The global crypto market has seen a negative trend in the last few hours. The performance of Bitcoin and others shows that there has been a dominant downtrend. By comparison, the value of Ethereal has continued to improve as it showed a positive trend. The market could continue to be bearish as the downtrend continues to get stronger. As the downtrend persists, the market will continue to fall back in value. There are hopes that the market will regain its momentum soon.
Binance has completed the acquisition of the Tokocrypto exchange, as a result of which TOKO increased by 10%. CZ confirmed that Binance it had been a majority shareholder since 2020. Binance later injected more funds to ensure it increased its ownership of the Indonesian exchange. The full acquisition of the exchange will be finalized when Binance completes the acquisition of 100% ownership of the shares. Binance had a 60% stake in Tokocrypto when it made its first investments in the exchange.
Tokocrypto co-founder Pang Kai said the acquisition would help the exchange leverage Binance’s capabilities to continue contributing to the advancement of Indonesia’s digital economy. Once the acquisition of this exchange is complete, Pang Kai will step down as CEO, while Yudhono Rawis will serve as interim CEO. Additionally, the exchange is likely to cut 58% of its workforce.
Here is a brief overview of the current market situation by analyzing the performance of Bitcoin, Ethereum and others.
BTC turns bearish
Failed crypto exchange QuadrigaCX wallets have moved funds for the first time in three years. Several Bitcoin wallets associated with the defunct exchange have transferred funds after three years. $1.7 million worth of Bitcoin was linked to these wallets, which were thought to be inaccessible after the death of the exchange founder.
Recent changes to Bitcoin show that the negative trend has continued. The latest data shows that it has lost 0.74% in the last 24 hours. The seven-day data shows that Bitcoin has lost 2.99%.
The price value of BTC is currently in the range of $16,626.83. Bitcoin’s market capitalization value is estimated at $319,874,503,409. Bitcoin’s 24-hour trading volume is approximately $18,273,653,292.
ETH in profit
Visa has proposed the Ethereum automatic payment scheme. According to the information available, the payment giant has proposed a block chain account design that will be available to Ethereum users. The aforementioned account will allow Ethereum users to arrange automatic payments from a self-custodial wallet.
Ethereum’s performance has shown resilience despite the strong bearish pull. The latest data shows that it has added 0.20% over the past day. The seven-day data shows that it has lost 6.24%.
The price value of ETH it is currently in the range of $1,187.65. The market capitalization value of this coin is estimated at $145,337,606,182. The 24-hour trading volume of the same coin is approximately $5,298,132,087.
DOT changes direction
Moles it has also changed direction as a result of a recent downtrend. The latest data shows that it has lost 2.65%. The weekly data shows that it has fallen by 11.52%. The DOT price value is currently in the $4.54 range.
Polkadot’s market capitalization value is estimated at $5,220,001,773. The 24-hour trading volume for this coin is approximately $173,792,814. The same amount in your native currency is about 38,316,082 DOT.
AVAX in losses
Avalanche has also faced losses as the market continues to be in a downturn. The latest data shows that it has fallen by 2.86%. The seven-day data shows that it has seen a loss of 8.55%. The price value of AVAX is currently in the range of $11.66.
Avalanche’s market capitalization value is estimated at $3,626,537,146. The 24-hour trading volume of this coin is about $157,569,355. The circulating supply of the same coin is about 311,094,517 AVAX.
The global crypto market has seen a continuation of the negative trend in the last few hours. The performance of Bitcoin and others shows that there has been no improvement. In contrast, Ethereum has added considerable value. As the market continues to lose value, there has been a decline in capital inflows. The value of the global market cap continues to drop as it is estimated at $800.10 billion.