The global crypto market has seen a continuation of the negative trend. The value of Bitcoin, Binance Coin, and others has not improved and regressed considerably. The market had attempted to recover value recently but couldn’t do so. The recent trend shows that the market might also continue to bearish in the coming hours. The ongoing situation shows that the investors might face further losses.
Biden has continued to work on the expansion of the tax net, and the recent attempt is to make new IRS inductions. According to the available updates, IRS has plans to hire 87,000 new agents. The new fleets of agents will be coming for the whole nation, regardless of the income. Biden has signed the Inflation Reduction Act that will empower IRS further. While the funds allocated for it are about $80 billion.
The agency will make even tougher efforts to ensure it reaches its goals. According to the available information, the audits will be brutal and widespread. The measures are being taken to ensure that no one escapes the tax net. The new changes suggest that no audit would be performed for those whose income is below $40,000.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC recedes to $21.5K
Bitcoin has seen a consistent negative change in its value over the last few days. The latest data suggest an enhancement in developer interest in Bitcoin. The latest data shows that the developer interest has grown 8% compared to the previous year’s all-time high.
The latest data for Bitcoin suggests that it has seen no improvement. The recent data shows that Bitcoin has shed 8.57% over the last 24 hours. The weekly data suggests even worse performance as it has shed 9.54%.
The price value for Bitcoin is in the $21,516.23 range. The market cap value for Bitcoin is estimated to be $411,020,816,806. The 24-hour trading volume of this coin is about $34,768,867,036.
BNB facing stark bearishness
Binance has been one of the speedy expanding crypto companies across the globe. Its token had also shown continued progress but couldn’t retain it. The recent changes show that Binance hasn’t stood the current pressure and has given way. The result has been stark bearishness for this token.
Binance Coin has also been in losses due to the dominant bearish trend. The latest data shows a loss of 8.38% over the last 24 hours. The weekly data shows a loss of 11.72% for this coin.
The price value for BNB is in the $283.03 range, losing its gains. The market cap value for this coin is estimated to be $45,663,312,003. The 24-hour trading volume of this coin is about $1,462,751,649.
TRX losing gains
Tron has also been in a losing mood due to the bearish market. The latest data shows a loss of 5.25% over the last 24 hours. The weekly data shows a loss of 6.82%. As the negative trend continues, the price value for Tron has come down to the $0.06491 range.
The market cap value for TRX is estimated to be $5,986,284,911. The 24-hour trading volume of this coin is about $468,703,658. The same amount in its native currency is about 7,234,479,981 TRX.
LTC under stress
Litecoin has also been under stress due to the bearish market. The latest data shows this coin’s loss of 10.54% over the last day. The seven-day data shows that it has regressed by 10.13%. The change in performance has affected its price value which is currently in about $54.89 range.
The market cap value for LTC is estimated to be $3,895,939,064. The 24-hour trading volume of this coin is about $586,626,715. The circulating supply of the same coin is about 70,977,806 LTC.
Final Thoughts
The global crypto market has continued to face a bearish trend. The ongoing changes have brought the market progress to a halt. The result has been a loss of a considerable amount in the investor capital. As bearishness has continued, the global market cap value has also been affected. The mentioned value is currently about $1.03 trillion.
