The global crypto market has continued to face difficult times as the bearish trend continues. The recent changes for Bitcoin show that it has continued to shed value while Binance Coin and some others have regained momentum. The uncertainty in the market shows that it still stands a chance of recovery. If the losses of the leading coins lower, there is a chance that the market will improve its value.
Experts claim that FTX collapse will change crypto industry governance standards for good. Following the FTX’s downfall, there is a chance that centralized exchanges will face increased regulatory scrutiny. The result could be a potential elimination of a lot of players from the play. The crypto market had been referred to as the wild west of the finance world. But the recent changes show that even the most daring of investors fear to step into it.
The collapse of FTX resulted in extreme damage to the industry which brought a dip to the majority of the assets. The ongoing changes have brought the question of what the future of centralized exchanges will be. Experts believe that there will always be a place for centralized exchanges, but their role will be reduced significantly.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to recede
The recessive trend for Bitcoin has brought a significant dip to the market. According to a recent update, green Bitcoin miner Iris Energy has crashed, resulting in taking an Aussie billionaire with it. The mining company said that it wasn’t able to return creditor money of about $107 million.
The recent changes for Bitcoin show a continuation of the bearish trend. The latest data shows that it has shed 0.24% over the last 24 hours. The weekly performance of Bitcoin shows that it has receded by 0.25%.
The price value of BTC is currently in the $16,482.17 range. The market cap value of this coin is estimated to be $316,733,095,181. The 24-hour trading volume of Bitcoin is about $23,237,478,205.
BNB regains momentum
Binance has released the proof-of-reserves system that is meant to bring stability into the market. The announced change will be first implemented with Bitcoin. These changes have been brought to ensure that the exchange is fit and healthy.
The performance of Binance Coin has shown a healthy change. The recent data shows that it has added 0.77% over the last 24 hours. The weekly performance of this coin shows that it has added 10.23%.
The price value of BNB is currently in the $299.71 range. The market cap value of this coin is estimated to be $47,945,323,808. The 24-hour trading volume of this coin is about $1,090,050,702.
XRP in gains
The performance of XRP has also shown a positive trend. The latest data shows that it has added 3.45% over the last day. The seven-day data shows that it has added 6.18%. The price value of XRP has enhanced to the $0.4024 range.
The market cap value of XRP is estimated to be $20,240,325,957. The 24-hour trading volume of this coin is about $1,624,681,699. The same amount in its native currency is about 4,036,076,688 XRP.
ADA still recessive
The value of Cardano has continued to recede as the inflows didn’t turn it bullish. The latest data shows that it has shed 0.39% over the last day. The weekly performance of this coin shows that it has regressed by 4.11%. The price value of ADA is currently in the $0.3135 range.
The market cap value of Cardano is estimated to be $10,795,001,655. The 24-hour trading volume of this coin is about $223,193,410. The circulating supply of the same coin is about 34,429,588,450 ADA.
Final Thoughts
The global crypto market has faced a decline in value despite an improving influx of capital. Though Binance Coin has turned green, there has been no positive change for Bitcoin yet. The negative changes have continued to affect the market. The global market cap value is still stuck in the same range as it is estimated to be $829.94 billion.
