The global crypto market has faced a continuation of the negative trend. The recent hours didn’t bring gains to Bitcoin, Binance Coin, and others. Instead, they have continued to lower value due to the unfavorable market. The current situation shows that the market is likely to be affected further. The market has faced one of the longest-ever winters due to geopolitical situation and internal instability.
The collapsed cryptocurrency exchange FTX and its affiliated companies have launched an asset review. The company’s filing for bankruptcy on 11 November proved a blow to the market. The company will begin a strategic review of its assets, while also working on the sale or reorganization of some assets and businesses. The collapse of the company has left more than 1 million users in losses amid the bearish market. However, FTX and affiliates asked the court to permit some critical operations including prepetition claims up to $9.3 million.
According to available reports, the largest in financial position is FTX EU Ltd. which holds $49.4 million in cash. While FTX US and West Realm Shire Services hold $48.1 million. While filings have also revealed that the $2 billion funds drive by FTX Ventures had left only $800K of the total amount. The collapsed exchange mentioned that these positions were calculated based on verifiable available books.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues in losses
Bitcoin traders have increased leverage longs despite claims from critics that it is a ‘Ponzi scheme.’ The past 48 hours proved beneficial to the Bitcoin market despite the hard time that the market is facing. The continuing FTX shocks have affected the market due to increased uncertainty.
The recent changes for Bitcoin show the continuation of the hard times. The latest data shows that it has shed 0.68% over the last 24 hours. The weekly performance of Bitcoin shows that it has shed 1.10%.
The price value of BTC is currently in the $16,655.67 range. The market cap value of Bitcoin is estimated to be $319,980,542,457. The 24-hour trading volume of Bitcoin is about $20,354,099,205.
BNB facing problems
Binance CEO CZ has suggested six principles for centralized exchanges to prevent fate like FTX. The collapse of FTX was a major event in the crypto market and big companies have plans to prevent such happenings.
The performance of Binance Coin shows that it has continued to lower its value. The latest data shows that it has shed 0.82% over the last 24 hours. The weekly performance of this coin shows a loss of 3.93%.
The price value of BNB is currently in the $271.21 range. The market cap value of this coin is estimated to be $43,385,898,199. The 24-hour trading volume of this coin is about $618,511,346.
XRP lowers in value
The value of XRP has continued to lower as the market continues to face winter. The latest data shows that it has shed 0.67% over the last day. The seven-day performance of this coin shows that it has added 2.57%. The price value of XRP is currently in the $0.3805 range.
The market cap value of XRP is estimated to be $19,138,187,278. The 24-hour trading volume of this coin is about $732,363,989. The same amount in its native currency is about 1,924,254,047 XRP.
ADA stays recessive
There has been no positive change in the performance of Cardano. The recent data shows that it has shed 1.90% over the last 24 hours. The weekly data for this coin shows that it has shed 5.48%. The price value of ADA is currently in the $0.3248 range.
The market cap value of Cardano is estimated to be $11,177,719,368. The 24-hour trading volume of this coin is about $184,663,346. The circulating supply of the same coin is about 34,411,552,943 ADA.
Final Thoughts
The global crypto market has witnessed a negative change in performance. The recent data shows that there has been no growth in the value of Bitcoin, Binance Coin, or others. As the market continues to dive deeper into lows, investors continue to face losses. The negative trend has also lowered the global market cap value as it is estimated to be $831.46 billion.
