The global crypto market couldn’t retain the streak of gains as it entered an uncertain phase. The recent hours brought losses to various coins, affecting their performance. The recent changes for Bitcoin, Ethereum, and others show a decline in gains. The ongoing situation isn’t unexpected, but the market has fought bearishness for survival. The continued bearish changes in the market have had lasting impacts, as the value of various tokens languished at lows. If the market isn’t able to keep losses at bay, it might see colossal losses.
Cardano creator Charles Hoskinson has warned that the White House’s new crypto proposals threaten Bitcoin. He has warned that these changes won’t go well for Bitcoin and the rest of the market. A new White House Office of Science and Technology report has asked for enhanced measures. These include creating evidence-based environmental standards for the responsible design of digital assets.
Hoskinson said that if these were implemented, Bitcoin would be outrightly banned. The EPA and DoE will start talking to companies about changing how their cryptocurrencies work. Hoskinson is of the view that the process of changes should be gradual instead of implemented in bulk. These measures would prove ineffective if the responsible organizations rushed to take a step.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC trading at $21.7K
Bitcoin has seen moments of respite after a lasting period of bearishness. Will Clemente thinks Bitcoin gives bullish signals and is underweighted now. Various crypto experts have a number of arguments in favor of Bitcoin’s growth.
The recent changes for Bitcoin show a continuation of growth in its value. The latest data shows an addition of 0.72% in its value over the last day. The seven-day data for Bitcoin shows an addition of 9.03%.
The price value for Bitcoin is currently in the $21,725.17 range. The market cap value for Bitcoin is estimated to be $414,907,468,157. The 24-hour trading volume of this coin is about $35,024,312,092.
ETH loses momentum
As the Ethereum merge is drawing nearer, a security expert has said that the network will be more vulnerable. As the transition from Proof of Work to Proof of Stake takes place, some have expressed doubts over the reliability of this consensus mechanism. According to analysts that PoS isn’t theoretically as secure.
The change in the performance of Ethereum has led to its bearishness. The latest data shows a loss of 1.96% over the last 24 hours. The weekly data shows an addition of 10.15% for this coin.
The market cap value for ETH is currently in the $1,740.58 range. The market cap value for this coin is estimated to be $212,929,690,024. The 24-hour trading volume of this coin is about $12,709,962,240.
LTC bearish
The performance of Litecoin has also shown a trend of bearishness. The latest data shows a loss of 3.33% over the last 24 hours. The seven-day data shows that it has added 0.50%. The price value for LTC is currently in the $61.57 range.
The market cap value for Litecoin is estimated to be $4,371,851,960. The 24-hour trading volume of this token is about $468,628,948. The same amount in its native currency is about 7,626,683 LTC.
XMR in gains
The value of XMR has grown as the bullish trend for it has continued. The latest data shows that it has added 1.15% over the last 24 hours. In comparison, the seven-day data shows a gain of 2.60%. The price value for XMR is currently in the $159.28 range.
The market cap value for Monero is estimated to be $2,891,652,221. The 24-hour trading volume of this token is about $74,442,077. The circulating supply of the same token is about 18,173,174 XMR.
Final Thoughts
The global crypto market has seen an uncertain situation over the last day. The recent changes show a mixed response from different tokens and coins. The value of Bitcoin enhanced while Ethereum showed a negative trend. Likely, other tokens also showed different results. The global market cap value has also fluctuated. The recent data shows that it is currently estimated to be $1.05 trillion.
