The global crypto market has seen a continuation of the bearish trend. There has been no significant change for Bitcoin, Ethereum, or other following tokens. They have continued shedding value, affecting the overall investments. The market has shown slight improvements for the smaller tokens, but it might take time to bring bullishness to Bitcoin and others. The negative changes have continued to impede market growth for a prolonged while. The market would need a strong wave of bullishness to see a positive change.
The US Federal Reserve has released new guidelines for crypto banks. As a result of the new announcement, American crypto banks could perform crypto and traditional banking functions. Before the recent order, American banks had to choose between the two. According to the statement issued by Fed, these financial institutions will be granted special status named master accounts.
The mentioned key financial status will allow direct payments’ permission to these institutions. Currently, all federally chartered banks have ‘master accounts’ status, so they can utilize it for crypto. Recently some crypto banks sued Fed for delay of their applications for the master account. The new change will help Fed streamline the process for applications regarding master accounts.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues losing
Bitcoin miner Greenidge Generation has announced a halt to its expansion plans. According to available information, it has paused its Texas expansion plans because of the huge losses in Q2 of 2022. Greenidge Generation faced a loss of $107.9 million in the second quarter, so it won’t look for expansion further in the coming months.
The latest data for Bitcoin shows a downward trajectory. The changes in the market have brought a loss of 1.08% over the last 24 hours. The weekly data shows a gain of 1.21%.
The price value for Bitcoin has remained recessive as it is currently about $24,119.40. The market cap value for Bitcoin is estimated to be $461,225,188,170. The 24-hour trading volume of Bitcoin is about $35,292,005,496.
ETH unable to retain gains
Ethereum has rejected $2K even though investors were hopeful about the rise. The investors continued pouring their capital, but Ethereum couldn’t retain this position. The result is retesting of $1.8K as it continues bearish. The increased resistance has halted its progress for a while.
Ethereum has continued to recede value due to the dominant trend of losses. The latest data shows a loss of 2.71% over the last day. The seven-day data shows it has remained relatively better, adding 6.69%.
The price value for Ethereum is in the $1,896.90 range. The market cap value for ETH is estimated to be $231,383,542,954. The 24-hour trading volume of this coin is about $20,445,123,837.
XLM facing losses
Stellar has also been in a bearish mood due to regressing market. The recent changes have brought losses of 2.52% over the last 24 hours. The weekly data also shows stark bearishness as it has shed 4.74%. The price value for XLM is in the $0.1234 range.
The market cap value for Stellar is estimated to be $3,113,944,213. The 24-hour trading volume of this coin is about $123,127,431. The same amount in its native currency is about 998,462,679 XLM.
ALGO on a downward journey
Algorand has shown a downtrend due to consistent losses. The latest data shows a loss of 2.83% over the last 24 hours. The weekly data shows that it has shed 3.74%. The price value for ALGO is currently in the $0.3566 range.
The market cap value for Algorand is estimated to be $2,457,245,308. The 24-hour trading volume of this coin is about $84,447,304. The circulating supply of this coin is about $6,889,809,315 ALGO.
Final Thoughts
The global crypto market has seen a continuation of losses as it couldn’t recover. Recent market changes show that Bitcoin, Ethereum, etc., have continued recessive. As the market remains recessive, the investors have continued sell-offs. The mentioned changes have had a detrimental impact on the global market cap value. The global market cap value is currently estimated to be $1.15 trillion.
