The global crypto market hasn’t been able to revive from losses as Bitcoin and others continue to lower value. These changes have resulted in the reduction of the market value, which has suffered much. These changes have caused a considerable loss to investors and crypto companies. The recessive trend for the market has lasted longer than usual, and some analysts say that the bottom is yet to be seen. As the changes continue, the investments in the market have been reduced drastically.
US Treasury has submitted the crypto regulation framework to Biden. Biden had issued an executive order demanding the preparation of a framework regarding crypto and other digital assets. The US treasury kept working on it, and now they have prepared the draft, sending it for approval.
It is yet to be seen whether it will be approved in one go or will have to go through changes. Also, there has been no clear information about the details of the draft. As soon as it is approved, the details of the regulation will be disclosed to the public.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC drops to $20K
Bitcoin had to see a textbook reversal over the last few days as the market continues to change. According to analysts, these changes suggest a new bullish pattern for Bitcoin. If this moment works on the spur of Bitcoin, it might have the chance to regain highs.
The latest data for Bitcoin shows that it has shed 3.15% over the last day. The changes for Bitcoin have continued to lower its weekly gains, which remain at 7.88%. These changes have affected its value over the last few months.
The current price value for Bitcoin is in the $20,619.08 range. If we compare the market cap value for Bitcoin, it is estimated to be $393,632,137,908. The 24-hour trading volume of Bitcoin is about $27,293,782,338.
ETH continues to recede
Analysts are comparing Ethereum and Polygon as possible competitors because of the gas fees. Some have even begun to consider reversing the current pattern as Polygon might be taking over the scene because of the low gas fees. Various other factors might give Polygon an upper hand.
The latest data for Ethereum shows that it has shed 3.09% over the last day. The changes for this coin over the last seven days show the addition of 9.45%. If the bearishness continues, it will continue to lower the price value.
The current price value for ETH is in the $1,153.18 range. If we compare the market cap value for the same coin, it is estimated to be $140,085,898,715. The 24-hour trading volume of the same coin is about $10,959,672,122.
DOGE faces difficulties
Dogecoin has also continued to face turbulence as the market continues to waver. These changes have brought a loss of 2.94% over the last day. The changes have also affected its weekly performance, as it has shed 0.61%. The price value has been lowering as it is currently about $0.06617.
The market cap value for DOGE is estimated to be $8,781,384,291. The 24-hour trading volume of the same coin is about $294,021,767. The same amount in its native currency is about 4,442,134,774 DOGE.
DOT trying to scale bottom
Polkadot has also been lowering as the market remains unfavorable. These changes have affected its daily performance, which shows a loss of 3.94%. These changes show that the weekly gains have been reduced to 0.96%. The price value is also in chaos as it is currently about $6.78.
The market cap value for DOT is estimated to be $6,697,199,174. The 24-hour trading volume of the same coin is about $424,695,944. The circulating supply of the same coin is about 987,579,315 DOT.