Muhammad Ali
The global crypto market has shifted to the negative side of the trajectory as the performance of various coins sees difficulties. The change in the performance of Bitcoin, Binance Coin, and others has affected the overall market. Thus, the entry of the market into another bearish bout will take it to further losses. The gains in the value of the various coins have been shed due to the strength of the ongoing bearish current. The market might follow the same alternating pattern of losses and gains.
A toss at Istanbul derby kick-off has created controversy. The referee kicked off the match with the flipping of Bitcoin. Soccer authorities took notice of this incident, and it didn’t stop here. Instead, it has led to a formal probe into the issue to find the seeking motives behind it. It is yet to be seen what motivated the referee to use Bitcoin. Also, the probe might have lasting impacts on the use of Bitcoin in soccer. On the other hand, David Marcus has launched a Bitcoin payments startup named Lightspark.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some other coins.
BTC back to recession
Emirates Airlines has extended its support for Bitcoin, NFTs, and other metaverse projects. According to the latest available updates, it will accept Bitcoin for payments and other purposes. The use of NFTs and other metaverse tokens is not yet revealed. It will help the dwindling value of Bitcoin stay in a stable range.
If we look at the performance of Bitcoin for the last 24 hours, it has shed 2.51%. If we compare that for the last seven days, the losses are about 10.01%. Though Bitcoin was consolidating its value, these changes will affect it.
The price value for Bitcoin has receded to the $29,658.06 range. If we compare the market cap value for Bitcoin, it is estimated to be $567,495,720,229. In comparison, its 24-hour trading volume of it is about $32,040,036,496.
BNB below $300
Binance Coin has also been in losses due to ongoing bearishness. The value of Binance has strengthened after the details revealed from the Onchain analysis report, which says that Terra’s Bitcoin reserves had been transferred to Binance and Gemini. The following situation led to the collapse of Terra UST.
The performance of Binance Coin has also suffered as it shed 2.64%. The weekly losses for Binance Coin have also increased, reaching 10.44%. If the situation persists, the value of losses might increase further.
The current price value for Binance Coin is in the $296.48 range. If we compare the market cap value, it is estimated to be $48,581,035,689. In comparison, the 24-hour trading volume of BNB is about $1,705,014,351.
NEXO stays bullish
Nexo has remained bullish as its value of it continued to increase. The data for the last 24 hours shows that Nexo had added 0.20%. The current situation shows that the gains for Nexo are dwindling as they have decreased in value. If we compare the weekly losses, these are about 23.96%.
The price value for this coin is in the $1.37 range. If we compare the market cap value for Nexo, it is estimated to be $768,684,969. The 24-hour trading volume is about $12,272,184. The same amount in its native currency is about 8,940,494 NEXO.
OKB in difficulties
OKB is also facing difficulties due to ongoing market depression. The data for the last 24 hours shows that it has shed 3.93%. The weekly losses for OKB have amounted to 18.83%. The price value for OKB has decreased to $12.29.
If we look at the market cap value for OKB, it is estimated to be $737,623,835. In comparison, its 24-hour trading volume of it is about $32,869,617. The circulating supply of OKB remained at 60,000,000 OKB.
Final Thoughts
The global crypto market has continued to shed value due to strengthened whales. If we look at the market cap value for the global market, it is about $1.27T. The value of Bitcoin is also on the decline as the market hasn’t seen improvement. The market has continued to alternate between bulls and bears, but the overall impact hasn’t been good as its value is recessive. It will need strong efforts to improve value as the changes have emaciated it.
