The global crypto market hasn’t been able to maintain the momentum as it has reduced the gains. The data for Bitcoin, Binance Coin, and others shows that the market gains have reduced. The losses might increase, and the market might change direction as the sell-offs continue. There is a possibility of a decrease in market value, as has happened previously. It is yet to be seen what will be the next move for the market.
The US has remained silent for a long regarding crypto policies as it has decided the fate of crypto regulations. Recently, the US treasury has called for global crypto regulations and asked for the development of CBDCs. Its representative has said that the US should partner with its allies in regulations and form a crypto policy.
There has been a hesitation on the global level regarding crypto regulations. Some countries like China, Russia, etc., have gone for sanctions, while others are looking forward to a proper crypto policy. In contrast, India has stifled the market with excessive taxation.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC back to $21K
Bitcoin has seen considerable lows as the market remains bearish. The latest data shows it has been trading 75% low compared to its all-time high. What makes it staggering is the considerable growth for altcoins. It has been a surprising trend for the market as altcoins have taken the lead.
The latest data for Bitcoin shows that it has added 5.20% over the last 24 hours. The comparative data for the last seven days shows that Bitcoin has added 13.75%. Though it is still bullish, the amount of gains has been reduced.
The price value for Bitcoin is in the $21,938.70 range. If we peek at the market cap value for Bitcoin, it is estimated to be $418,670,662,780. The 24-hour trading volume of Bitcoin is about $48,968,759,424.
BNB changes pace
Binance has seen considerable growth as it has expanded its business to various countries. The latest on the list is Spain, where it has acquired a Virtual Asset Services Provider license. The Spanish central bank has granted the mentioned license.
Binance Coin has also seen a change in pace as its gains have been reduced to 0.41%. This change has brought its weekly gains to 12.65%. This change has affected its price value as well.
The price value for BNB is in the $241.84 range. If we compare the market cap value for this coin, it is estimated to be $39,486,326,363. The 24-hour trading volume of this coin is about $1,393,247,950.
UNI reduces gains
Uniswap has also been seeing a reduction in gains, adding 0.66% over the last day. If we compare its weekly performance, the gains are about 18.86%. The overall market has been facing bearish changes. It has resulted in the reduction of the price value for this coin to $5.68.
If we look at the market cap value for UNI, it is estimated to be $4,170,858,942. The 24-hour trading volume of this coin is about $146,681,588. The same amount in its native currency is about 25,818,220 UNI.
LINK in losses
Chainlink has been facing a decline in value as it has seen a loss of 3.09% over the last day. The change in the last seven days shows that it has added 6.69%. The price value for this coin is in the $6.40 range. The ongoing trend shows that it might see a decline in price value.
The market cap value for LINK is estimated to be $2,978,123,257. The 24-hour trading volume of the same coin is about $460,417,415. The circulating supply of this coin is about 467,099,971 LINK.
Final Thoughts
The global crypto market has seen a trend as the influx of capital has changed. It has resulted in the reduction of gains for Bitcoin, Binance Coin, and some others. As the gains have been reduced, the investors have preferred to lower their investments. The result has been a global market cap value reduction, which is about $964.42 billion.
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