The global crypto market couldn’t retain its gains as it has changed direction again. The recent bullish wave wasn’t that strong and couldn’t continue for long. The result was a recession for the overall market. Bitcoin, Binance Coin, and others have been in losses for a while and might continue like this. The change in the pattern of gains for the market has disappointed the investors. Though the market is currently performing bearish, it might stand a chance to turn bullish anytime soon.
The Australian government is planning to bring regulations to the fore. According to available updates, the Australian government has revealed plans to map the country’s digital currency space. The mapping will make it easier for the government to formulate regulations and protect the consumers. Even though the market has remained bearish, Bitcoin and other cryptocurrencies have seen continued adoption.
The mapping will help in regulatory clarity while tracing scams across the country. The audit process will help strengthen Australia’s crypto ecosystem. Reports tell that the country has attracted more than 1 million users since 2018. The mapping will be a study of the entire characteristics of cryptocurrencies and their technological features.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC loses momentum
Bitcoin value has remained pressured below $22,000 due to selling pressure. These changes have affected its recent growth, which has brought it considerable gains. Last week tested new lows for Bitcoin as its price struggled to maintain itself at a specific level.
The latest data for Bitcoin shows that it couldn’t retain its momentum. The latest data shows a loss of 1.29% for Bitcoin over the last 24 hours. The weekly data shows the loss of 11.54% as the Bitcoin value has wavered.
The price value of Bitcoin is in the $21,217.55 range. The market cap value for Bitcoin is estimated to be $405,862,433,621. The 24-hour trading volume of BTC is about $26,406,809,166.
BNB again in losses
Binance CEO Changpeng Zhao has remained active in multiple domains. Recently, he has called out the bad players in the market for the recent jitters. To a great extent, he is true in his allegations because of the reduction in the value of the global crypto market due to fraud. These are the dark side of the market, affecting the overall value.
The value of the Binance Coin has also wavered due to fluctuations. The latest data shows that it has shed 0.25% over the last 24 hours. The weekly data shows a loss of 6.42% for the same coin.
The price value for BNB is in the $294.76 range. The market cap value for this coin is estimated to be $47,555,260,617. The 24-hour trading volume for the same coin is about $1,361,942,470.
XTZ facing a hard time
The value of Tezos has also seen a decline due to a bearish market. These changes in the market have brought losses of 4.68% over the last 24 hours. The weekly data shows a loss of 14.39%. The price value for XTZ is currently in the $1.54 range.
The market cap value for Tezos is currently estimated to be $1,175,525,075. The 24-hour trading volume of the same coin is about $28,316,032. The same amount in its native currency is about 27,256,661 XTZ.
CHZ remains bullish
Chiliz has been different from other coins as it has remained bullish. The latest data shows that it has added 4.12% over the last 24 hours. The seven-day performance shows that its gains have reached 7.79%. The price value for CHZ has reached $0.1963.
The market cap value for Chiliz is currently estimated to be $1,172,993,888. The 24-hour trading volume of the same coin is about $291,839,580. The circulating supply of this coin is about 6,000,387,493 CHZ.
Final Thoughts
The global crypto market has seen speedy changes in value. The recent efflux has affected Bitcoin, Binance Coin, and others. The result of these losses is speedy depreciation in gains for investors. Due to lasting bearishness, the global market cap value is in no good state. The latest data shows that it is currently estimated to be $1.01 trillion.
