- The global crypto market has turned bearish, shedding 4.43% over the last 24 hours.
- Bitcoin has changed direction soon, shedding 4.78% in the last 24 hours.
- Binance Coin has also turned to losses; it shed 6.06% in 24 hours.
- Shiba Inu and Polygon Matic followed the dominant trend, depreciating 7.23% and 5.84%, respectively.
The global crypto market has taken a dramatic turn that was completely unexpected. The change came as the result of sell-offs that affected the new market investments. The change in the sell-off rate has resulted in an outflux of funds from the market. The result has been a significant decrease in the value of the market, which is the greatest depreciation over the last few weeks. This might be the start of a new wave of bearishness as the depreciation might lead to further volatility in the market.
Bank of Japan official has called for a common set of regulations for G7 countries. The mentioned official stated that these countries need to adopt common regulations’ set to help with easy transactions and reliable investments. The presence of a common framework will help protect common interests and safeguard against possible problems. Investment firms are working on studies to see if Bitcoin would be able to replace gold as the global reserve asset. VanEck says that its value can hit $4.8M if it can become the global reserve asset. The valuation is based on the uses and utilities that it will offer.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other currencies.
BTC lands in losses
Bitcoin was able to reverse the losses of the previous three days for a short while, and then it changed direction. The market couldn’t stand the wave of sell-offs, resulting in a continuous decrease in value. The new changes tell of an evident bearishness seen for Bitcoin and other currencies.
The recent data shows that Bitcoin shed 4.78% over the last 24 hours. The recent change in the market has also affected its weekly performance as the gains lowered to 2.21%. If we compare the price value, it has also been reduced. The current price for Bitcoin is in the $45,133.02 range. Previously Bitcoin was close to reaching $48K, but now it would have to struggle to stay stable at $45K.
The market cap value for Bitcoin is estimated to be $857,498,242,264. In comparison, the 24-hour trading volume of Bitcoin is about $35,096,908,118.
BNB turns bearish
Binance Coin has also seen a drastic fall in its value. It has followed Bitcoin in losses, even though it had recovered after the slight wave of bearishness hit the market. The recent data shows that the losses for Binance Coin amount to 6.06% for the last 24 hours.
If we compare the changes in performance for the last seven days, its gains have been reduced to 2.31%. The impacts on the price value are also evident as it depreciated like Bitcoin. The current price for Binance Coin is in the $424.50 range.
If we take a peek at the market cap value for this coin, it is estimated to be $70,091,964,562. In contrast, its 24-hour trading volume of it is about $2,604,920,243. The trading volume of the Binance Coin in its native currency is 6,136,452 BNB.
SHIB experiences sell-offs
Shiba Inu has also suffered due to bearishness in the market. The change came as the result of sell-offs trending in the market. Sell-offs have benefitted those who sold their stakes as the market receded.
The data for the last 24 hours shows that Shiba Inu suffered losses of 7.23%, more than Bitcoin and Binance Coin. The comparative performance for the last seven days shows relatively better value. Its weekly gains are about 4.45%. The price value of it is about $0.00002579.
If we compare the market cap value, it is estimated to be $14,158,650,598. The 24-hour trading volume of Shiba Inu is about $1,408,581,708. The circulating supply of this coin remained at 549,063,278,876,302 SHIB.
MATIC sees a steep depreciation
Polygon Matic has also been through hard times as the market went downwards. These changes resulted in the depreciation of 5.84% for this coin over the last 24 hours. If we take a peek at its weekly performance, it shows a depreciation of 0.97%. The recent changes have brought it to new lows.
The current price value for this coin is in the $1.62 range. If we take a peek at the market cap value for MATIC, it is estimated to be $12,452,704,636. The 24-hour trading volume of this coin remained at $971,634,172.
The circulating supply for this coin remained at 7,701,069,511 MATIC.
The global crypto market has suffered the impact of a sudden change in the market. The result of the downturn is an overall trend of depreciation for Bitcoin and altcoins, with some exceptions. The change has also affected the global market cap value, which is currently estimated to be $2.07T. It reduced from $2.16T to this range, and if the bearishness continues, there are chances that it will go further low. If we compare this bearishness to the other weeks, it might have far-reaching impacts because of the value of losses it suffered.