The global crypto market has seen a rapid change in performance. The value of Bitcoin, Ethereum and others improved significantly due to the influx of capital. The change in mercury has brought hope to investors who were looking for an improvement. Negative changes have affected the market and caused huge losses in the last few days. There is no certainty as to how long this upward trend will continue. There is a need for sustainable profits as the market has weakened due to the bearish trend.
Senators advance SBF-backed bill after FTX collapse. Lawmakers have plans to increase federal oversight of crypto exchanges and underlying cash markets. The shocking fall of FTX was the main reason for the movement of this bill. SBF was a supporter of the bill but faced opposition from industry leaders. This bill was called the Digital Goods Consumer Protection Act. The bill gives the CFTC oversight of crypto markets and exchanges.
The senators said in a statement that the current situation calls for an urgent need to oversee the industry. He also stated that consumers are still suffering due to lack of government. Monitoring and lack of accountability in the market. He added that he plans to work with his Republican counterpart and regulators on a bill to finalize it.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and others.
Bitcoin rises to $17.1 thousand
The recent downtrend in the market has cost the market $200 billion due to the fall of Bitcoin. On the other hand, Bitcoin Option data shows that a Bitcoin price below $17,000 will pay bears $200 million a day. If conditions change, losses can be reduced.
Recent changes for Bitcoin indicate a rapid reversal of performance. The latest data shows that it has increased by 7.69% in the last 24 hours. The weekly performance of this coin shows that it has lost 15.52%.
Bitcoin price value is currently in the range of $17,145.71. The market cap of Bitcoin is estimated at $329,267,313,444. Bitcoin’s 24-hour trading volume is about $78,242,041,518.
Ethereum is gaining momentum
Midas.Investments has migrated to Ethereum to build a stronger ecosystem. The mentioned name is one of the CeDeFi application platforms in Web3. Midas.Investments has migrated from Fantom to Ethereum.
Ethereum performance has also improved following the new changes. The latest data shows that it has increased by 10.07% in the last 24 hours. The seven-day data shows a decrease of 18.84%.
ETH price value is currently in the range of $1251.32. The market value of this coin is estimated at 153,129,431,312 dollars. The 24-hour trading volume of this coin is about $26,907,951,279.
STX revives achievements
After the recent bullish wave, the value of Stacks has also recovered. The latest data shows that it has increased by 9.61% in the last 24 hours. The weekly performance shows that there was a fall of 24.58%. The price value of STX is currently in the range of $0.2381.
The market value of Stacks is estimated at $319,882,182. The 24-hour trading volume of this coin is about 9 million 331 thousand 145 dollars. The same amount in its local currency is about 9331145.
KAVA becomes ascendant
Kava’s performance has also shown a change in speed with the increase in its profits. The latest data shows that it has increased by 18.27% in one day. The weekly performance shows a loss of 30.76%. KAVA price value is currently in the range of $0.9801.
Kava’s market value is estimated at $312,594,866. The 24-hour trading volume of this coin is about $24,685,857. The circulating supply of this coin is about 318935229 kava.
Final thoughts
The global crypto market has seen positive changes in recent hours. The performance of Bitcoin, Ethereum and others improved significantly. Constant changes have strengthened the market and brought new achievements to it. With the continuation of new changes, the value of the global market has also increased. The latest data shows that it is estimated to be 868.67 billion dollars.