The global crypto market couldn’t hold its gains for a long while due to the Chinese optimism. The change has been regressive to Bitcoin and other coins following the suit. The situation for various coins has deteriorated as a dominant wave of bearishness has been noted. The market has undergone a drastic change over the last two months. The recession has continued, though the threshold level for the market has changed to the $1.3T range. If the changes continue, there are chances that it might go even lower.
Australia has also begun to consider the taxation and other related aspects of crypto. The changes in laws might be considered soon as its taxation office has focused on capital gains from crypto assets. Though the majority of the countries have been focusing on keeping crypto tax-free, the new policies suggest that the scenario is changing. If the Australian taxation office starts taxing the capital gains from crypto, it might lead to the same decision in various other countries. On the other hand, Web3 gaming company, Metatheory has raised $24 million. It also includes backing from known names like A16z, Pantera, and FTX.
Here is a brief overview of the current market scenario analyzing the performance of Bitcoin, Binance Coin, and some others.
BTC growing recessive
The former Federal Reserve chairman has criticized Bitcoin and other crypto-assets for their volatility and related problems. Ben Bernanke believes that these assets were mostly speculative, and mostly they found use in the underground activities. The harsh criticism has found repercussions in and outside the market.
Source: TradingView
The performance of Bitcoin for the last 24 hours shows that it has shed 2.86%. If we compare the weekly performance of Bitcoin, it has the 1.15%. The change in the value of Bitcoin has been speedy, and it couldn’t retain its position above $30K.
The price value of Bitcoin is in the $29,574.43 range as it grows further low. The market cap value for Bitcoin has also suffered, and it is estimated to be $562,733,164,129. In comparison, the 24-hour trading volume of Bitcoin is about $30,936,322,021.
BNB losing momentum
Binance Coin has also been suffering losses because of the inconsistent market situation. The Terra UST collapse has led to Binance’s involvement in the issue. CZ says that Binance is in favor of compensating the individual users first to help retain customer trust. It is yet to be seen what will follow next.
Source: TradingView
The data for the last 24 hours shows that Binance Coin has shed 3.56%. In comparison, the seven-day performance yet shows bullishness. The weekly gains for Binance Coin amount to 6.12%. The value of these gains might reduce if the bearishness persists.
The price value of the Binance Coin has fluctuated as it is currently about $297.60. If we compare the market cap value, it is currently estimated to be $48,603,452,125. At the same time, the 24-hour trading volume of Binance Coin is about $1,505,318,064.
UNI shedding value
Uniswap has also been through a bearish wave as its daily performance shows a loss in value. The data for the last 24 hours shows that Uniswap has receded 4.52%. The losses for the last seven days are even higher as they are about 2.25%. The price value for this coin is in the $5.11 range.
Source: TradingView
If we compare the market cap value for Uniswap, its value saw a decline. Its current value of it is estimated to be $3,413,522,579. The 24-hour trading volume of this coin is about $159,407,927. If we look at the trading amount in the native currency of Uniswap, it is about 31,178,375 UNI.
LINK super-bearish
Chainlink has also undergone negative changes in value due to a bearish market. The latest data shows that it has shed 7.03%. If we compare the weekly performance, its losses amount to 1.71%. The weekly losses will see an increase if the daily pattern continues.
Source: TradingView
The price value for LINK is in the 7.31 range. At the same time, its market cap value is estimated to be $3,413,522,579. The 24-hour trading volume of this coin is about $377,445,136. The circulating supply of Chainlink remained at 467,009,550 LINK.
Final Thoughts
The global crypto market is recessive as the value of losses is growing higher. The continuous recession has affected the market for more than a couple of months, reducing its value to almost half. The major affected coins include Bitcoin and its closely following altcoins. If we look at the global market cap value for the crypto market, it is estimated to be $1.27T. If the market sees improvement for a long while, it will be able to prepare for a comeback.
