Due to Chinese optimism, the global crypto market could not sustain its gains for long. This change from Bitcoin and other coins has been regressive after this trend. The situation of different coins has worsened by observing the dominant downward wave. The market has changed dramatically over the past two months. The recession continues, although the threshold for the market has changed to around $ 1.3 trillion. If change continues, it is likely to be even less.
Australia has also begun to look at taxes and other aspects of digital currencies. Changes in the rules may be considered soon, as its tax administration has focused on raising capital from cryptocurrencies. Although most countries have focused on digital currency tax exemptions, new policies show that this scenario is changing. If the Australian Taxation Authority starts taxing capital gains from digital currencies, it may lead to the same decision in different countries. Web3 game company Metatheory, on the other hand, has raised $ 24 million. Also includes support for well-known names such as the A16z, Pantera and FTX.
Here is a brief overview of the current market scenario that analyzes the performance of Bitcoin, Binance Coin and others.
Bitcoin growth defeated
The former head of the Federal Reserve has criticized Bitcoin and other cryptocurrencies for their fluctuations and problems. Ben Bernanke believes that these assets are mostly speculative and are mostly used in underground activities. Criticism has been echoed inside and outside the market.
Bitcoin performance in the last 24 hours shows a decline of 2.86%. If we compare the weekly performance of Bitcoin, it is 1.15%. The change in the value of bitcoin has been rapid and has not been able to maintain its position above $ 30,000.
The price of Bitcoin is in the range of $ 29,574.43, because it goes further down. The bitcoin market value has also been damaged and is estimated to be worth $ 562,733,164,129. In comparison, the 24-hour Bitcoin trading volume is about $ 30,936,322,021.
The BNB is losing momentum
Binance Quinn has also suffered due to the unfavorable market situation. The crash of Terra UST has led to Binance’s involvement. CZ says Binance advocates paying compensation to individual users to help maintain customer trust. It remains to be seen what will happen next.
Data from the last 24 hours show that Bainance Quinn has fallen 3.56%. In comparison, the seven-day performance is still bullish. Binance Quinn’s weekly profit is 6.12%. The value of these gains may decline if they continue to decline.
The value of Binance Quinn has fluctuated as it is currently around $ 297.60. If we compare the market value, it is currently estimated at $ 48,603,452,125. Meanwhile, Bainance Quinn’s 24-hour trading volume is about $ 1,505,318,064.
UNI fall value
Uniswap is also facing a downturn as its daily performance shows a decline in value. Data from the last 24 hours show that Uniswap has dropped 4.52%. The losses in the last seven days are even greater because it is about 2.25%. The value of this coin is in the range of $ 5.11.
If we compare the market value of Uniswap, its value has decreased. Its current value is estimated at $ 3,413,522,579. The coin has a 24-hour trading volume of approximately $ 159,407,927. If we look at the amount of transactions in Uniswap local currency, it is about 31,178,375 UNI.
Super descending LINK
Chainlink has also seen negative changes in value due to the downtrend. The latest data show that it has decreased by 7.03%. If we compare the weekly performance, the loss reaches 1.71%. If the daily pattern continues, the weekly loss will increase.
The value of the LINK price is in the range of 7.31. Meanwhile, its market value is estimated at $ 3,413,522,579. The 24-hour trading volume of this coin is about $ 377,445,136. The current supply of Chainlink remained at 467,009,550 LINK.
Final Thoughts
The global crypto market is losing ground as the value of losses increases. The continuous recession for more than a few months has affected the market and reduced its value by almost half. The major affected coins are bitcoins and related altcoins. If we look at the total global market value for the crypto market, it is estimated to be $ 1.27 trillion. If the market sees improvement for a long time, it can prepare to return.