The global crypto market has remained stuck in the usual losses as it couldn’t improve. The last 24 hours brought losses for Bitcoin, Binance Coin, and others. The same pattern has continued, and bears are in a dominant mood. If the market needs change, it will require a strong push from bulls. The ongoing changes show optimism, and soon the market might turn bullish.
The Ukrainian government has relied mainly on crypto for donations and payment of expenses for war. The mentioned change has given crypto a central role in the changing situation. According to the vice Prime Minister of Ukraine, the country has spent $54 million in crypto on drones and other military expenses. Mikhailo Fedorov shared the complete details of the spending of the donations that the country received.
According to Mr. Fedorov, the largest part of the expenses went to UAVs (drones), on which they spent $11.8 million. About $6.9 million was spent on armored vests and $5.7 million on computers (both hardware and software). The vice PM also said thanks to the community that supported the country in hard times. Crypto users have donated more than $60 million since the Russian invasion.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC remains in a mire
Bitcoin has continued to see surprises as its price has continued to lower. Even though it was seeing improvements, the recent few days brought it back to bearishness. One of the main causes for the decline of Bitcoin value is the record rise in inflation rates in the EU. European Central Bank says that further increase can’t be ruled out.
The value of Bitcoin has seen a slight change in value. The latest data shows that it has shed 0.89% over the last 24 hours. The weekly data shows that Bitcoin has shed 4.31%.
The price value for Bitcoin is in the $23,526.46 range. If we compare the market cap value for Bitcoin, it is estimated to be $449,936,081,173. The 24-hour trading volume of Bitcoin is about $27,764,529,146.
BNB still facing losses
Binance coin has also been facing a decrease in value due to a bearish market. Binance users were alarmed due to the suspension of withdrawals, but it was soon fixed. The hacking and other problems in the market have made the users weary of risks to crypto.
The value of the Binance Coin has also been in a regressive mood. The latest data shows that it has shed 1.19% over the last 24 hours. The weekly data shows a loss of 6.39% for this coin.
The price value for BNB is in the $309.35 range. The market cap value for this coin is estimated to be $49,837,504,354. The 24-hour trading volume of this coin is about $1,046,050,899.
SHIB continues bearish
Shiba Inu has remained bearish due to continuing losses. The latest data shows that it has 8.26% over the last 24 hours. The weekly performance shows that it has added 18.87%. The price value for SHIB is in the $0.00001483 range.
The market cap value for SHIB is estimated to be $8,128,381,141. The 24-hour trading volume of this coin is about $834,166,340. The same amount in its native currency is about 56,347,028,278,390 SHIB.
AVAX facing downtrend
Avalanche has also been facing a downtrend due to a bearish market. The latest data shows that it has receded 3.08% over the last 24 hours. The weekly data shows a loss of 11.43%. The ongoing changes have brought its price value to the $26.19 range.
The market cap value of AVAX is estimated to be $7,433,259,249. The 24-hour trading volume of $465,245,030. The circulating supply of this coin is about 284,957,195.
Final Thoughts
The global crypto market has continued to see a regressive trend. The overall market changes are on the trajectory’s negative side. If we look at the performance of Bitcoin, Binance Coin, and others, they have continued to shed value. The global market cap value has also continued to lower. The latest data shows that it is currently about $1.12 trillion.
