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  • Daily Price Analysis of Bitcoin, Ethereum, Nexo and GMX – October 23 Roundup

Daily Price Analysis of Bitcoin, Ethereum, Nexo and GMX – October 23 Roundup

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  Bitcoin

The global crypto market has continued to grow in value due to inflows. Recent changes for Bitcoin, Ethereum and others continue to show encouraging results. With the continued upward trend of the market, there has been satisfaction among investors. Continuous losses over the past few days were discouraging for investors as the situation worsened. Now, there is hope for recovery as the market has been able to hold its gains for a long time.

FTX has asked the court to protect BitGo’s assets during bankruptcy. The company keeps $740 million of the remaining digital assets in its cold wallets. The CEO of BitGo has declared that it is time to end man-made disasters. The maintenance service contract was signed on November 13, a day after a hacker drained millions of funds from it. The company and its affiliates must ask the court to grant protection before transferring the funds.

FTX agreed to pay BitGo $5 million for its services. Lawyers have estimated the cost of the service at $100,000 per month. FTX continues to investigate the loss of funds while attempting to recover the lost capital. As a result of continuous withdrawals, the company went bankrupt and collapsed as a result.

Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and others.

Bitcoin continues to grow

Bitcoin and others have increased in value due to the release of the Federal Reserve minutes. The Federal Reserve announced its plans for more hikes, suggesting it may move toward smaller interest rate hikes. If this happens, it will have lasting benefits for the entire crypto market.

BTCUSD 2022 11 24 05 56 50
Source: TradingView

Recent changes for Bitcoin indicate a continued uptrend. The latest data shows that it has increased by 2.19% in the last 24 hours. Bitcoin’s weekly performance shows a decrease of 0.87%.

Bitcoin price value is currently in the range of $16,542.62. Bitcoin market cap is estimated at $317,873,632,469. Bitcoin’s 24-hour trading volume is about $32,922,840,772.

Adds more ETH

The latest active Ethereum supply has hit an 11-month low for three to five years. The market has continued to face problems due to major events such as the collapse of FTX and other companies. Despite the strong downward pull, Ethereum has shown high resistance to negative changes.

ETHUSDT 2022 11 24 05 57 13
Source: TradingView

Ethereum’s performance also shows gains by maintaining the upward trend. The latest data shows that it has increased by 3.94% in the past day. The seven-day data shows that its loss is around 3.06%.

ETH price value is currently in the range of $1180.60. The market value of this coin is estimated at 144,474,881,980 dollars. The 24-hour trading volume of this coin is about 11103590635 dollars.

NEXO is bullish

The value of Nexo has also increased as a result of capital inflows. Recent changes show that it has increased by 1.37% in the last 24 hours. Weekly data showed a 0.96 percent increase. NEXO price value is currently in the range of $0.695.

NEXOUSDT 2022 11 24 05 57 35
Source: TradingView

Nexo’s market cap is estimated at $389,184,832. The 24-hour trading volume of this coin is about $4,636,050. The same amount in its native currency is about 6668969 NEXO.

GMX continues to rise

There is a significant improvement in GMX performance. The latest data shows that it has increased by 5.38% in the last 24 hours. The weekly performance of this coin shows an increase of 5.16%. The price value of GMX is currently in the range of $42.61.

GMXUSDT 2022 11 24 05 58 05
Source: TradingView

The market cap of GMX is estimated at $340,502,882. The 24-hour trading volume of this coin is about $1,856,2892. The circulating supply of this coin is about 7,990,696 GMX.

Final thoughts

The global crypto market has experienced an increase in capital inflows. The latest data shows that Bitcoin, Ethereum and others continue to increase in value. The recent changes have created a strong uptrend, which favors more inflows. Global market value has also strengthened as a result of these changes. The latest data shows that it is estimated to be $829.80 billion.