The global crypto market has seen a trend of decline in gains over the last day. The performance of Bitcoin, Binance Coin, and others shows that there is a considerable decrease in gains. The overall performance of the market shows a negative trend, affecting investor gains. As the market continues to lower gains, there will be a decline in the market value. The market is likely to continue on the negative side.
Grayscale has plans to consider a GBTC buyback if it loses the SEC buyback. Grayscale Investments has informed the investors of a contingency plan to deliver some capital to GBTC shareholders. Furthermore, it has expressed its resolve to do so even if it loses its appeal against the SEC’s decision to block GBTC from converting to a Bitcoin ETF. Grayscale may institute a 20% share buyback. Spot Bitcoin ETFs have faced issues since 2014 because of the price fluctuations of BTC and other regulatory issues.
The greatest example of the susceptibility of Bitcoin is the issue of FTX collapse. The mentioned change has proved to be devastating for the market because of unexpected happenings. FTX was one of the largest Bitcoin exchanges, and its collapse affected BTC price in a significant manner. Grayscale had planned to convert its GBTC into an ETF which was declined for various reasons by SEC.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC still bullish
Bitcoin miners continue to face trouble because of the bearish market. Bitcoin miner Core Scientific is reportedly filing for Chapter 11 bankruptcy. The company has failed to fulfill the revenue requirements and will likely file a bankruptcy application in Texas.
The recent changes for Bitcoin show that there has been a considerable decline in gains. The latest data shows that it has added 0.18% over the last 24 hours. The seven-day data shows that it has shed 5.44%.
The price value of BTC is currently in the $16,859.28 range. The market cap value of Bitcoin is estimated to be $324,367,033,921. The 24-hour trading volume of this coin is about $17,585,272,537.
BNB turns bearish
Binance faces charges of misleading advertisements in France. The mentioned company has faced a lawsuit from French clients because of the advertisements that it made on social media.
The performance of Binance Coin has been no different as the bearish trend continues. The latest data shows that it has shed 0.17% in a day. The weekly data also shows bearishness as it declined 8.96%.
The price value of BNB is currently in the $248.94 range. The market cap value of this coin is estimated to be $39,821,303,947. The 24-hour trading volume of the same coin is about $551,419,722.
FLOW in losses
Flow is also in losses because of the bearish trend. The latest data shows that it has regressed 1.24% over the last day as it couldn’t regain momentum. The weekly data shows that it has shed 19.91%. The bearish trend has brought FLOW price value to the $0.7681 range.
The market cap value of Flow is estimated to be $795,912,698. The 24-hour trading volume of this coin is about $16,394,149. The same amount in its native currency is about 21,286,835 FLOW.
XTZ changes direction
Tezos has also changed direction as it couldn’t retain its gains. The latest data shows that it has shed 0.59% over the last 24 hours. The weekly performance of this coin shows that it has receded by 17.88%. The price value of XTZ is currently in the $0.7979 range.
The market cap value of Tezos is estimated to be $734,474,732. The 24-hour trading volume of this coin is about $12,249,061. The circulating supply of the same coin is about 920,487,992 XTZ.
The global crypto market has seen a negative change in performance over recent hours. The value of gains for Bitcoin, Binance Coin, and others has lowered. As the market continues to face turbulence, there is a chance of further decline. The negative trend has affected the investors’ gains as well. The global market cap value has also suffered, as it is estimated to be $812.05 billion.