The global crypto market is on a downtrend due to falling profits. The performance of Bitcoin, Binance Coin, etc. shows no improvement. Capital inflows are declining due to poor market performance. Investor profits also took a hit, impacting the coin’s overall performance. As the market continues to face difficulties, we may face further losses.
Gemini Earn users have initiated a class arbitration against Genesis, DCG. Plaintiffs allege that Genesis violated its agreements with Gemini Earn users and engaged in unregistered sales of securities. Three users have filed this lawsuit against Genesis Global Capital, Digital Currency Group and Genesis Global Trading. The case was filed with the American Arbitration Association on December 30.
Cryptocurrency exchange Gemini, owned by the Winklevoss twins, has offered a “earn” program that allows user assets to be loaned to Genesis Global Capital and users to earn interest. Gemini announced a withdrawal suspension on November 16th following the bankruptcy of FTX and Alameda Research. Claimants in the class arbitration want Genesis to return the Digital Assets pursuant to a Master Digital Asset Loan Agreement entered into between the parties.
Here is a quick overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, etc.
BTC in trouble
VanEck predicts that Bitcoin price will likely reach $12,000 in Q1 and $30,000 in Q3. Mathew Sigel, head of digital asset research at investment manager VanEck, made a prediction about Bitcoin.
Bitcoin’s performance shows a downward trend. The latest data show an increase of 0.01% in one day. By comparison, the weekly data shows that Bitcoin has fallen 0.66%.
Currently, the price of BTC is in the $16,727.37 range. Bitcoin’s market cap is estimated at $322,019,684,811. Bitcoin’s 24-hour trading volume is around $11,689,286,960.
BNB in need
Binance is ready to re-enter the Korean market after acquiring Gopax. According to available information, the move would see Binance gain his 41% stake in one of South Korea’s largest exchanges. Binance continues to expand its influence to capture its fair share of the market.
Binance Coin is also in trouble with the negative trend. The latest data show a 0.72% drop in 24 hours. Weekly performance of this coin shows that it added 0.70%.
BNB is currently priced in the $245.36 range. The market cap of this coin is estimated at $39,249,184,734. His 24-hour trading volume for the same coin is around $298,999,598.
Loss of FIL
Filecoin is also at a loss as it continues to trend negatively. The latest data show a 1.12% drop from the previous day. The 7-day performance shows a drop of 0.50%. FIL is currently priced in the $3.15 range.
Filecoin’s market capitalization is estimated at $1,135,074,355. His 24-hour trading volume for this coin is around $76,894,287. The equivalent in local currency is approximately 24,354,031 FIL.
HBAR Still Bullish
Hedera is in a bullish mood as investors remain bullish. The latest data show that in one day he increased by 0.92%. The 7-day performance shows a drop of 11.36%. HBAR is currently priced in the $0.03904 range.
Hedera’s market capitalization is estimated at $981,287,853. His 24-hour trading volume for this coin is around $15,268,492. The same coin has a circulation of about 25,136,978,704 HBAR.
final thoughts
The global crypto market shows positive trends despite strong bearish pressure. The value of Bitcoin, Binance Coin, etc. continues to fall despite attempts to stabilize. The market continues to face problems, which could lead to further declines in value. The bearish trend continues to affect global market capitalization. According to the latest data, it is estimated at $807.32 billion.
