The bearish current in the global crypto market continues despite the efforts of investors. Bitcoin and other giants in the market haven’t seen good days since March 2022, and the brief respite didn’t bring any good. The only practical utility it brought was serving as a temporary dyke to regression. If the current bearishness lasts for a long while, it will lower further the global market cap value, which has seen a considerable decrease.
The difficulties for the US Securities and Exchange Commission have increased as Grayscale has sued it for rejecting its application for Spot Bitcoin ETF. SEC has already been facing issues due to its lawsuit against Ripple, which is expected to be decided soon. Grayscale is one of the largest digital assets managers, and this case might prove a game-changer for this company.
Their main accusation is the unfair treatment of different companies regarding processing applications from different companies. The lawsuit discusses it has broken the law by not following principles of fair play.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and other altcoins.
BTC lowers to $19K
Bitcoin has seen improvements across the globe as New Spot Bitcoin ETF was launched at Euronet Amsterdam Exchange. This Jacobi exchange will start offering its services to the customers in July 2022. It will create opportunities for Bitcoin investors.
The latest data for Bitcoin shows that it has shed 4.64% over the last 24 hours. In comparison, the data for the last seven days shows that it has shed 7.61%. The value of Bitcoin has continued to lower as the problems persist.
The current price value for Bitcoin is in the $19,092.72 range. In comparison, the market cap value for Bitcoin is estimated to be $363,920,334,667. The 24-hour trading volume of this coin is about $24,713,623,573.
BNB on a free-fall
Binance is at the forefront of developing Web 3 and metaverse technologies. According to the latest available updates, Binance has announced its support for Cambodia in developing crypto regulations. Many countries have continued to lag as they look forward to others for a step forward.
Binance Coin has seen a strengthening trend of loss as it has receded 4.64% over the last day. The weekly performance also shows erosion in value as it has shed 7.44%. The ongoing changes suggest that the market will continue to lower in value.
The price value for BNB is in the $208.75 range. In comparison, the market cap value is estimated to be $33,962,187,021. The 24-hour trading volume of the same coin is about $1,032,956,588.
ZEC shows a steep downtrend
Zcash has been moving downwards as the market has remained recessive. The latest data shows that it has shed 10.39%. The changes have continued to affect the weekly performance, showing a loss of 18.66%. The changes in daily and weekly performance have continued to erode its price value.
The current price value for ZEC is about $52.55. In comparison, the market cap value is estimated to be $767,158,171. The 24-hour trading volume of this coin is about $84,183,334. The same amount in its native currency is about 1,614,950 ZEC.
AAVE in a regressive mood
Aave has also been moving downwards as it has shed 9.61% over the last day. The changes show that it has lost 20.07%. The regressive market situation shows that the losses might continue. The current price value for this coin is about $54.33.
If we look at its market cap value, it is estimated to be $752,096,735. The 24-hour trading volume of this coin is about $185,297,381. The circulating supply of this coin remained at 13,915,774 AAVE.
Final Thoughts
The global crypto market has remained recessive as the losses have remained unchanged. The latest situation shows that the bearishness worsened as Bitcoin and other coins in the market moved downwards. These changes have also affected the global market cap value, which is currently estimated to be $852.81 billion. If losses continue, it is expected to recede further.
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