The global crypto market has witnessed a decrease in profits in recent hours. The performance of Bitcoin, Ethereum and others shows that there is no improvement. As the market has depreciated, profits have declined. The bearish trend has significantly affected the market as it faces turbulence. The market has repeatedly tried to break through the current resistance levels but to no avail. The current situation is likely to continue as the problems may not end anytime soon.
Representative Tom Emmer has said that SEC Chairman Gary Gensler should testify before Congress. The Minnesota representative said that Gensler’s agency failed to collect important information from crypto companies. He has asked Gensler to share his approach to cryptocurrency companies in Congress. He also added that Gensler would have to answer questions and share details of what customers would have to pay for their regulatory failures.
Emmer tweeted all of this in a Twitter thread mentioning Gary Gensler. He said the SEC failed to gather critical information and that if it had done so, the $32 billion FTX collapse would have been prevented. Furthermore, he believes that the information gathered by the SEC was ineffective and therefore of no use. He argued that the SEC has shown a consistent lack of clarity about its approach.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and others.
Bitcoin trading at an all time low
Increasing problems with Bitcoin privacy applications due to DDOS attacks on the TOR network have led to new solutions. The I2P solution for Bitcoin privacy applications provides more convenience for users and increases their security. These applications were facing problems due to DDOS attacks for most of the years.
Recent changes in the market indicate that Bitcoin is facing problems again. The latest data shows that it has fallen by 1.21% in the last 24 hours. Bitcoin’s weekly performance shows a decrease of 1.80%.
BTC price value is currently in the range of $16,947.28. Bitcoin market cap is estimated at $325,918,676,323. Bitcoin’s 24-hour trading volume is about $15,808,473,520.
ETH is in turmoil
There has been a significant increase in ETH gas fees as Binance has transferred funds to prove reserves. Recent reports indicate that it has reached 233 GWEI, causing panic.
The performance of Ethereum has also shown a negative trend. The latest data shows that it fell by 1.09% in the previous day. The seven-day data shows a decrease of 2.67%.
ETH price value is currently in the range of $1256.58. The market value of this coin is estimated at 153,772,858,466 dollars. The 24-hour trading volume of this coin is about $3,741,830,934.
TRX in trouble
Tron has not fared better compared to other coins in the market. The latest data shows that it fell by 2.17% in the previous day. Seven-day data shows an increase of 0.79 percent. The price value of TRX is currently in the range of $0.05372.
Tron’s market cap is estimated at $4,945,610,788. The 24-hour trading volume of this coin is about $126,002,417. The same amount in its native currency is about 2,345,862,176 TRX.
LINK reduces the value
There has been a continued negative trend for Chainlink. The latest data shows that it has fallen by 2.89% in the last 24 hours. The seven-day data shows a decrease of 11.18%. LINK price value is currently in the range of $6.68.
The market cap of Chainlink is estimated at $3,395,626,285. The 24-hour trading volume of this coin is about $140,764,125. The circulating supply of this coin is about 507,999,970 links.
The performance of the global crypto market has been negative. The latest data on Bitcoin, Ethereum and others shows a significant decline. With the decrease in market value, capital inflow has also decreased. The global market value has also been affected, as the latest data shows that it is estimated at $845.77 billion.
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