The global crypto market has seen a performance change due to recessive bouts. The recent changes turned Bitcoin, Ethereum, and others into a bearish mood as they couldn’t retain their gains. The recent change in the market shows that various coins will retest their resistance levels. The decline in the market is mainly because of the unstable political situation and the uncertainty about the dollar’s value. Another addition to it is the continuation of hackers’ strikes on crypto.
EU MPs have endorsed a recent resolution on crypto taxation in the EU. On Tuesday, the members of the EU parliament voted in favor of the taxation of crypto. The resolution from Lidia Pereira calls for a general framework for crypto taxation. Additionally, the EU has plans to explore blockchain networks to automate the taxation process.
The resolution from Lidia Pereira has been named Impact of new technologies on taxation: cryptocurrency and blockchain. The resolution covers two significant areas, which are the examination of the issue of taxation on crypto while the other is the evaluation of the use of blockchain to simplify the process. A significant aspect of this resolution is the use of blockchain to simplify the process of taxation.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC bearish
Investors in the US have remained bullish on Bitcoin despite the negative trend. Calls have mounted for Louisiana state to buy Bitcoin following the BlackRock divestment. Recently Louisiana state treasury announced divestment of roughly $794 million held with BlackRock.
The performance of Bitcoin has shown lag as the result of reduced gains. The latest data shows that it has shed 1.43% over the last day. The performance of Bitcoin for the last seven days shows a gain of 3.30%.
The price value for Bitcoin is currently in the $20,039.18 range. The market cap value for Bitcoin is estimated to be $384,065,916,502. The 24-hour trading volume of Bitcoin is about $32,043,444,115.
ETH affected by the downward pull
Even though Ethereum hasn’t performed post-merge as expected, market analysts have continued to expect big things from it. DeFi economist David Shuttleworth, who serves at blockchain firm Consensys, has called post-merge Ethereum the foundation of the internet. He suggested that it will serve the purpose of reshaping the internet soon.
The performance of Ethereum also shows a decline in gains. The latest data shows it has shed 1.14% over the last day. The seven-day data for this coin shows that it has added 2.11%.
The price value for ETH is currently in the $1,357.38 range. The market cap value for this coin is about $166,409,225,197. The 24-hour trading volume of this coin is about $11,014,795,041.
FIL in losses
Filecoin has also been in losses due to the bearish trend. The latest data shows it has shed 1.51% over the last 24 hours. The seven-day data shows that it has receded by 3.92%. The price value for FIL has receded to the $5.52 range.
The market cap value for FIL is estimated to be $1,627,013,755. The 24-hour trading volume of this coin is about $106,698,346. The same amount in its native currency is about 19,343,556 FIL.
HBAR on backfoot
The performance of Hedera Hashgraph has been no different from other coins in the market. The latest data shows that it has regressed by 0.79% in a day. The weekly data shows that it has added 0.50%. The price value for HBAR is currently in the 0.5794 range.
The market cap value for Hedera is estimated to be $1,329,455,974. The 24-hour trading volume of this coin is about $35,691,578. The circulating supply of this coin is about 22,968,168,351 HBAR.
Final Thoughts
The performance of the global crypto market has shown a trend of decline. The latest data shows that it has affected Bitcoin, Binance Coin, and others. The negative trend in the market is the result of instability on the global level. The impact of these changes is a decline in the global market cap value. The recent changes show that it is estimated to be $958.23 billion.
