The global crypto market has continued to grow in value due to inflows. The recent changes for Bitcoin, Ethereum, and others continue to show encouraging results. As the market has continued bullish, there has been contentment in investor circles. The continuous losses over the last few days proved to be discouraging for investors because of the worsening situation. Now, there is hope for improvement as the market has been able to retain gains for a lasting while.
FTX has asked the court to let BitGo safeguard its assets during bankruptcy. The company will hold $740 million of remaining digital assets in its cold wallets. BitGo CEO has stated that it is time to end human-caused disasters. The custodial services agreement was signed on 13 November, a day after a hacker drained funds worth millions from it. The company and its affiliates have to ask the court to permit protection before moving funds.
FTX agreed to pay a $5 million upfront fee to BitGo for its services. Lawyers have estimated the fee for services to be $100,000 per month. FTX has continued to investigate the loss of funds while also attempting to recover the lost capital. The company went bankrupt as a result of continuous withdrawals, resulting in its collapse.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC continues in gains
Bitcoin and others have risen in value due to the release of Fed minutes. Fed released its plans for a further hike, stating that it might shift to smaller interest rate hikes. If this happens, it will have lasting benefits for the overall crypto market.
The recent changes for Bitcoin show a continuing trend of gains. The latest data shows that it has added 2.19% over the last 24 hours. The weekly performance of Bitcoin shows a loss of 0.87%.
The price value of BTC is currently in the $16,542.62 range. The market cap value of Bitcoin is estimated to be $317,873,632,469. The 24-hour trading volume of Bitcoin is about $32,922,840,772.
ETH adding further
Ethereum supply last active for three to five years has reached 11 monthly low. The market has continued to face problems due to major events like the collapse of FTX and other companies. Ethereum has shown strong resistance to negative changes despite the strong downward pull.
The performance of Ethereum also shows gains as it stayed bullish. The latest data shows that it has added 3.94% over the last day. The seven-day data shows that its losses are about 3.06%.
The price value of ETH is currently in the $1,180.60 range. The market cap value of this coin is estimated to be $144,474,881,980. The 24-hour trading volume of the same coin is about $11,103,590,635.
The value of Nexo has also increased as a result of inflows of capital. The recent changes show that it has added 1.37% over the last 24 hours. The weekly data shows that it has added 0.96%. The price value of NEXO is currently in the $0.695 range.
The market cap value of Nexo is estimated to be $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 6,668,969 NEXO.
GMX continues to rise
There has been a considerable improvement in the performance of GMX. The latest data shows that it has added 5.38% over the last 24 hours. The weekly performance of this coin shows that it has added 5.16%. The price value of GMX is currently in the $42.61 range.
The market cap value of GMX is estimated to be $340,502,882. The 24-hour trading volume of the same coin is about $18,562,892. The circulating supply of this coin is about 7,990,696 GMX.
The global crypto market has experienced an increase in the inflow of capital. The latest data shows that Bitcoin, Ethereum, and others continue to enhance value. The recent changes have brought a strong bullish current, helping further inflows. The global market cap value has also strengthened as a result of these changes. The latest data shows that it is estimated to be $829.80 billion.