As the negative trend continues, the global crypto market has failed to recapture its gains. Recent changes for Bitcoin, Binance Coin and others indicate a continuation of the losing trend. The market performance remains on the losing side due to the changing political scenario. There is uncertainty in the US political scenario due to the mid-term elections. If there is no change in this situation, there is a possibility of casualties.
Following the FTX debacle, billions of dollars in digital currency continue to leave exchanges. Crypto exchanges have been experiencing massive withdrawals as these outflows have been triggered by the FTX crash. The high-profile crash has caused panic in the market. According to available information, more than $1 billion has been withdrawn from crypto exchanges.
Additionally, $950 million in USDC, $400 million in USDT, and $195 million in BUSD have also been withdrawn. Massive withdrawals of cryptocurrencies as a result of bankruptcy problems began when FTX signed a letter of intent with Binance. The former has plans to take over ownership of FTX. As the uncertainty continues, the crypto industry is trying to take stock of the situation.
Here is a short overview of the current state of the market, analyzing the performance of Bitcoin, Binance Coin and others.
Bitcoin continues to decline
Bitcoin has continued its downward trend as a result of the unfavorable market situation. The biggest name on the market lost $18,000 as it failed to hold its value. Analysts predict that investors should expect more losses. The liquidation has been nerve-racking for investors.
Recent changes in Bitcoin indicate that there has been no recovery. The latest data shows that it has fallen by 9.50% in the last 24 hours. The weekly performance shows that Bitcoin fell by 12.88%.
BTC price value is currently in the range of $17,819.84. Bitcoin market cap is estimated at $341,519,031,244. The 24-hour trading volume of this coin is about $123,645,528,853.
BNB is facing losses
Leading investors in FTX were kept in the dark about the recent transaction. SoftBank and BlackRock were not informed of the current situation. One of these two is the largest asset manager in the world and the other is one of the most important pension funds.
The value of Binance Coin has also been affected by the rapid downward trend. The latest data shows that it has fallen by 5.67% in the last 24 hours. Weekly data shows no difference as it fell 0.10%.
The price value of BNB is currently in the range of $305.51. The market value of this coin is estimated at $48,586,745,703. The 24-hour trading volume of this coin is about $5,409,216,836.
UNI in defeat
The value of Uniswap has also moved in a negative direction. Recent data shows that it has decreased by 11.31% in the last 24 hours. The weekly data shows a decrease of 17.27%. The price value of UNI is currently in the range of $5.73.
The market cap of Uniswap is estimated at $4,342,012,712. The 24-hour trading volume of this coin is about $418,065,476. The same amount in its native currency is about 73388409 UNI.
XMR is losing its value
Monero has also lost its value as there has been no favorable trend in recent hours. The latest data shows that it has fallen by 8.98% in the last 24 hours. The weekly performance shows a decrease of 10.90%. The price value of XMR is currently in the range of $132.93.
Monero’s market cap is estimated at $2,416,459,964. The 24-hour trading volume of this coin is about 166612983 dollars. The circulating supply of this coin is about 18,198,367 XMR.
As the negative trend continues, the global crypto market has not been able to resume its growth. The performance of Bitcoin, Binance Coin and others continues to show losses. Recent changes indicate that there has been a general trend of losses, keeping investors nervous. Global market value has also been affected. The latest data shows that it is estimated at 877.23 billion dollars.