The global crypto market has witnessed yet another wave of volatility as the market has failed to hold on to its gains. Recent market changes show that Bitcoin, Ethereum and others continue to decline. Negative changes have continued in the market for some time and may continue in this way. The current situation indicates a difficult time for the market as it has not been able to return profits to investors and creates uncertainty.
Grayscale has cited security concerns for the lack of proof-of-storage on-chain. Grayscale has shared a letter from Coinbase’s custodian confirming that each of its assets is fully supported but not sharing any wallet addresses. The company shared details of its holdings in a Twitter thread but did not reveal any wallet addresses. The lack of disclosure will be disappointing to some, but sophisticated security measures have kept investors’ assets safe, it said.
The move from Grayscale came as a result of concerns about proof of reserves as the collapse of FTX created chaos in the market. A user who responded to the arguments said that Satoshi Nakamoto’s addresses are worth more but remain secure. Grayscale also shared a letter signed by Coinbase’s CFO and CEO confirming that the assets are safe.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and others.
Bitcoin is going down
Dogecoin has given Bitcoin and Ethereum a hard time, as its profitability has outstripped the two. Dogecoin remains a strong contender for the attention of cryptocurrency investors looking for assets with the most potential. Larger asset holders may also be attracted by DOGE.
Recent changes for Bitcoin indicate another wave of volatility. The latest data shows that it has fallen by 1.70% in the last 24 hours. Bitcoin’s weekly performance shows a decrease of 1.60%.
BTC price value is currently in the range of $16,626.66. The market cap of Bitcoin is estimated at $319,417,840,874. The 24-hour trading volume of this coin is about $24,103,100,059.
ETH in loss
Solana loses $1 billion in Ethereum due to FTX crash. A $1 billion chain transfer to convert USDT from the Solana blockchain to the Ethereum blockchain has been announced by stablecoin publisher Tether. The fall of FTX continues to affect the market.
Ethereum has also been affected by negative market changes. The latest data shows that it has fallen by 1.42% in the last 24 hours. The weekly performance of this coin shows a drop of 5.52%.
ETH price value is currently in the range of $1207.13. The market value of this coin is estimated at $147,721,330,601. The 24-hour trading volume of this coin is about $7,171,124,840.
QNT on the losing side
Quant’s performance also shows a negative trend. The latest data shows that it has decreased by 3.50% in the previous day. Weekly data showed a 1.21 percent increase. The price value of QNT is currently in the range of $116.14.
Quant’s market cap is estimated at $1,402,186,486. The 24-hour trading volume of this coin is about $33,096,410. The same amount in its native currency is about 284,891 QNT.
VET is facing a downward trend
VeChain has also faced a downward trend due to continued losses in the market. The latest data shows that it has fallen by 2.66% in the last 24 hours. The weekly performance of this coin shows a drop of 9.73%. VET price value is currently in the range of $0.01909.
The market cap of VeChain is estimated at $1,384,037,963. The 24-hour trading volume of this coin is about $3,260,161. The circulating supply of this coin is about 72,511,146,418 VET.
Final thoughts
The global crypto market has seen a negative change in its performance. Current changes suggest that Bitcoin, Ethereum and others are pulling back. Negative changes have affected the overall performance of the market. With the continuation of the negative trend, the market has seen fluctuations in capital inflow. Global market value has also been affected. The latest data shows that it is estimated at 830.64 billion dollars.