The global crypto market couldn’t retain its gains as it shed significantly over the recent hours. There has been a recessive trend for Bitcoin, Binance Coin, and others. As the market continues recessive, the value of investor investments has decreased. The biggest impact of the recessive trend is reducing investments in the market. The market has almost lost two-thirds of its value since the Russian invasion of Ukraine. There is a chance that it likely loses further value.
Japanese regulators have loosened crypto laws to make it easier to list coins. The Japan Virtual and Crypto Asset Exchange Association said it plans to make the process further easy. The association serves as the governing body of crypto-related issues in Japan. According to a Bloomberg report, the agency wants to loosen the process further for businesses. Once the new changes take place, the already authorized exchanges will benefit from it.
However, the relaxations won’t benefit new exchanges in the Japanese market. The regulators could abolish the lengthy screening process, even for coins introduced in March 2024. The association’s vice president said the measure would help revitalize Japan’s crypto industry. The new changes will help startups get a better chance to establish their business.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stays recessive
Bitcoin and other crypto assets have been added to the Guinness World Record. The Guinness World Records have recognized crypto assets while declaring Bitcoin the first and the most valuable cryptocurrency. These changes have come when the global crypto market has seen a decline in value.
The recent changes for Bitcoin show the continuation of the negative trend. The latest data shows it has shed 2.21% over the last 24 hours. The weekly data shows that Bitcoin has added 0.45%.
The price value for BTC is currently in the $19,173.32 range. The market cap value for Bitcoin is estimated to be $367,812,652,887. The 24-hour trading volume of Bitcoin is about $28,231,259,056.
BNB continues bearish
Binance has revised Terra Classic’s deposits and withdrawal fees. The renowned crypto exchange had previously announced a decrease in burn tax. In a new development, it has reduced the tax from 1.2% to 0.2%. The Terra Classic community successfully completed the three batches of LUNC burn recently.
The recent changes for Binance Coin also show a trend of decline. The latest data shows that it has shed 0.89% over the last day. The weekly data shows that it has added 0.38%.
The price value for BNB is currently in the $271.56 range. The market cap value for this coin is estimated to be $43,722,273,595. The 24-hour trading volume of this coin is about $541,562,08.
XRP regresses further
The ongoing changes for XRP also show a negative trend. The latest data shows that it has shed 3.41% over the last day. The seven-day data shows that it has receded by 6.83%. The negative changes have brought the XRP price value to the $0456 range.
The market cap value for XRP is estimated to be $22,712,294,227. The 24-hour trading volume of this coin is about $1,367,488,337. The same amount in its native currency is about 3,003,655,706.
SOL in losses
The performance of Solana also shows a negative trend. The latest data shows that it has shed 3.24% over the last day. The weekly data shows that it has regressed by 3.90%. The price value for SOL is currently in the $29.90 range.
The market cap value for Solana is estimated to be $10,701,930,791. The 24-hour trading volume of this coin is about $691,832,199. The circulating supply of this coin is about 358,114,170 SOL.
Final Thoughts
The global crypto market has seen a decline in value. The recent data shows that Bitcoin, Binance Coin, and others stayed recessive. The ongoing changes have resulted in a decrease in gains for investors. The global market cap value has also been affected as the negative changes continue. The latest data shows that it is estimated to be $923.36 billion. As the negative changes continue, it is likely to recede further.
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