The negative trend in the global crypto market has continued as there has been no improvement. The recent hours didn’t prove any good for Bitcoin, Binance Coin, and others. The negative trend seems to be lasting for a while as the market might retest its strength. The previous few days have proved much good for the market but the question is whether the market will be able to maintain its momentum. If it doesn’t, the investors will see a similar situation that has continued for the last few months.
Ethereum founder Vitalik Buterin has said that Musk’s Twitter reforms could damage the blue check’s anti-scam role. Buterin has joined the list of high-profile critics of Musk’s proposals, highlighting the importance of due diligence in the verification process. The proposal from Elon Musk to pay $8 for verification of Twitter accounts has opened a new debate.
Buterin said that if due diligence is paid to proper verification of blue tick accounts, it can add to the efficacy of the system. He further added that if there is no verification and a blue check is given, it will lead to very different results. The news of the overhaul of Twitter’s system has come after Musk’s takeover of Twitter after paying $44 billion.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to lose value
Cleanspark has come out as a big name during the crypto winter. The mentioned company benefitted from the worsening situation as the crypto winter lasted more than usual. According to available updates, it has acquired 3,843 cryptocurrency miners to consolidate its position in the market. Various companies went bankrupt after facing losses during the lasting bearish trend in the market.
The recent changes for Bitcoin show a continuation of the negative changes. The latest data shows that it has shed 0.68% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 0.62%.
The price value of BTC is currently in the $20,412.05 range. The market cap value of Bitcoin is estimated to be $391,789,262,385. The 24-hour trading volume of Bitcoin is about $37,361,436,891.
BNB still in losses
Binance has added a new leader for Central America, Colombia, and the Caribbean. The new director general has joined Binance after leading crypto and blockchain programs for big names like Mastercard in the Caribbean and Latin America.
The performance of Binance Coin has shown a declining trend. The recent data shows that it has shed 0.87% over the last day. The seven-day data shows that it has added 11.14%.
The price value of BNB is currently in the $319.79 range. The market cap value of this coin is estimated to be $51,068,341,303. The 24-hour trading volume of this coin is about $1,103,514,591.
SNX super-regressive
The performance of Synthetix is no better due to the bearish trend. The latest data shows that it has shed 7.61% over the last day. The weekly data shows that it has receded by 0.43%. The negative trend has taken the price value of SNX to the $2.40 range.
The market cap value of Synthetix is estimated to be $728,198,498. The 24-hour trading volume of this coin is about $57,827,297. The same amount in its native currency is about 24,125,592 SNX.
XEC shows downtrend
The value of eCash has also lowered as the market continues to be bearish. The latest data shows that it has regressed by 3.78% over the last 24 hours. The weekly data shows that it has shed 3.29%. As the market has lowered value, the price value of XEC has declined to the $0.00003685 range.
The market cap value of eCash is estimated to be $708,249,250. The 24-hour trading volume of this coin is about $10,484,319. The circulating supply of the same coin is about 19,214,498,423,303 XEC.
Final Thoughts
The global crypto market hasn’t been able to get out of the bearish pull’s influence. The recent data for Bitcoin, Binance Coin, and others show a decline in value. The ongoing changes have also affected the global market cap value. The latest data shows that it is estimated to be $1.01 trillion.
