- The global crypto market has witnessed a recessive trend as it shed 1.17% in 24 hours.
- The performance of Bitcoin has also shown a decline in value as it shed 1.21%.
- Ethereum has also faced a recessive trend as it shed 1.09% over the last day.
- Tron and Chainlink are both bearish, as they shed 2.17% and 2.89%, respectively.
The global crypto market has seen a decline in gains over recent hours. The market has repeatedly made attempts to cross the current resistance levels but to no avail. The current situation is likely to continue as the difficulties might not come to an end anytime soon.
Representative Tom Emmer has said that SEC chair Gary Gensler must testify before Congress. The Minnesota representative said that Gensler’s agency has failed to gather critical information from the crypto companies. He has asked Gensler to share his approach before Congress regarding crypto companies. He further added that Gensler should answer questions and share details of the cost that the customers had to pay for his regulatory failures.
Emmer Tweeted all this in a Twitter thread mentioning Gary Gensler. He said that SEC failed to gather critical information, and if it had, the collapse of $32 billion FTX collapse would have been prevented. Furthermore, he is of the view that the information collected by the SEC was ineffective and, as a result, of no use. He argued that SEC had displayed a consistent lack of clarity regarding its approach.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC trading in lows
The increased problems for Bitcoin privacy apps due to the TOR network’s DDOS attacks have led to new solutions. The I2P solution to Bitcoin privacy apps will create more convenience for the users, enhancing their security. These apps faced difficulties most of the year due to DDOS attacks.
The recent changes in the market show that Bitcoin has again faced problems. The latest data shows that it has shed 1.21% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 1.80%.
The price value of BTC is currently in the $16,947.28 range. The market cap value of Bitcoin is estimated to be $325,918,676,323. The 24-hour trading volume of Bitcoin is about $15,808,473,520.
ETH facing turbulence
There has been a considerable increase in the ETH gas fee as Binance has moved funds for Proof of Reserves. Recent reports show that it has surged to 233 GWEI, causing panic.
The performance of Ethereum has also shown a negative trend. The latest data shows that it has shed 1.09% over the last day. The seven-day data shows that it has receded by 2.67%.
The price value of ETH is currently in the $1,256.58 range. The market cap value of this coin is estimated to be $153,772,858,466. The 24-hour trading volume of the same coin is about $3,741,830,934.
TRX in difficulties
Tron has been in no better situation compared to other coins in the market. The latest data shows that it has shed 2.17% over the last day. The seven-day data shows that it has added 0.79%. The price value of TRX is currently in the $0.05372 range.
The market cap value of Tron is estimated to be $4,945,610,788. The 24-hour trading volume of this coin is about $126,002,417. The same amount in its native currency is about 2,345,862,176 TRX.
LINK lowers value
There has been a continuation of the negative trend for Chainlink. The latest data shows that it has shed 2.89% over the last 24 hours. The seven-day data shows that it has shed 11.18%. The price value of LINK is currently in the $6.68 range.
The market cap value of Chainlink is estimated to be $3,395,626,285. The 24-hour trading volume of this coin is about $140,764,125. The circulating supply of the same coin is about 507,999,970 LINK.