The downward movement of the global crypto market continues as it sheds 4.09%% in the last 24 hours.
Bitcoin sees no improvement in the situation, sheds 5.50% in 24 hours.
Binance Coin is also in a difficult situation as it loses 4.17% in 24 hours.
Theta Network and Tezos are bearish and suffer losses amounting to 5.78% and 5.10%, respectively.
The crypto market has stepped into difficult waters after the Russia-Ukraine war. There is no single day that passes without bringing some hardships for it. The latest news is the growing consent for sanctions on Russian investments in different fields. One of the most affected is crypto, where Russian nationals have invested heavily. Switzerland decided to freeze Russian crypto wallets, putting an end to neutrality in business. The story doesn’t end here; other countries are thinking about following the same step, which, if it happens, might be a big blow to the Russian investors.
The increasing chances of sanctions on Russian crypto investments have affected Bitcoin prices. The result is an uncertain situation for Bitcoin, which has seen a reduction in investors. The new changes in the market have also changed the course of investments. Investors think that gold is a better investment compared to Bitcoin. The reason is the loss of more than $100 Billion since the beginning of the Russia-Ukraine conflict. Thus, the geopolitical tensions have turned investments into solid investments like gold which are more reliable.
Here is a brief overview of the market situation using some chosen coins like Bitcoin, Binance Coin, and some other names.
BTC trying to stabilize itself
Bitcoin has seen a reduction in value since the Russia-Ukraine conflict. The change has dropped it from the regained value of $45K. Though analysts thought it would stay there for a longer period, the change brought it much low.
The latest updates tell of an improvement in its value which resulted from fluctuations. Its performance over the last 24 hours shows that it shed 5.50%. If we look at its performance for the previous seven days, Bitcoin has shed 0.11%. If it continues to fluctuate, it might not gain value. There is a need for continuous investments to raise it high.
The current price for Bitcoin is in the $39,048.18 range. The change in value has also affected its market cap, estimated to be $741,104,443,783. In comparison, the 24-hour trading volume value is about $26,061,278,133.
BNB continues to shed value
Binance coin is also going low like Bitcoin due to the ongoing bearish situation. The change in the market has deprived it of 4.17% in the last 24 hours. The performance of the same coin over the past seven days has remained bullish, and it has gained 1.17%. The current price for Binance Coin is estimated to be $378.88.
If we look at the trading volume of the Binance coin, it remained at $1,668,987,950. At the same time, its market cap is estimated to be $62,559,042,406. The circulating supply of this coin has also been affected as it went through a hard time, which is estimated to be 165,116,761 BNB.
THETA continues to lose
Theta Network is also one of those currencies shedding value because of the ongoing bearish trend. The data for the last 24 hours tell of a loss of 5.78% in its value. The result has been a reduction in its price, bringing it to $2.83. The seven-day performance for this coin shows that it has lost 0.44%.
The current market cap for it is estimated to be $2,831,738,586. The 24-hour trading volume for Theta Network is estimated to be $181,286,798. The same amount can be converted to its native currency valuing 64,019,609 Theta.
XTZ following the dominant trend
Tezos performance shows that its bullishness has gradually turned to bearishness. The ultimate end of it has been a downward movement which has cost it 5.10% over the last 24 hours. In comparison, it has shed 7.33% over the previous seven days. Thus, the investors face continuing losses because it has made no positive journey.
The current price for this coin is in the $3.09 range. If we take a peek at its market cap, it is estimated to be $2,742,442,591. In comparison, the 24-hour trading volume is estimated to be $113,013,619. The circulating supply for Tezos remained at 886,348,928 XTZ.
The market hasn’t seen any positive change over the last 24 hours. Instead, it has shed value. The amount of losses is 4.09%, while the market cap has reduced to $1.76T. The change in the political situation and formation of conflicting blocks on the global scene is worsening the situation for crypto, especially Bitcoin, which has suffered huge losses. If the situation persists, there are chances that the market will see further bearishness.