The global crypto market has seen a continuation of the negative trend as it has shed significant value. The market has continued to shed value as evident from the losses of Bitcoin, Ethereum, and others. The much-anticipated Ethereum merge has taken place successfully but there is no upsurge seen in the market. As the negative trend continues, investors have preferred to stay at a safe distance. The result has been a continuation of the negative trend. The post-merge market is yet to see whether it will take an upsurge or will continue to lose value.
Thailand SEC has decided to ban crypto companies offering staking and lending services. The decision came as the result of a decision to ensure that the potential risks associated with crypto lending are reduced for traders. There has been a downturn seen for various crypto lenders because of the increasing liquidity issues. The decision states the ban of ‘depository services’ for investors.
Some big names in the crypto lending industry like Celsius and Babel Finance had to face defaulters due to the economic downturn. They decided to put a halt to withdrawals, affecting the investors. The industry-wide decline has resulted in the loss of more than 50% value of Bitcoin and Ethereum. Some exchanges have planned to provide higher interest rates to depositors to avoid bankruptcy.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC recessive
As the Ethereum merge has taken place, some environmental activists have begun to criticize Bitcoin for its energy policies. Michael Saylor has responded to the allegations and said that 60% of Bitcoin mining energy comes from sustainable sources. He said it in a blog negating the views of anti-PoW activists.
The recent changes for Bitcoin show a continuation of a negative trend. The latest data shows that it has shed 2.10% over the last day. In comparison, the data for the last seven days shows that it has added 2.02%.
The price value for Bitcoin is currently in the $19,746.56 range. The market cap value for BTC has also fluctuated and is currently estimated to be $377,942,905,391. The 24-hour trading volume of Bitcoin is about $35,998,751,608.
ETH in losses
The much-anticipated Ethereum merge has taken place successfully, resulting in Ethereum 2.0. The Ethereum community has reacted with memes, GIFs, and tributes to the developers and community. The followers and competitors of Ethereum likely congratulated it on the epic transition to Proof of Stake.
The performance of Ethereum has also shown a negative trend despite the expectations of investors regarding the post-merge scenario. The recent data shows that it has shed 9.36% over the last 24 hours. In comparison, the losses for the last seven days are about 10.01%.
The price value for ETH is currently in the $1,471.78 range. The market cap value for this coin is estimated to be $179,959,741,289. The 24-hour trading volume of it is about $26,490,665,333.
DOT on backfoot
Polkadot has seen no improvement in value over the recent hours as its decline continues. The data for the last 24 hours shows that it has shed 2.60%. In comparison, the weekly data shows a loss of 6.68%. The price value for DOT is currently in the $6.93 range.
The market cap value for Polkadot is estimated to be $7,739,868,084. The 24-hour trading volume of this coin is about $372,535,158. The same amount in its native currency is about 53,785,231 DOT.
MATIC losing value
Polygon has also seen a continuation of the negative trend due to losing the market. The latest data shows that it has shed 3.33% over the last 24 hours. In comparison, the weekly data shows a loss of 2.93%. The price value for MATIC is currently in the $0.8249 range.
The market cap value for Polygon is estimated to be $7,201,492,144. The 24-hour trading volume of this coin is about $464,400,721. The circulating supply of this coin is about 8,734,317,475 MATIC.
Final Thoughts
The global crypto market has seen a decline in capital influx despite the new changes. Ethereum merge took place successfully on 15 September and it was expected to bring positive changes. In contrast, the market has continued to be bearish. The value of the global market cap has seen a decline over recent hours. The latest data shows that it is estimated to be $960.82 billion.
