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  • Daily Price Analysis of Bitcoin, Binance Coin, Cardano and Tron – October 20 Morning Forecast

Daily Price Analysis of Bitcoin, Binance Coin, Cardano and Tron – October 20 Morning Forecast

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  Bitcoin

The global crypto market has seen a negative trend as it failed to go up. Recent data for Bitcoin, Binance Coin, and others show continued declines. As no positive developments have occurred, investors have remained muted. Due to the deterioration of the global financial situation, which has affected investors, the market has witnessed a continued decline. It is likely that the market will continue in the same way in the coming hours. The market needs pressure to get out of this difficult situation.

Sam Bankman-Fried has proposed a standard for sanctioning and licensing DeFi protocols. DeFi protocols hosting websites and marketing products to US investors may require authorization and KYC obligations, SBF said. Sam believes that the crypto market should be an open community and keep the doors open for innovation. Despite the freedom this market offers, there is a need for regulatory oversight.

The SBF shared its thoughts on Twitter, expecting US officials to come up with detailed frameworks. According to the SBF, the solution to illicit financing is to adopt a blocklist rather than permission model. He also proposed a 5-5 model to prevent hacking that would help the market thrive. While licensing is also an essential part of the plan to help create a digital currency market.

Here is a short overview of the current state of the market, analyzing the performance of Bitcoin, Binance Coin and others.

BTC continues to lag behind

Bitcoin mining remained unprofitable during the third quarter. As the cost of mining Bitcoin continued to rise, Bitcoin miners faced a tough third quarter. The price of Bitcoin continued to fall, while the hashrate also faced problems. Continued volatility has affected Bitcoin’s performance in recent months.

BTCUSD 2022 10 20 18 10 05
Source: TradingView

Recent data suggests that Bitcoin may not be able to regain its momentum. The latest data shows that it fell 0.06% in the previous day. Bitcoin’s weekly performance shows a rise of 4.29%.

Bitcoin price value is currently in the range of $19,152.27. The market cap of Bitcoin is estimated at $267,346,444,828. The 24-hour trading volume of this coin is about $23,096,616,950.

BNB is bullish

Binance has expanded its European base by acquiring a new license. According to available updates, it has received its fourth license from Cyprus. The crypto exchange will provide services in Cyprus.

BNBUSDT 2022 10 20 18 10 33
Source: TradingView

The performance of Binance Coin has shown a positive trend. The latest data shows that it has increased by 0.11% in the last 24 hours. Weekly data shows a 4.34 percent increase.

The price value of BNB is currently in the range of $271.84. The market value of this coin is estimated at 43,782,720,371 dollars. The 24-hour trading volume of this coin is about $526,952,309.

Defeated ADA

Cardano has also stagnated due to the negative trend. The latest data shows that it has fallen 1.25% in the last 24 hours. Weekly data shows that it decreased by 2.63% due to negative trend. The price of ADA is currently in the range of $0.3515.

ADAUSDT 2022 10 20 18 11 53
Source: TradingView

Cardano’s market cap is estimated at $12,075,765,841. The 24-hour trading volume of this coin is about $399,141,946. The same amount in its native currency is about 1,133,553,280 ADA.

TRX in loss

Tron has also suffered losses due to the negative market situation. The latest data shows that it has declined by 1.08% compared to the previous day. The weekly performance shows an increase of 4.23%. The price value of TRX is currently in the range of $0.06225.

TRXUSDT 2022 10 20 18 13 33
Source: TradingView

The market cap for Tron is estimated at $5,741,545,287. The 24-hour trading volume of this coin is about $312,294,531. The circulating supply of this coin is about 92,299,635,739 TRX.

Final thoughts

The global crypto market has had a negative trend as it has not been able to overcome the difficulties. The current situation has affected the performance of Bitcoin, Binance Coin and others. With the continuation of the negative trend, investors are still suffering. Recent changes have also affected global market value. The latest data shows that this figure is estimated at 922.04 billion dollars. The current situation shows that there is a possibility of further reduction.