The global crypto market has declined in value as the regressive trend continues. The recent changes show that Bitcoin, Binance Coin, and others couldn’t regain value. The ongoing situation has brought significant losses to the overall market. As the negative trend continues, the market might face further losses. The performance of the market might deteriorate further if losses continue. The market might recover as the losses for some coins have lowered.
The White House has issued its first-ever framework for crypto regulation. The White House shared the details of what the crypto regulations in the US might look like. The announcement came on Friday amid the market downturn, which has continued for the last few days. Reports say that the framework has ensured that it will make borderless transactions easier. While it also sheds light on preventing fraud in the crypto space.
The newly announced framework was made considering the executive order issued in March 2022. However, the US President has asked federal agencies to look at it and lower the risks further. The report mentions that the new regulations will empower regulators like SEC and CFTC. As new federal agencies will have powers in the domain of crypto, fraud and other issues will be prevented easily.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC lowers further
El Salvador’s Bitcoin-loving president has announced running for reelection. He said in a statement that he would contest elections. The country’s economic situation has deteriorated while rating agency Fitch has downgraded its debt rating to CC.
The recent changes for Bitcoin show the continuation of the negative trend. The latest data for Bitcoin shows that it has shed 1.61% over the last 24 hours. In comparison, the weekly data for Bitcoin shows that it has shed 5.84%.
The price value for Bitcoin has continued to lower, as it is currently in the $19,811.89 range. The market cap value for Bitcoin is estimated to be $379,547,247,125. The 24-hour trading volume of BTC is about $30,559,620,398.
BNB continues to recede
Binance is currently celebrating blockchain week in Paris. The first day of the week kicked off with a discussion between Binance CEO CZ and France’s minister for Digital Transactions and Technology, Jean-Noël Barrot.
The performance of Binance Coin also shows continuous depreciation. The latest data shows it has shed 0.19% over the last 24 hours. The weekly data shows a loss of 5.86% for this coin.
The price value for BNB is currently in the $275.37 range. The market cap value for this coin is estimated to be $44,433,757,509. The 24-hour trading volume of this coin is about $891,440,247.
SOL regressive
Solana has been no different from other coins as it continues to stay regressive. The latest data shows it has shed 2.97% over the last 24 hours. The seven-day data for this coin shows a loss of 7.38%. The price value for SOL is currently in the $32.80 range.
The market cap value for Solana is estimated to be $11,624,846,103. The 24-hour trading volume of this coin is about $869,708,230. The same amount in its native currency is about 26,482,822 SOL.
SHIB faces slowdown
Shiba Inu has also been affected by the downturn in the market. The latest data shows it has shed 2.89% over the last 24 hours. The seven-day data for this coin shows a loss of 10.79%. The price value for SHIB is currently in the $0.0000117 range.
The market cap value for Shiba Inu is estimated to be $6,433,411,132. The 24-hour trading volume of this coin is about $255,439,103. The circulating supply of this coin is about 549,063,278,876,302 SHIB.
Final Thoughts
The global crypto market has continued to decline in value due to a slowdown in gains. These losses have resulted in a decline for Bitcoin, Binance Coin, and others. As the negative trend continues, the market will continue to lose value. The global market cap value has also witnessed depreciation. The recent data shows that it is estimated to be $963.84 billion.
