The global crypto market has again faced a bearish wave due to a negative trend. The change in performance has resulted in a recessive impact on Bitcoin, Ethereum, and others. As the market hasn’t been able to retain gains, the investors should ready themselves for a bumpy ride. As the market continues to fluctuate, there is a chance that it might face further decline. The previous bearish changes had resulted in a significant decline in its value. Furthermore, the influx of capital to the market has also been affected by previous bearish waves.
Lemon Cash CEO expects more layoffs in the fintech industry in Latin America. The Argentine crypto app Lemon App has laid off 38% of its staff which is about 100 people. While the CEO of the company has warned of further layoffs if the current situation persists. The new layoffs are marked as the latest round in the region. Other big names that have announced layoffs include Bitso, Buenbit, and 2TM.
Fintech companies have made these layoffs to adjust to the changing market. Furthermore, they have made attempts to raise funds to keep the business going. Lemon App CEO said that the company will look for fresh capital in the next 10 to 12 months. He added that there will be no other option left and they will have to resort to fundraising.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns recessive
IMF has called for tighter crypto regulations as the industry unfolds. The speedy decline of Bitcoin and the collapse of multi-billion dollar companies have created chaos in the market. FTX’s collapse has become the major reason for states across the globe to work on regulations.
The recent changes for Bitcoin show that it has turned bearish. The latest data shows that it has shed 1.19% over the last 24 hours. The weekly performance of Bitcoin shows that it has shed 1.95%.
The price value of BTC is currently in the $16,533.48 range. The market cap value of Bitcoin is estimated to be $317,711,295,381. The 24-hour trading volume of Bitcoin is about $25,319,288,396.
ETH in losses
Ethereum developers have agreed on eight proposals for the Shanghai update. Amongst the main features of the update will be Beacon Chain staked Ether to be unlocked. The new update will be a major update after the Ethereum merge.
The value of Ethereum has also receded due to the outflows of capital. The latest data shows that it has shed 0.15% over the last 24 hours. The weekly performance of this coin shows a loss of 1.50%.
The price value of ETH is currently in the $1,193.65 range. The market cap value of this coin is estimated to be $146,071,938,319. The 24-hour trading volume of the same coin is about $9,117,271,480.
CSPR faces decline
The value of Casper has seen a decline due to unfavorable situation. The latest data shows that it has shed 2.62% over the last day. The seven-day data shows that it has added 6.64%. The price value of CSPR is currently in the $0.02928 range.
The market cap value of Casper is estimated to be $308,232,997. The 24-hour trading volume of this coin is about $7,873,431. The same amount in its native currency is about 269,334,690 CSPR.
AR unable to retain gains
The performance of Arweave also shows signs of deterioration due to the negative trend. The latest data shows that it has shed 5.91% in 24 hours. The seven-day data shows that it has shed 11.12%. The price value of AR is currently in the $8.97 range.
The market cap value of Arweave is estimated to be $299,479,684. The 24-hour trading volume of this coin is about $30,743,095. The circulating supply of the same coin is about 33,394,701 AR.
Final Thoughts
The global crypto market has witnessed a decline in value as the market has changed direction. The latest data for Bitcoin, Ethereum, and others show a decline in value. The negative changes have affected the influx of capital. Due to the lowered inflows, the global market cap value has declined. The latest data shows that it is estimated to be $832.30 billion.
