There has been a change in the direction of the global crypto market recently. The change has resulted in losses for the leading coins like Bitcoin and Ethereum. On the other hand, there is still a dominant trend of gains for the following altcoins. Thus, the market seems divided over the influx of capital. The changes for the bearish coins have affected the overall market trend as the metrics show bearishness. It is yet to be seen what will be the next move for the market.
UK government has published new stablecoin regulation rules through a new markets bill. UK politicians had asserted the need for a strong push from the government to make the country a hub for crypto investments. Thus, the government launched Financial Services and Market Bill, which the investors much anticipated.
The bill was sent to the parliament on 20 July. It would need to be passed by the House of Commons and House of Lords to become law. The bill was presented by UK’s finance minister Nadhim Zahawi. Once it becomes a law, the investors can use stablecoins as a payment option.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC slides below $23K
Bitcoin traders in Argentina have been stopped from buying dollars. The move came from the central bank to prevent the efflux of capital. The increased inflation and flight of capital have strained the country’s economy.
The latest data for Bitcoin shows that it has receded 1.01% over the last day. The performance of Bitcoin for the last seven days shows an addition of 10.53%. The latter value might face threats if the bearishness continues.
The price value for Bitcoin is in the $22,840.61 range. If we compare the market cap value for Bitcoin, it is estimated to be $436,213,752,416. The 24-hour trading volume of this coin is about $31,233,677,876.
ETH faces a bearish wave
Ethereum dominance has continued to increase due to the optimism regarding its merge. As the markets lit up the past week, there has been a speedy increase in the value of Ethereum. While Vitalik Buterin believes that the gains will be multifold. It will also threaten Bitcoin’s lead role if its market dominance continues to increase.
The value of Ethereum has also shown a downtrend due to an unfavorable market. These changes have deprived it of 0.50% over the last day. The performance of this coin for the last seven days shows an addition of 28.70%.
The price value for ETH is in the $1,561.15 range. If we compare the market cap value for this coin, it is estimated to be $189,927,672,176. The 24-hour trading volume for the same coin is about $18,796,750,120.
EOS continues to grow
EOS has been moving in contrast to Bitcoin and Ethereum. Its performance for the last 24 hours shows an addition of 11.46%. The seven-day performance shows consolidation as it has added 21.20%. The price value for this coin has enhanced to $1.17.
The market cap value for EOS is estimated to be $1,160,215,590. The 24-hour trading volume of the same coin is about $469,465,411. The same amount in its native currency is about $402,674,079 EOS.
OKB lowers its gains
OKB has also been affected by the bearishness in the market as it has lowered its gains. The data for the last 24 hours shows an addition of 2.99%. In comparison, the performance for the last seven days shows an increase of 21.70%. As the gains increase, the price value for this coin has reached the $15.28 range.
If we compare the market cap value for OKB, it is estimated to be $916,653,383. The 24-hour trading volume of this coin is about $13,632,739. The circulating supply for the same coin is about 60,000,000 OKB.
Final Thoughts
The value of the global crypto market has fluctuated over the last day. The recent data shows that it hasn’t been able to retain its gains. The result has been a considerable decrease for Bitcoin and other coins. The overall market trend doesn’t show bearishness. The decrease has affected the global market cap value. It is currently estimated to be $1.04 trillion.
