- No short-term respite in view as the global crypto market loses 4.41 percent in 24 hours.
- Bitcoin lost 3.36 percent over the last 24 hours.
- Ethereum value hemorrhage slows, shedding 5.73 percent over the last day.
- EOS and IOTA follow bearish trend, losing 7.28 percent and 7.45 percent respectively.
The global crypto market entered a difficult phase as the losses for different coins, including Bitcoin and Ethereum, have increased to new levels. The situation has affected the top coins, and its impact has spread, leading the overall market into a recession. The market has continued to recede in value because of the worsening situation of Shanghai Stocks which affected the influx of investments. Another reason is the instability in the global markets, which affects Bitcoin investments and the crypto market in general.
Crypto exchange, Coinbase, has also been going through a difficult phase as it has faced several problems. The recent data shows a 3 percent decrease in the firm’s shares. Its trading volume is getting lower, which means an erosion in the value. The crypto market is facing another threat as the Federal Deposit Insurance Corporation (FDIC) asks banks about the details of their plans for crypto. The regulatory laws have tightened, and it is also one of the reasons crypto growth has slowed.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some others.
BTC unable to rise
Bitcoin 2022 conference continues to unfurl new drama as investors express their views. The latest is from Peter Thiel, who waved a $100 bill and referred to Warren Buffet as a ‘sociopathic grandpa.’ Various big names attended the conference, and each has promoted the common narrative of an impending Bitcoin price hike, which is most likely to happen.
The recent 24 hours proved difficult for Bitcoin as it shed 3.36 percent. The pace of Bitcoin’s losses has increased as the market seems to have thinner chances of recovery. The 7-day data shows that Bitcoin has depreciated 10.29 percent, and its impacts are evident on the global market because of Bitcoin’s market dominance.
The current price for Bitcoin has also lowered from the previous threshold levels as it is in the $41,228.36 range. If we compare the market cap value, it is estimated to be $783,699,130,045. The 24-hour trading volume of Bitcoin is about $28,013,560,780.
ETH sees steep depreciation
Ethereum has also been unable to turn its situation as the losses continued without any change. The volatility for Ethereum remains high as it has shown no indications of improvement in the short run.
The recent data for Ethereum shows that it has shed 5.73 percent in the last 24 hours. The amount of losses for Ethereum is quite exceptional as it is almost double that of Bitcoin. In comparison, the bulk of Ethereum is much smaller compared to the market giant. The weekly losses for Ethereum remained at 11.63 percent.
If we take a peek at the market cap value for Ethereum, it is also seeing a considerable decrease. The estimated value of it is $368,421,810,082. In comparison, the 24-hour trading volume of Ethereum is about $17,483,007,624.
EOS is facing hard times
For the recent few days, the EOS graph shows a downward trajectory as its value continues to dip. The decrease in value has affected new investments and old ones. The decrease in new influx has brought its daily performance to a loss of 7.28 percent. In comparison, the loss for the last seven days amounts to 21.43 percent.
The current price for EOS is in the $2.22 range. If we compare the market cap value, it is estimated to be $2,195,068,741. If we look at the 24-hour trading volume of EOS, it is about $432,693,154. The circulating supply for this coin remained at 086,609,125 EOS.
IOTA sees no improvement
IOTA has also been lingering in losses as the market did not bring favorable results over the last 24 hours. The losses amount to about 7.06 percent. If we compare the losses for the last seven days, they are about 22.31 percent. The pace of losses has grown over time, affecting investor trust.
The price value for IOTA is in the $0.6735 range. The market cap value for this coin is about $1,875,799,815. While the 24-hour trading volume of this coin remained at $35,947,202. The same amount in the native currency of Iota is about 53,265,991 MIOTA.
The market has not recorded any gains as the losing streak continues. The data for the last 24 hours shows that the global market cap has reduced to $1.89T due to continuing losses. The said value might not improve in the upcoming few days as the indicators continue to show a red flag. If the market regains a bullish pattern, it will take time to reach the previous value.