The global crypto market has continued to face problems due to ongoing bearishness. The recent changes show that Bitcoin, Binance Coin, and others have turned recessive. The alternating pattern of losses and gains has continued for a lasting while. The impact of this situation is evident from the fleeing investors who have continued to go for sell-offs. If the current situation persists, the market will lose a significant portion of its value to bearishness.
South Korea has begun to investigate crypto exchanges for listing native tokens. The initial investigations show that all crypto exchanges performed lawful operations across the country. However, the FLATA exchange is suspected of listing its in-house token, FLAT in January 2020. Native cryptocurrencies have been the biggest reason for the demise of various exchanges and ecosystems in 2022. The most recent of these is FTX which collapsed as the result of hacking and mass withdrawals.
The financial authority of Korea, KoFIU, launched a probe into crypto exchanges in relation to issuing their in-house tokens. FTX and 130 of its affiliated firms filed for bankruptcy due to the price crash of FTT. The probe from the financial regulatory authority is to ensure that the exchanges stick to investor safety principles. Further investigations might be carried out to ensure that there is little doubt left.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC faces loss
Bitcoin SOPR has hit a new low as a result of the decline in gains. The low has come as the two-year lowest after the short-term projections for the leading coin. There is hope for a BTC revival because of the infinite opportunities it has for the market.
The recent changes for Bitcoin show that it has faced another fluctuation. The recent data shows that it has shed 0.52% over the last 24 hours. The weekly performance of Bitcoin shows that it has shed 0.49%.
The price value of BTC is currently in the $16,558.67 range. The market cap value of Bitcoin is estimated to be $318,134,150,404. The 24-hour trading volume of Bitcoin is about $18,486,592,754.
BNB turns bearish
Crypto firms have rushed to audit their reserves as Binance’s CEO advised. The collapse of FTX was mainly the result of a $8 billion hole in its balance sheet. Though CZ’s advice has been taken positively, some have said a plain no to audits, Grayscale being the leading one.
The performance of Binance Coin has also shown red signs. The recent data shows that it has declined 0.78% over the last day. The weekly performance of this coin shows a loss of 4.12%.
The price value of BNB is currently in the $268.76 range. The market cap value of this coin is estimated to be $42,995,106,171. The 24-hour trading volume of the same coin is about $605,242,442.
XLM reduces gains
The value of Stellar has also reduced as the market remains on the back foot. The latest data shows that it has shed 0.25% over the last day. The weekly performance of this coin shows that it has added 0.35%. The price value of XLM is currently in the $0.08899 range.
The market cap value of Stellar is estimated to be $2,286,140,199. The 24-hour trading volume of this coin is about $47,675,167. The same amount in its native currency is about 535,150,139 XLM.
CHZ on decline
The performance of Chiliz also shows a declining trend as it continues to lower its value. The latest data shows that it has shed 7.54% over the last day. The weekly performance of this coin shows a gain of 15.07%. The price value of CHZ is currently in the $0.2302 range.
The market cap value of Chiliz is estimated to be $1,412,920,171. The 24-hour trading volume of this coin is about $833,393,905. The circulating supply of the same coin is about 6,136,972,128 CHZ.
Final Thoughts
The global crypto market has continued to face problems as the bearish trend continues. The value of Bitcoin, Binance Coin, and others has seen a decline. As the market faces bearishness, there has been a wave of sell-offs. The uncertainty in the market has led to an increase in divestments. The global market cap value is estimated to be $821.99 billion.
