recession of 3.95%.
The price value of BTC is currently in the $16,791.04 range. The market cap value of Bitcoin is estimated to be $322,566,902,015. The 24-hour trading volume of Bitcoin is about $28,610,342,858.
BNB rising in value
Binance sees record inflows of 138K Bitcoin inflows as opinions differ on what Bitcoin price will do next. Bitcoin exchange inflows echo the 2018 crypto capitulation but the reason for largescale inflows to Binance remains unclear.
The performance of Binance Coin has also shown a continuation of a positive trend. The latest data shows that it has added 2.98% over the last 24 hours. The seven-day performance for this coin shows a loss of 7.86%.
The price value of BNB is currently in the $273.55 range. The market cap value of this coin is estimated to be $43,760,694,247. The 24-hour trading volume of the same coin is about $737,676,186.
MATIC resumes gains
Polygon has also resumed gains as the market has turned bullish. The latest data shows that it has added 2.91% over the last day. The weekly performance of this coin shows a regression of 17.73%. The price value of MATIC is currently in the $0.8961 range.
The market cap value of Polygon is estimated to be $7,827,128,992. The 24-hour trading volume of this coin is estimated to be $356,512,106. The same amount in its native currency is about 398,816,994 MATIC.
SOL turns bullish
The value of Solana has also continued to grow as the influx of capital continues. The recent data shows that it has added 2.52% over the last day. The weekly performance of this coin shows that it has shed 24.60%. The price value of SOL is currently in the $13.60 range.
The market cap value of Solana is estimated to be $4,929,942,570. The 24-hour trading volume of this coin is about $559,207,786. The circulating supply of this coin is about 362,432,567 SOL.
Final Thoughts
The global crypto market has strengthened over recent hours due to a bullish trend. The value of Bitcoin, Binance Coin, and others has increased significantly. The ongoing changes show that the market might be on its way to further gains. The global market cap value has also improved. The latest data shows that it is estimated to be $836.88 billion.
