The global crypto market couldn’t improve its value as it hasn’t been able to retain its gains. Recent data shows that Bitcoin, Binance Coin, and others have continued to decline in value. The performance of the market had seen a brief respite from losses over the previous hours. But the momentum couldn’t be retained, and the result is clear. As the bearish trend continues, the market tends to be further emaciated.
FTX Foundation’s future fund team has resigned citing the exchange’s behavior. The fund had planned to spend $1 billion this year. The team has said in a statement that it was shocked and saddened by the events ongoing at FTX. The statement further added that the team couldn’t continue further, acting on processing grants. Furthermore, it had questions about the legitimacy and integrity of business operations that were funding the company.
FTX Future Fund was launched in February this year to improve humanity’s long-term prospects. The fund planned to distribute at least $100 million and up to $1 billion this year. The shocking events brought FTX chief SBF’s worth from $16 billion to less than $1 billion. FTX customer withdrawals and the market crisis brought a speedy decline to the company’s value.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC nosedives
Various economists have called Bitcoin the solution to the world’s trade problems. Though the price value of Bitcoin has wavered, it has shown immense potential for holding the economic system together. BTC can be a solution to the problems that the global financial system faces.
The recent changes show a sudden fluctuation in the value of Bitcoin. The latest data shows that it has shed 5.55% over the last 24 hours. The weekly performance shows that Bitcoin has shed 21.57%.
The price value of BTC is currently in the $16,564.55 range. The market cap value of this coin is estimated to be $318,112,849,702. The 24-hour trading volume of BTC is about $61,675,630,916.
BNB in losses
Binance has added 12 new projects to its incubation program. The available information shows that these projects will be part of the fifth season of the Binance Labs’ incubation program. On the other hand, Binance has revealed $40 billion in stablecoin reserves, promising transparency.
The performance of Binance Coin has also shown a decline due to a bearish trend. The latest data shows that it has shed 5.85% over the last 24 hours. The weekly performance of this coin shows a loss of 20.75%.
The price value of BNB is currently in the $283.54 range. The market cap value of this coin is estimated to be $45,358,629,464. The 24-hour trading volume of this coin is about $1,736,286,099.
VET continues to lose
The value of VeChain hasn’t been able to retain its gains as the unfavorable situation continues. The latest data shows that it has shed 5.80% over the last 24 hours. The weekly performance shows a loss of 17.77%. The price value of VET is currently in the $0.02082 range.
The market cap value of VeChain is estimated to be $1,509,941,507. The 24-hour trading volume of this coin is about $91,371,240. The same amount in its native currency is about 4,427,610,150 VET.
QNT facing decline
The performance of Quant has shown no optimistic changes over the recent hours. The latest data shows that it has receded by 7.65% over the last day. The weekly performance is no different as it shed 30.47%. The price value of QNT is currently in the $114.24 range.
The market cap value of Quant is estimated to be $1,379,207,595. The 24-hour trading volume of this coin is about $111,043,946. The circulating supply of the same coin is about 12,072,738 QNT.
Final Thoughts
The performance of the global crypto market has continued to deteriorate. The previous day had brought slight positive changes but that couldn’t be retained. As the market changed its direction, there has been a speedy decline in the value of Bitcoin, Binance Coin, and others. The global market cap value also suffered as it is currently about $837.75 billion.
