The global crypto market has changed direction, shedding 1.19% over the last 24 hours.Bitcoin is in a bearish mood as it depreciated 1.93% in 24 hours.Ethereum is no different from Bitcoin, shedding 1.83%.Curve DAO is bullish as it gains 0.90%, while Kadena is bearish, shedding 0.98%.
The mood of the global crypto market remained bearish as the trend of sell-offs dominated the market. The result was a lowering value of the market, which is happening in contrast to the predictions for this week. Analysts had predicted that the market would continue bullish without facing impediments. In contrast, it happened the opposite, and the market has changed direction on the third day. There are chances that this bearishness proves short-lasting, as happened the previous week.
There have been speculations regarding the impacts of CBDCs on Bitcoin in the future. David Woo, the founder of David Woo Unbound, is of the view that it will bring huge trouble for Bitcoin and other cryptocurrencies. It is yet to be seen if the US decides to bring CBDCs, and if it happens, it would be an attempt to rival decentralized cryptocurrencies. Different countries are trying to work on bringing CBDCs, but there has been no implementation of any yet.
Thailand has turned averse to crypto as it has banned payments in crypto from April 1. Onwards, there would be no payments in crypto, and if a person goes against this decision, it will result in penalties. It has also begun to tighten regulations over crypto exchanges. Here is a brief overview of the current market situation using the performance of currencies like Bitcoin, Ethereum, and some others.
BTC turns recessive
Bitcoin has been going through a favorable situation as its gains continued for a lasting period. The change came in contrast to the predictions made over the past week. Though it might not be performing well in the market, it has seen some improvements. The latest is from Florida, where the governor has confirmed that tax payments could be made in Bitcoin onwards.
The data for the last 24 hours shows that Bitcoin has depreciated 1.93% over the last 24 hours. Its weekly gains have also lowered in value and come down to 4.04%. The fears of further depreciation might loom if the bearishness continues. The current price for Bitcoin is in the $42,103.93 range.
If we look at the market cap value for Bitcoin, it is estimated to be $799,618,624,922. In comparison, the 24-hour trading volume of Bitcoin remained $25,735,650,739.
ETH is in no good mood
Ethereum followed the dominant trend and changed direction as Bitcoin went bearish. The change has resulted in a loss of 1.83% over the last 24 hours. In comparison, the gains for the last seven days are about 10.17%. Experts are still optimistic about Ethereum as it might continue to remain in its strongholds.
The current price for Ethereum is in the $2,955.50 range. The new changes have brought it low from $3K as the changes led to lowering its value. The current market cap for Ethereum is estimated to be $354,889,358,847.
The 24-hour trading volume of Ethereum is about $13,584,988,375. If we convert this amount to the native currency of Ethereum, it is about 4,596,515 ETH. The circulating supply of Ethereum remained 120,077,726 ETH.
CRV continues bullish
The change in the market trend has affected the majority of the coins, with few exceptions. One of them is Curve DAO, which has remained bullish over the last 24 hours. The gains for the last 24 hours remained 0.90%. While if we compare the weekly gains, it has added 17.23% to its value. The current price for CRV is in the $2.31 range.
The weekly graph for this coin shows that it has fluctuated a couple of days back, lowering the value. It gained momentum after that, and it has raised its value since then. The current market cap for Curve DAO is estimated to be $1,073,935,708.
While if we take a peek at the trading volume for this coin, it remained $181,521,292. The same amount in its native currency is about 78,747,947 CRV.
KDA following the dominant trend
Kadena has been following the popular trend in the market. Since the market has turned bearish, it has also changed direction. The result has been a loss of 0.98% over the last 24 hours. The last seven days for this coin show no difference, and its performance shows a loss of 0.39%.
The price value of Kadena has also been affected as it remains $6.13 as per the latest updates. The market cap value for Kadena is about $1,049,299,217. In contrast, the trading volume for the last 24 hours shows $42,685,501.
The circulating supply for Kadena remained 171,287,601 KDA.
The global crypto market has entered a difficult phase as it has changed direction. The ongoing bearishness has deprived it of a significant value that it gained over the last few days. The result has been lowered market cap value which is currently estimated to be $1.91T. The bearishness might last for a short while because no evident indicators would have led to the loss. The changes might have been due to the investors’ uncertainty because of the speedy rally.