The global crypto market has seen a change in performance as the negative changes continue. The recessive changes in the market show that Bitcoin, Binance Coin, and others have suffered losses. As the global political and economic situation has deteriorated, the market has seen a decline in value. The recent increase in inflation rates in the US has been the major reason for the losses in the market. If a further Fed hike is announced, the value of these coins might suffer further setbacks.
J. P. Morgan CEO Jamie Dimon has called crypto and its related assets ‘decentralized Ponzi schemes.’ Dimon has previously criticized Bitcoin and other crypto assets as worthless. He said in a congregation that he has always remained skeptical of these assets. Dimon also repeated that he doesn’t believe in the notion that crypto is good for anyone. The use of crypto for sex trafficking, money laundering, and other illicit uses has brought a bad name to it.
Dimon also expressed his views about stablecoins which are controlled by algorithms. He referred to the collapse of Terra, which brought losses of more than $3 billion to its users. Dimon instead preferred his liking for regulated stablecoins, which will be something beneficial for the users.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC back to $19K
Nayib Bukele has remained one of the staunch supporters of Bitcoin despite the bearish pull. In a recent move, he took Bitcoin-related discussion to UN General Assembly. Bukele has continued to push Bitcoin-friendly legislation, though his country remains stuck in debt. IMF has predicted that El Salvador’s debt will reach $38 billion in five years.
The value of Bitcoin has continued to lower due to a stronger bearish pull. The latest data shows that it has shed 1.83% over the last 24 hours. The weekly data for Bitcoin shows that it has receded by 5.47%.
The price value for BTC is currently in the $19,005.01 range. The market cap value for Bitcoin is estimated to be $364,559,668,775. The 24-hour trading volume of Bitcoin is about $54,350,905,831.
Binance has set up a global advisory board to drive responsible crypto regulation. As the process of regulations across the globe has sped up, there has been a need for companies’ participation in the process. Binance’s head CZ has remained at the forefront in this regard.
The performance of Binance Coin has shown no encouraging results over the recent hours. The latest data shows that it has receded 0.48% over the last day. The performance of this coin for the last week shows a loss of 2.66%.
The price value for BNB is currently in the $268.59 range. The market cap value for this coin is estimated to be $43,404,228,554. The 24-hour trading volume of this coin is about $1,124,218,987.
NEM has been in a bullish state in contrast to the rest of the market. The latest data for this coin shows a gain of 1.17%. The seven-day data shows that it has shed 1.06%. The price value for XEM is currently in the $0.04061 range.
The market cap value for NEM is estimated to be $366,054,686. The 24-hour trading volume of this coin has also fluctuated, as it is currently about $10,873,017. The same amount in its native currency is about 267,334,247 XEM.
HOT in gains
Holo has also been following a bullish pattern as a bullish influx strengthened it. The latest data shows it has added 1.16% over the last 24 hours. The weekly data shows that it has lost 1.26%. The price value for HOT is currently in the $0.002047 range.
The market cap value of Holo is estimated to be $355,206,882. The 24-hour trading volume of this coin is about $26,589,771. The circulating supply of this coin is about 173,342,974,127 HOT.
The global crypto market has continued to suffer due to dominant bearishness. The latest data for Bitcoin, Binance Coin, and others show little hope. As the negative situation persists, the market will recede in value. The global market cap value is likely to suffer further. The latest data shows that it is estimated to be $924.44 billion.