The global cryptocurrency market remains bullish, albeit less dynamic. There have been changes in the performance of Bitcoin, Binance Coin, etc. as profits have declined. The market turned bullish the day before, but capital inflows were lackluster. The result of these changes is a weakened market that has been unable to resist downward pressure. As pressure builds, the market may face another bearish trend.
US Senator Pat Toomey said in a statement that cryptocurrencies cannot be stopped. He spoke at a Senate Banking Committee hearing about the collapse of FTX. He explained the illegal activities of various exchanges, but added that legitimate companies and innovative companies should be separated. He emphasized that the collapse of FTX is not the crypto industry’s fault. He added that if Congress tries to stop the industry, it may move offshore.
He spoke about the events that led to FTX’s demise, calling the practice unacceptable. He said the collapse of FTX does not justify an outright ban on crypto. He asked about whether mortgages are prohibited. Similarly, it concluded that the cryptocurrency industry needs to prevent illegal activity and allow legal activity.
Here is a quick overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, etc.
BTC Stuck at $16.4K
Bitcoin plummeted as withdrawals from Binance peaked. 15 million bitcoins are self-custody, demonstrating the level of trust investors have left in a centralized exchange. Derivatives switched to risk-off as a result of peak withdrawals.
Bitcoin’s recent changes point to a continuation of the bullish trend. The latest data show an increase of 0.22% in the last 24 hours. Seven-day data shows that Bitcoin has fallen 2.48% of him.
Currently, BTC price is in the $16,740.51 range. Bitcoin’s market capitalization is estimated at $322,037,913,045. Bitcoin’s 24-hour trading volume is around $10,780,438,193.
BNB Remains Bullish
Michael Burry continues to criticize the audit of Binance Fund. He plainly said the audit was pointless. Binance presented his Proof-of-Reserves report to customers, but there were rumors about huge withdrawals.
Binance Coin’s performance is also showing a bullish trend. The latest data show an increase of 3.82% over the previous day. Seven days of data show a 14.77% drop.
BNB price is currently in the $247.06 range. The market cap of this coin is estimated at $29,521,560,090. His 24-hour trading volume for the same coin is about $954,804,536.
MATIC reduces gain
Polygon’s value shows its resilience as it continues to grow. A recent change for this coin shows the gain dropping to 0.87% in the last 24 hours. Seven days of data show a 10.67% drop. MATIC prices are currently in the $0.8126 range.
Polygon’s market capitalization is estimated at $7,097,807,733. His 24-hour trading volume for this coin is around $188,141,170. The same amount in your home currency is approximately 231,510,141 MATIC.
SOL faces hardships
Solana is also struggling under severe downward pressure. According to the latest data, in one day he has increased by 1.29%. Seven days of data show a 9.13% retreat. SOL is currently priced in the $12.41 range.
Solana’s market capitalization is estimated at $4,549,540,386. His 24-hour trading volume for this coin is around $109,881,659. The same coin has a circulation of approximately 366,569,239 SOL.
final thoughts
The global crypto market has shown a positive trend in recent hours. The value of Bitcoin and Binance Coin has increased slightly. Capital inflows decreased as the market lowered profits. The global market capitalization is estimated at $809.27 billion, so we don’t see much change.
