The global crypto market has shown a decline trend due to lowered capital influx. The change in the market has resulted in a considerable decline in the value of Bitcoin, Ethereum, and others. As the market has continued in the negative direction, there have been impacts on the overall gains. The investors have also been affected and are looking forward to gains in the upcoming days. There are hopes that the losses will be short-lasting and the market will resume momentum soon.
Bank of Thailand has continued to push for CBDCs. The Thai bank has said it will continue pushing for a CBDC, but it might take another five years to implement. According to media outlets, the Bank of Thailand is working on developing its CBDC, and its main aim is to ensure that it has additional benefits with lowered risk. Many banks, including BoT, have developed retail CBDCs, but none have been implemented yet.
The central bank is currently working with Siam Commercial Bank, Bank of Ayudhya, 2C2P Co, and around 10,000 retailers to test CBDC with real-life applications. The pilot project is based on two foundations, i.e., foundation and innovation. Testing is likely expected at the end of 2022 and will run through mid-2023.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC continues to recede
Bitcoin price has struggled under $21,000 as the market has slackened. There is a question of whether the bull’s power is used again to revive its value. The bulls lost force recently but are expected to come back with even more vigor.
The recent changes for Bitcoin show the continuation of the negative trend. The latest data shows that Bitcoin has shed 1.43% over the last 24 hours. The weekly data shows that it has added 5.39%.
The price value of BTC has fluctuated as it is currently in the $20.481.01 range. The market cap value for Bitcoin is estimated to be $393,899,674,947. The 24-hour trading volume of this coin is about $32,346,631,421.
ETH turns bearish
Ethereum founder Vitalik Buterin has said that the crypto industry shouldn’t be enthusiastically pursuing institutional capital. The co-founder of the world’s second-largest cryptocurrency weighed in on regulations that could change the course of crypto. There has been a speedy institutional adoption of crypto, potentially changing its course.
The performance of Ethereum has also shown a trend of losses. The recent data shows that it has shed 2.69%. The weekly data for this coin shows an addition of 15.92%.
The price value for ETH is currently in the $1,569.89 range. The market cap value for this coin is estimated to be $192,798,328,714. The 24-hour trading volume of the same coin is estimated to be $14,452,558,486.
FIL unable to retain gains
The performance of Filecoin has also shown an inability to retain its gains. The latest data shows that it has receded 5.96% over the last 24 hours. The weekly performance of this coin shows an addition of 4.43%. The price value for FIL is currently in the $5.32 range.
The market cap value for Filecoin is estimated to be $1,648,897703. The 24-hour trading volume of this coin is about $238,666,004. The same amount in its native currency is about 44,573,768 FIL.
APE in losses
There has been no improvement in the value of ApeCoin over recent hours. The latest data shows that it has shed 4.57% in a day. The weekly data shows a positive trend as it added 2.17%. The price value for APE is currently in the $4.70 range.
The market cap value for ApeCoin is estimated to be $1,454,820,429. The 24-hour trading volume of this coin is about $232,473,629. The circulating supply of the same coin is about 306,875,000 APE.
Final Thoughts
The performance of the global crypto market has witnessed negative changes. The recent data for Bitcoin, Ethereum, and others show a decline in value. As the influx of capital has lowered, the global market cap value has also been affected. The latest data shows that it is estimated to be $1.01 trillion. There is a need to retain gains as the market saw a positive change after a long interval.
