- The recurring recessive bouts lead to further depreciation; the global market cap is reduced to $2.21T.
- Bitcoin sees no motivation in the last 24 hours, losing 1.14%.
- Ethereum and Binance Coin are still shocked by the recessive trend, losing 4.74% and 3.69%, respectively.
- Shiba Inu fails to turn trendy red to green, losing 3.67%.
The recent recession in the crypto market is directly affected by the changes taking place in the US. The current inflation in the US can be held as one of the major contributors to the ongoing crypto market crisis. The rise in the consumer price index has been up to 6.8% which is 39 years high, duly impacting all fields of life.
Adding to the voices for cryptocurrency regulation, the IMF has also called for legislation. It has been an addition to the cryptocurrency CEOs who had asked the US Congress to be clear on crypto. Because of the IMF’s role in safeguarding the international monetary system, it feels concerned about the changes taking place on a global level. The growing influence of crypto has forced its call for regulation.
Because of the risks related to crypto and the speedy changes, there is a need felt for proper legislation. Though the IMF might lead others, there are less likely chances that the US will initiate the process anytime soon.
BTC waiting for an opportune time
The past two weeks have been especially bad for bitcoin, which has seen depreciation amounting to about 20%. This change affected not only bitcoin but also the global crypto market. The impacts of this depreciation are seen on other coins that are going down on the trajectory.
Its rise of $58K and then gradual fall to the $48K range clearly shows the market’s mood. The investors feel worried about the rapid fluctuations but are still clinging to it, hoping for the good times ahead. The recent fluctuations were initiated resulting from the fears created by the Omicron variant and then the news of legislation in the US and India.
Though bitcoin has made attempts to rise again, the ongoing problems in the US, like inflation, suggest that the problem might last longer. Bitcoin’s current price is in the $48.022.90 range, while it depreciated 1.14% in the last 24 hours. The seven-day losses amount to 9.15%, which tell clearly about the hard times it has gone through.
The current market cap for bitcoin is $909.320B. For the last 24 hours, its volume amounted to $31,977,363,046, which can be converted to 664,556 BTC.
BNB and ETH in a nerves-trying phase
The recent recession has brought Binance Coin and Ethereum to a tough situation trying their nerves. The recurrent fluctuations have taken them to both highs and lows. The last 24 hours proved further difficult for them. During the recent crisis, they have followed Bitcoin’s footsteps, not clear about their direction.
Binance Coin lost 3.69% in the last 24 hours, which are comparatively closer to the seven-day losses of 4.05%. If the losses continue, the daily recession will grow more than the weekly losses. If the investors trust it, it will come out of uncertainty.
The current price for the Binance coin is in the $559.98 range, while its market cap is estimated to be $93.38 billion. The trading volume of this coin is recorded to be $2,182,185,875. This amount can be converted to 3,897,721 BNB. Its weekly performance is a mix of losses and gains and shows hopes of recovery.
Ethereum has suffered more in comparison to Bitcoin and Binance Coin. In the last 24 hours, its losses amount to 4.74%, while its seven-day losses amount to 4.07%. This change has reduced its market cap to $471,528 Billion. Its trading volume is estimated to be $28,189,766,331. This amount can be translated to 7,095,666 ETH.
Ethereum has been one of the main suffering coins during the ongoing crisis, but its previous performance is evident in its perseverance.
Shiba Inu not ready to change direction
The trend in the crypto market is bearish, and not even the meme coins are safe from the ongoing changes. Shiba Inu has suffered during the recent recession, with its seven-day losses amounting to 14.05%. The 24-hour losses also amount to 3.67%, which might take time to revitalize.
At the time of writing, its price is estimated to be in the $0.0000338 range. Its market cap is recorded to be $18,559,854,179. Its trading volume during the last 24 hours remained $1.059 billion. Its performance during the recent days shows a downward trajectory which might change if the recession comes to an end.
The cryptocurrency market is undergoing shaky changes that have affected the lead coins and the small coins. The prevailing change of depreciation has been mainly the result of investors affected by the ongoing inflation, legislation in different parts of the world, and the uncertainty in the market.
There are hopes of revitalization, but the current indicators show that improvement might take time. Bitcoin and the two other top currencies are under pressure, showing the market’s change direly needs. Like the recent help from outside, if there is some more capital injected into the crypto market, there are hopes of early recovery.