The bearishness for the global crypto market has continued at a relatively faster pace as the amount of losses has increased gradually. The performance of Bitcoin and the following altcoins suffered, affecting the remaining altcoins in the market. The situation might remain if it didn’t take the market lower than the $1.20T range. The market has turned to uncertainties with the start of 2022, and there has been little improvement. If there was a bullish bout, it didn’t last longer, affecting the value further.
Japan has been setting new grounds to facilitate crypto investors. The latest update tells of Bitbank setting up a custody firm for institutional entry into the markets. It has partnered with Sumitomo Mitsui to establish Japan Digital Asset Trust. It will facilitate the investors from the local markets. On the other hand, the billionaire Ray Dalio has acknowledged the presence of crypto in his digital assets. According to his statement, there is a tiny amount of Bitcoin in his assets. He talked about his investment portfolio on CNBC’s Squawk Box.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some altcoins.
BTC continues to shed value
Brazil has also followed the suit of Portugal in dealing with real estate using cryptocurrency. According to the available update, a Brazilian property developer has announced the purchase of property using Bitcoin. Thus, those interested in the offer can use their Bitcoin assets.
The latest data for Bitcoin shows that it has continued to lower value. It shed 4.31% over the last 24 hours. If we compare the data for the last seven days, it has shed 3.50%. The increasing trend of losses tells of an alarming rise in the pace of recession.
The price value for Bitcoin has also receded likely as it is currently about $28,971.23. In comparison, the 24-hour trading volume of Bitcoin is about $30,920,294,247. The market cap value for Bitcoin is estimated to be $551,921,917,452.
Binance Coin has been bearish since the market changed its direction. The latest changes to its value came after the warning from India’s Central Bank governor. The advisory has come after the collapse of Terra UST, as the investors might lose their sum from unruly events like this.
The latest data for Binance Coin shows that it has shed 4.05% over the last 24 hours. The past seven days for Binance Coin show better results as its gains remain at 4.63%. The changes have been retrogressive for Binance Coin, apparent from its price value.
The price value for BNB is in the $316.84 range. If we compare the market cap value for this coin, it is about $51,709,453,216. The 24-hour trading volume of Binance Coin remained at $2,198,802,925.
UNI reverses its additions
Uniswap has continued its journey in the reverse direction as the losses for its increase in value. The recent data for UNI shows that it has shed 6.40% over the last 24 hours. The past seven days were relatively better as they added 2.84%. The changes in value have been detrimental to its improvement.
The price value for Uniswap is in the $5.40 range. If we compare the market cap value for UNI, it is estimated to be $3,877,046,040. In comparison, the 24-hour trading volume of this coin is about $220,878,500. The same amount in its native currency is about 40,955,528 UNI.
ATOM lowers further
Cosmos has also been in losses since the market is recessive. The data for the last 24 hours shows that it has shed 10.54%, higher than any other coin in the top list. If we compare the seven-day losses, these are about 7.04%. The losses are moving even higher as the market has faced a strong bearish wave.
The price value for ATOM has been reduced to $10.67. If we compare the market cap value for this coin, it is estimated to be $3,056,000,320. Its 24-hour trading volume of it is about $308,169,921. The circulating supply for the same coin remained 286,370,297 ATOM.
The global crypto market has continued to bearish, affecting Bitcoin and other altcoins. The changes in the market continued for the second consecutive day as the losses increased. The global market cap value has continued to lower as it is currently about $1.24T. There is a possibility of further losses if the changes continue negatively. The market would need a stronger wave to get out of this cycle.