The global crypto market has faced a sharp decline as the market took a speedy turn. The value of Bitcoin, Ethereum, and others has changed speedily due to the meltdown. The ongoing crash has been the result of midterm elections in the US and the resulting macroeconomic change. As the overall market has faced hard times, crypto has been no exception. The situation seems likely to continue as there will be little positive change in the coming days.
Circle CEO Allaire has called the FTX crisis crypto’s ‘Lehman Brothers’ moment. He has referred to the current situation as being resemblant to Lehman Brothers which resulted in offsetting the 2008 financial crisis. The FTX insolvency crisis has resulted in the crypto market turmoil which has affected various coins. The current situation has a close resemblance to how someone has helped develop technology and was later involved in activities that led to its own decline.
Allaire said that Circle’s USDC hasn’t been affected by the current crisis. He referred to it as the largest stablecoin and any negative change that affects it could be catastrophic. Allaire emphasized that USDC is used across the globe and fully backed by government treasury bonds and cash. The native token of FTX has fallen 80% and Binance is likely to buy it.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC lowers to $18.3K
Dogecoin co-founder has said that Bitcoin will hit $100,000. The largest cryptocurrency has seen a speedy decline in value over the past few months. The mentioned coin was able to maintain its value above $20K but has begun to lose control. The ongoing changes might take it to further lows.
The recent changes for Bitcoin show that it couldn’t retain its value. The latest data shows that it has receded 10.90% over the last day. The weekly performance of Bitcoin shows a loss of 10.27%.
The price value of BTC is currently in the $18,388.83 range. The market cap value of this coin is estimated to be $352,591,469,428. The 24-hour trading volume of Bitcoin is about $121,037,928,247.
ETH on a sharp decline
The US Treasury has sanctioned Tornado Cash again, alleging it for supporting the North Korean government. According to recent updates, the Ethereum and other coins’ mixer has been sanctioned for its alleged use in breaking sanctions.
The performance of Ethereum shows that it couldn’t retain its gains. The downslide has resulted in a loss of 15.88% over the last 24 hours. The weekly performance of this coin shows a loss of 16.39%.
The price value of ETH is currently in the $1,321.59 range. The market cap value of this coin is estimated to be $161,702,233,365. The 24-hour trading volume of this coin is about $121,037,928,247.
MATIC faces downtrend
The value of the Polygon has also undergone losses. The latest data shows that it has shed 17.71% over the last day. The weekly performance of this coin shows an addition of 15.16%. The price value of MATIC is currently in the $0.9965 range.
The market cap value of Polygon is estimated to be $8,792,678,342. The 24-hour trading volume of this coin is about $2,441,286,401. The same amount in its native currency is about 2,425,082,511 MATIC.
AVAX regressive
The performance of Avalanche has also been regressive. The recent data shows that it has shed 13.27% over the last 24 hours. The weekly performance of this coin shows that it has shed 15.31%. The price value of AVAX is currently in the $15.52 range.
The market cap value of Avalanche is estimated to be $4,658,938,882. The 24-hour trading volume of this coin is about $881,601,040. The circulating supply of the same coin is about 299,616,499 AVAX.
Final Thoughts
The global crypto market has faced a sharp decline in value due to changing political scenario in the US. The recent changes for Bitcoin, Ethereum, and others show that there has been no improvement. Instead, the value of the overall market has continued to lower. The result of these changes is a sharp decline in the global market cap value. The latest data shows that it is estimated to be $911.08 billion.
