The global crypto market has seen a negative trend over recent hours. The performance of Bitcoin and others shows that there has been a dominant bearish trend. In comparison, the value of Ethereum has continued to improve as it showed a positive trend. The market might continue to stay bearish as the downward pull continues to be stronger. As the negative trend persists, the market will continue regressing in value. There are hopes that the market will resume momentum soon.
Binance has completed the acquisition of Tokocrypto exchange, as a result of which TOKO surged 10%. CZ confirmed that Binance had been a majority shareholder since 2020. Later Binance injected more funds to ensure that its ownership of the Indonesian exchange is increased. The complete acquisition of the exchange will be finalized as Binance completes 100% acquisition of the share ownership. Binance had about a 60% stake in Tokocrypto as 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 advance Indonesia’s digital economy. As the acquisition of this exchange is complete, Pang Kai will step down as the CEO, while Yudhono Rawis will serve as the interim CEO. In addition, the exchange is likely to slash 58% of its workforce.
Here is a brief overview of the current market situation 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 of Bitcoin were tied to these wallets, which were thought to be inaccessible after the death of the exchange’s founder.
Source: TradingView
The recent changes for Bitcoin show that the negative trend has continued. The latest data shows that it has shed 0.74% over the last 24 hours. The seven-day data shows that Bitcoin has shed 2.99%.
The price value of BTC is currently in the $16,626.83 range. The market cap value of Bitcoin is estimated to be $319,874,503,409. The 24-hour trading volume of Bitcoin is about $18,273,653,292.
ETH in gains
Visa has proposed Ethereum auto-payment scheme. According to available information, the payments giant has proposed a blockchain account design that will be available to Ethereum users. The mentioned account will allow Ethereum users to arrange auto-payments from a self-custodied wallet.
Source: TradingView
The performance of Ethereum has shown resilience despite the strong bearish pull. The latest data shows that it has added 0.20% over the last day. The seven-day data shows that it has shed 6.24%.
The price value of ETH is currently in the $1,187.65 range. The market cap value of this coin is estimated to be $145,337,606,182. The 24-hour trading volume of the same coin is about $5,298,132,087.
DOT changes direction
Polkadot has also changed direction as a result of a recent bearish trend. The latest data shows that it has shed 2.65%. The weekly data shows that it has declined by 11.52%. The price value of DOT is currently in the $4.54 range.
Source: TradingView
The market cap value of Polkadot is estimated to be $5,220,001,773. The 24-hour trading volume of this coin is about $173,792,814. The same amount in its native currency is about 38,316,082 DOT.
AVAX in losses
Avalanche has also faced losses as the market continues in an unfavorable situation. The latest data shows that it has regressed 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 $11.66 range.
Source: TradingView
The market cap value of Avalanche is estimated to be $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.
Final Thoughts
The global crypto market has seen a continuation of the negative trend over recent 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 shed value, there has been a decline in the influx of capital. The global market cap value continues to lower as it is estimated to be $800.10 billion.
