The global crypto market has faced the continuation of the negative trend. The recent hours did not bring profit for Bitcoin, Binance Coin and others. Instead, they have continued to depreciate due to an unfavorable market. The current situation suggests that the market is likely to be affected further. Due to geopolitical conditions and internal instability, this market has faced one of the longest winters in history.
Collapsed cryptocurrency exchange FTX and its affiliates have launched an asset review. The company’s bankruptcy filing on November 11 was a blow to the market. The company will begin a strategic review of its assets while working on the sale or reorganization of certain assets and businesses. The company’s downfall has cost more than 1 million users amid a bear market. However, FTX and its affiliates asked the court to authorize certain critical operations, including a prepayment claim of up to $9.3 million.
According to available reports, the largest financial position of FTX EU Ltd. It has $49.4 million in cash. while FTX US and West Realm Shire Services have $48.1 million. While the filings also show that the $2 billion investment by FTX Ventures is only $800,000 of the total amount remaining. The fallen exchange noted that these positions were calculated based on available verifiable books.
Here is a short overview of the current state of the market, analyzing the performance of Bitcoin, Binance Coin and others.
Bitcoin continues to lose
Bitcoin traders have increased long leverage despite critics claiming it’s a “Ponzi scheme.” The last 48 hours have been good for the Bitcoin market despite the tough times the market is facing. The continuation of FTX shocks has affected the market due to increased uncertainty.
Recent changes for Bitcoin indicate the continuation of difficult times. The latest data shows that it has fallen by 0.68% in the last 24 hours. Bitcoin’s weekly performance shows a decrease of 1.10%.
BTC price value is currently in the range of $16,655.67. Bitcoin market cap is estimated at $319,980,542,457. Bitcoin’s 24-hour trading volume is about $20,354,099,205.
BNB is facing problems
Binance CEO CZ has proposed six principles for centralized exchanges to avoid a fate like FTX. The FTX crash was a major event in the crypto market, and major companies have plans to prevent such events from happening.
The performance of Binance Coin shows that it has continued to decrease in value. The latest data shows that it has fallen by 0.82% in the last 24 hours. The weekly performance of this coin shows a drop of 3.93%.
The price value of BNB is currently in the range of $271.21. The market value of this coin is estimated at $43,385,898,199. The 24-hour trading volume of this coin is about $618511346.
The value of XRP will decrease
The value of XRP has continued to decline as the market continues to face winter. The latest data shows that it fell by 0.67% in the previous day. The coin’s seven-day performance shows an increase of 2.57%. The price of XRP is currently in the range of $0.3805.
The market cap of XRP is estimated at $19,138,187,278. The 24-hour trading volume of this coin is about $732,363,989. The same amount in its native currency is about 1,924,254,047 XRP.
ADA remains defeated
No positive changes have been made to Cardano’s performance. Recent data shows that it has fallen by 1.90% in the last 24 hours. The weekly data of this coin shows that it has lost 5.48%. ADA price value is currently in the range of $0.3248.
Cardano’s market cap is estimated at $11,177,719,368. The 24-hour trading volume of this coin is about $184,663,346. The circulating supply of this coin is about 34,411,552,943 ADA.
Final thoughts
The global crypto market has seen negative changes in performance. Recent data shows that there has been no growth in the value of Bitcoin, Binance Coin or others. Investors continue to suffer losses as the market continues to slide lower. This negative trend has also reduced the global market value as it is estimated to be $831.46 billion.