The global crypto market failed to improve in value as it failed to hold on to its gains. Recent data shows that Bitcoin, Binance Coin and others have continued to depreciate. The performance of the market in the past hours was faced with a short break of losses. But this movement cannot be maintained and the result is clear. As the downtrend continues, the market tends to decline further.
The FTX Foundation Future Fund team has resigned due to the behavior of the exchange. This fund planned to spend one billion dollars this year. In a statement, the team said it was shocked and saddened by the current events at FTX. The statement also added that the team cannot continue and is operating on grants. In addition, there were questions about the legitimacy and integrity of the business operations that funded the company.
The FTX Future Fund was launched in February this year to improve humanity’s long-term outlook. This fund planned to distribute at least 100 million dollars and a maximum of 1 billion dollars this year. These shocking events took the FTX SBF chairman’s fortune from $16 billion to less than $1 billion. The departure of FTX customers and the market crisis caused a rapid decrease in the value of the company.
Here is a short overview of the current state of the market, analyzing the performance of Bitcoin, Binance Coin and others.
BTC noses
Various economists have called Bitcoin the solution to the world’s business problems. Although the value of the Bitcoin price has fluctuated, it has shown great potential to sustain the economic system. Bitcoin can be a solution to the problems facing the global financial system.
Recent changes indicate a sudden fluctuation in the value of Bitcoin. The latest data shows that it has fallen by 5.55% in the last 24 hours. The weekly performance shows that Bitcoin has fallen by 21.57%.
BTC price value is currently in the range of $16,564.55. The market value of this coin is estimated at $318,112,849,702. BTC’s 24-hour trading volume is around $61,675,630,916.
BNB in loss
Binance has added 12 new projects to its incubation program. Available information indicates that these projects will be part of the fifth chapter of the Binance Lab incubation program. On the other hand, Binance has disclosed $40 billion in stablecoin reserves, promising transparency.
The performance of Binance Coin has also decreased due to the downward trend. The latest data shows that it has fallen by 5.85% in the last 24 hours. The weekly performance of this coin shows a drop of 20.75%.
The price value of BNB is currently in the range of $283.54. The market value of this coin is estimated at 45,358,629,464 dollars. The 24-hour trading volume of this coin is about $1,736,286,099.
VET keeps losing
As the unfavorable situation continues, the value of VeChain has not been able to maintain its gains. The latest data shows that it has fallen by 5.80% in the last 24 hours. The weekly performance shows a loss of 17.77%. VET price value is currently in the range of $0.02082.
The market cap of VeChain is estimated at $1,509,941,507. The 24-hour trading volume of this coin is about $91,371,240. The same amount in its local currency is about 4,427,610,150 VET.
QNT is facing decline
Quant’s performance has not shown any optimistic changes in recent hours. The latest data shows that it has decreased by 7.65% compared to the previous day. The weekly performance is no different as it is down 30.47%. The price value of QNT is currently in the range of $114.24.
Quant’s market cap is estimated at $1,379,207,595. The 24-hour trading volume of this coin is about $111,043,946. The circulating supply of this coin is about 12072738 QNT.
Final thoughts
The performance of the global digital currency market continues to deteriorate. The previous day had made some slight positive changes, but it could not be sustained. As the market changed direction, the value of Bitcoin, Binance Coin and others fell rapidly. The global market cap has also suffered as it is currently around $837.75 billion.