The global crypto market has seen continued volatility in capital inflows. Investors are not sure about the direction of the market. Therefore, the value of Bitcoin, Ethereum and other coins has continued to fluctuate, affecting their progress. Even though Bitcoin was expected to remain at $24,000, it failed to hold on to its gains and is lagging behind its lows. The same is true for other coins that have not advanced due to bearish traction. It is not yet clear how long this downward trend will continue.
Iran has made its first cryptocurrency-based import, raising concerns about sanctions evasion. According to available updates, Iran made its first official cryptocurrency import worth $10 million. The said import allows the country to trade using digital assets. It will also help Iran prevent the dominance of the US dollar in the market.
Reuters reported that the deal would help it deal with other sanctioned countries, including Russia. Iran’s Ministry of Industry, Mining and Trade announced that it will use blockchain and smart contracts for foreign trade with target countries by September. Iran is facing US sanctions because of its nuclear program. And it includes economic sanctions that are strictly enforced.
Here is a brief overview of the current market situation, analysis of the performance of Bitcoin, Ethereum and others.
Depreciation of Bitcoin
There have been mixed views on Bitcoin’s growth as an uncertainty looms. Based on available updates, billionaire Mike Novogratz has said that $30,000 Bitcoin is unlikely. He mentioned various reasons for the impossibility of crossing this dam.
The latest data for Bitcoin shows that it remains the underdog. Regression changes have deprived it of 4.16% in the last 24 hours. The weekly performance shows an increase of 0.03%.
The price of Bitcoin is in the range of $22,813.54. If we compare the market cap of Bitcoin, it is estimated at $436,131,335,342. Bitcoin’s 24-hour trading volume is about $24,339,731,201.
ETH is facing a decline
Ethereum DeFi Exchange Curve has suffered a frontend hack that has caused huge losses. According to available updates, cybercriminals have deprived it of $570,000 in Ethereum. The result has been the suspension of its accounts, while management has announced a fix.
Ethereum has also witnessed a decrease in value due to the stagnation of the market. Market changes in the last 24 hours have resulted in a loss of 5.79%. Weekly data shows an increase of 4.49%.
The drop in value has brought the value of ETH to the $1,672.62 range. The market value of this coin is estimated at 203,892,128,269 dollars. The 24-hour trading volume of this coin is about $16,983,119,618.
TRX in loss
Tron has also seen a turnaround in performance as the market remains unfavorable. The result of this change can be seen in the 24-hour loss of 0.24%. The weekly performance shows a drop of 2.66%.
The price of TRX is in the range of $0.06827. If we compare the market value of this coin, it is estimated at $6,292,870,973. The 24-hour trading volume of this coin is about $388,440,872. The same amount in its native currency is about 5,704,435,479 TRX.
LINK remains bearish
Chainlink also remains bearish as the influx remains low. The mentioned change brought 2.38% loss in the last 24 hours. Weekly data shows an increase of 20.00%. The result of these changes has been the reduction of its price to the range of $8.50.
The market cap for LINK is estimated at $3,985,718,834. The 24-hour trading volume for this coin is around $695,393,852. The circulating supply of this coin is about 470,099,970 LINK.
The global crypto market has witnessed a change in performance with bearish dominance. The result of these changes has been a significant reduction in value. Bitcoin, Ethereum and others have seen their value decline. Global market value has also been affected. It is currently estimated at $1.08 trillion. The decline took it down from a recent high of $1.14 trillion.