The global crypto market has faced a decline in performance over the last day. The last day brought gains and the recent hours brought the market back to losses. The current situation might continue until the market finds its reasons for certainty.
Gary Gensler is to brief house Democrats in the run-up to the FTX hearing. Democrats on the House Financial Services Committee are holding a series of closed-door briefings with financial regulators. The meetings are taking place in preparation for a hearing regarding the spectacular collapse of FTX. Gary Gensler is one of those names who will brief the House Financial Services Committee next week. Gensler will speak at a Democrats-only briefing on Tuesday.
Senior staff for the Commodities and Futures Trading Commission also briefed the bipartisan staff of the committee. It is unclear whether Gensler and his CFTC counterpart Rostin Benham will appear before the committee. Benham has already testified before the Senate Agriculture Committee on FTX and legislation to reform. The SEC chair has called the collapse of FTX part of the ‘pattern’ of the crypto industry.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC trading at $17K
Bitcoin has now been undervalued for the last 170 days. The on-chain data shows that this figure is comparable with the previous bear markets. But the point is that Bitcoin recovery is possible after record realized losses and leverage flush out.
The recent data for Bitcoin shows the return of the bearish trend. The latest data shows that it has shed 1.22% over the last 24 hours. The seven-day data shows that it has added 5.00%.
The price value of BTC is currently in the $17,047.17 range. The market cap value of Bitcoin is estimated to be $327,740,748,984. The 24-hour trading volume of Bitcoin is about $21,354,611,989.
ETH in losses
Vitalik Buterin has discussed his excitement for the future of Ethereum. Buterin was specifically bullish on the rise of decentralized blockchain identities to enhance user privacy. He also published a blog about the exciting use cases of the Ethereum blockchain.
The performance of Ethereum has also shown a negative trend over recent hours. The latest data shows that it has shed 1.90% over the last 24 hours. The seven-day performance of this coin shows that it has added 17.12%.
The price value of ETH is currently in the $1,265.75 range. The market cap value of Bitcoin is estimated to be $154,894,758,594. The 24-hour trading volume of the same coin is about $5,907,040,717.
ALGO recessive
Algorand has also been on the regressive side due to the negative trend. The latest data shows that it has shed 1.62% over the last day. The seven-day data shows that it has declined by 0.39%. The price value of ALGO is currently in the $0.2369 range.
The market cap value of Algorand is estimated to be $1,687,165,012. The 24-hour trading volume of this coin is about $70,887,565. The same amount in its native currency is about 298,796,968 ALGO.
QNT changes direction
The value of Quant has also been at lows due to the bearish trend. The latest data shows that it has shed 4.14% over the last day. The seven-day data shows that it has added 13.04%. The price value of QNT is currently in the $126.40 range.
The market cap value of Quant is estimated to be $1,525,937,168. The 24-hour trading volume of this coin is about $42,516,690. The circulating supply of the same coin is about 12,072,738 QNT.
