Muhammad Ali
The bearishness in the global crypto market has continued to wreak havoc as the losses increase. The prime target of the bearish wave is Bitcoin, while the rest of the coins have been in no different situation as losses have increased with time. Instead of proving a short-lasting situation, the current bearish wave has proved to be the worst for the market. The data for Bitcoin shows that it has reached sixteen months’ lowest due to these losses.
The global crypto market is on the verge of a crash while CBDCs and other related projects have continued. The latest news in this regard is from Tanzania, where the govt. and responsible authorities have finalized the plans for their CBDC. According to the central bank, they are closer to the launch of their CBDC, and that would be a safe alternative for the residents inside the country. Various countries have plans for CBDCs, but they have been halted due to ongoing political crises in the world and continuing economic problems.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some others.
BTC fainting
The changes for Bitcoin are faster compared to the previous bearish waves, and the impact is even evident. The changes for Bitcoin show that it has gone through a strong bearish current that brought it to sixteen month low. Bitcoin can see hope in UK’s plans for crypto adoption as it has plans to continue with legislation for this purpose.
The latest data for Bitcoin shows that it has shed 6.74% over the last 24 hours. If we compare the performance of Bitcoin for the last seven days, the losses for it have surged to 28..02%. The ongoing crisis has deprived Bitcoin of one-third of its value while the losses continue.
The price value for Bitcoin has been reduced to $28,460.94. If we compare the market cap value for Bitcoin, it is estimated to be $535,348,114,728. The trading volume has also seen a sharp decline due to recessive mood, as it has been reduced to $88,074,010,474.
BNB making efforts to improve
Binance Coin has also been making efforts to improve, but there has been little change in its value. The ongoing situation has tried its nerves as it reached the lows of $207 but has been able to recover. The changes show that Binance Coin has reached exhaustion but is still trying to retain its value.
The latest data for Binance Coin shows that it has shed 10.08% over the last 24 hours. In comparison, the seven-day data shows a loss of 33.13%. It has been the same as Bitcoin in losses that took almost one-third of its value. The changes are yet to continue as the bearishness is yet too strong.
The price value for Binance Coin has also improved to $272.11 due to strength due to considerable gains. The market cap value also saw hope in the enhancing market as it reached $44,429,522,734. The 24-hour trading volume of this coin is about $5,635,331,252.
ATOM shedding
Cosmos ATOM has also been the victim of the increasing value of losses. The ongoing situation brought losses of 14.64% in a single day. The seven-day losses are even bigger as it has seen no improvement in gains, depreciating 53.11%. The following hours might see a further surge as the trend of losses continues in full bloom.
The price value for ATOM has been affected by deprecating value and is about $9.31. The current market cap value for ATOM is estimated to be $2,611,329,593. If we compare the 24-hour trading volume of this coin, it is about $1,482,849,619.
VET near halving
VeChain is also about to halve its value due to ongoing bearishness. The change has considerably affected its value. It can be guessed from the daily losses for VeChain, which have risen to 26.63%. The weekly losses are another indicator of how it has been dragged; it shows a loss of 49.18%.
The price value has moved in tandem with losses as reduced to 0.02674. The market cap value for VeChain has also been through pains as it is currently at $1,719,978,075. The 24-hour trading volume of this coin is about $603,583,294.
Final Thoughts
The global crypto market has seen a sharp decline in value due to strong currents of bearishness. The changes have been painful for it, as evident from the global market cap value decrease. As per the latest updates, the said value is about $1.20T and on further reduction. The only hope is institutional adoption of crypto, as some companies and states are buying the dips. The current situation might last for a while, but it would impact the market.
