The global crypto market has witnessed a trend of decline over recent hours. The performance of Bitcoin and Ethereum shows that they couldn’t attract gains. As the negative trend continues, the market has depreciated considerably. Though there were hopes regarding the speedy surge in the market following the recent bullish trend, these have been dumped. The market is struggling to retain its gains as the sell-offs saw a surge over the recent hours. There is a likely chance of revival but no certainty about it.
CFTC commissioner has warned of similar themes to the 2008 financial crisis in the crypto market. CFTC commissioner Christy Goldsmith has compared the current situation to the chaos that brought about the 2008 financial crisis. Christy is the latest to ask for more regulatory power over the crypto market. She talked of the ‘contagion risk’ and the following issues. There are also intra-market risks that can affect users across the globe.
She, in her comments, referred to the financial crisis caused in part by the collapse of TerraUSD and 3 Arrows Capital. She said that just as regulators couldn’t see the crisis coming in 2008 due to unregulated companies and products, the same problem is faced today. The commissioner noted that though the crypto market is small today, the growing links and traffic make it problematic if it is unregulated.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC continues to lower
Costa Rica lawmakers have proposed nixing almost all taxes on Bitcoin. If the move is recognized and accepted by the majority of lawmakers, it will attract foreign investors and fintech companies. Thus, new job opportunities will be created for Costa Ricans. Costa Rican congresswoman Johana Obando presented the bill.
The recent changes for Bitcoin show a negative trend. The latest data shows that it has receded by 2.48% over the last 24 hours. The weekly data for Bitcoin shows that it has added 6.14%.
The price value for BTC is currently in the $20,267.01 range. The market cap value for Bitcoin is estimated to be $388,863,954,311. The 24-hour trading volume of Bitcoin is about $50,190,711,448.
ETH stays recessive
Google has unveiled a cloud-based blockchain node service for Ethereum projects. The giant company has introduced Blockchain Node Engine (BNE) based on Google for (ETH-USD) projects. The change will help integrate the traditional web into Web3.
The performance of Ethereum has also shown a negative trend. The latest data shows that it has shed 3.29% over the last day. The weekly performance shows relatively better results as it has added 17.49%.
The price value for ETH is currently in the $1,514.52 range. The market cap value for this coin is estimated to be $185,177,216,037. The 24-hour trading volume of this coin is about $23,157,616,280.
LINK in losses
The value of Chainlink has continued to lower due to the recessive trend. The latest data shows it has shed 3.99% over the last day. The weekly data shows that it has added 3.41%. The recent fluctuations have lowered LINK’s price value to the $6.89 range.
The market cap value for Chainlink is estimated to be $3,388,172,764. The 24-hour trading volume of this coin is about $397,854,692. The same amount in its native currency is about 57,725,910 LINK.
XMR fluctuates
The performance of Monero has shown no impressive results as it continues to lower. The latest data shows that it has shed 0.21% in the last 24 hours. The weekly data shows that it has added 2.35%. The price value for XMR is currently in the $145.95 range.
The market cap value for XMR is estimated to be $2,662,808,791. The 24-hour trading volume of this coin is about $89,836,647. The circulating supply of this coin is about 18,193,042 XMR.
Final Thoughts
The global crypto market has seen a trend of decline due to bearishness. The value of Bitcoin, Ethereum, and others lowered significantly. As the market couldn’t retain gains, there has been a decline in investor gains. The global market cap has also been affected. The latest data shows that it is estimated to be 982.23 billion.
