Over the last day, the global crypto market has seen a speedy decline in value. The gains for the market had decreased tremendously, but it continued bullish for a while. Later, it changed the pattern of gains further and couldn’t remain bullish. The result was a speedy trend of losses for Bitcoin, Ethereum, and others. The result of these losses is a speedy decline in the value of the global crypto market. The investors have tried their best to inject capital into it to save it from losses, but there has been little hope.
FTX has secured a European investment firm license. The firm’s European division FTX Europe announced on Thursday that it had received the license to operate as an investment firm in Europe. The said crypto exchange is the only one that has received this permission under the MiFID II license. FTX Europe was also given Cyprus Investment Firm License by the Cyprus SEC.
The license allows FTX to operate in European Union, Iceland, Norway, and Liechtenstein. FTX CEO Sam Bankman-Fried said it is an important step in achieving their goal of becoming one of the most regulated exchanges in the world. He expressed his hopes to work on fulfilling the requirements of the highest standards set by European authorities.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC recessive
Federal Reserve has plans to hike the interest rates further. Analysts expect a hike of 0.75% in the coming days. The rate hike is likely to make Bitcoin and other coins bullish. If the bullish rally is there, the market might benefit from the favorable situation.
The recent changes for Bitcoin show a continuing trend of decline. The latest data shows it has shed 2.73% over the last 24 hours. In comparison, the losses for the last seven days are about 12.34%.
The price value for BTC is currently in the $19,464.56 range. The market cap value for Bitcoin is estimated to be $372,345,889,226. The 24-hour trading volume of Bitcoin is about $31,530,031,036.
ETH in losses
Ethereum merge has taken place a few days back, and Ethereum has shown no signs of vibrancy. The activity of Ethereum declined in August, but there are hopes the successful merge will allow the network activity to rally. Also, there are hopes that this network’s emissions will be reduced.
The performance of Ethereum shows a speedy drop in its value. The latest data shows it has shed 7.53% over the last 24 hours. The weekly data for this coin shows a loss of 24.43%.
The price value for ETH is currently in the $1,343.32 range. The market cap value for this coin is estimated to be $164,211,728,553. The 24-hour trading volume of this coin is about $16,199,484,610.
WAVES on reversal
Waves is also on reversal due to the speedy decline in market value. The recent data shows that it has shed 10.40% over the last 24 hours. The weekly data shows that it has shed 19.71%. The price value of WAVES is currently in the $3.89 range.
The market cap value for Waves is estimated to be $425,862,830. The 24-hour trading volume of this coin is about $113,700,420. The same amount in its native currency is about 29,199,002 WAVES.
LRC in lows
Loopring has also shown a negative trend because of the declining gains. The latest data shows that it has shed 7.20% over the last 24 hours. The weekly data shows that it has declined by 16.01%. The price value for LRC is currently in the $0.3056 range.
The market cap value for Loopring is estimated to be $406,516,882. The 24-hour trading volume of this coin is about $60,841,916. The circulating supply of this coin is about 1,330,133,546 LRC.
Final Thoughts
The global crypto market has seen a trend of decline over recent hours. The market couldn’t continue gains, resulting in speedy losses for various coins. The performance of Bitcoin, Ethereum, and others saw a reversal. The global market cap value has also been affected by these changes. The latest data shows that it is estimated to be $932.48 billion.
