The global crypto market has faced a decline in value as the influx of capital lowered. The recent changes for Bitcoin, Ethereum, and others show a dominant trend of losses. The changes in the market became evident over the recent hours as the market began to lower gains. Fluctuations in the market have remained usual as the market hasn’t been able to retain the positive momentum. The market is expected to turn bullish soon as the alternation of positive and negative trends continues.
The US trustee has asked the bankruptcy court to appoint an FTX trustee. A US government lawyer has requested the Delaware court to appoint an independent investigator in the ongoing bankruptcy court. The examiner will look into the details of the matter to find possible discrepancies. In a 1 December court filing, the US trustee has cited an unprecedented decline in value as well as comments from FTX CEO John Ray III as the reasons to appoint an independent examiner.
FTX Digital Markets has also applied for bankruptcy in the Bahamas. The Bahamian government has indicated that they don’t intend to move with the process to impact the whole stuff. FTX filed for bankruptcy on 11 November which has exposed a chaotic corporate world. Furthermore, the ex-CEO of the company SBF has made several media appearances.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns recessive
Bitcoin revenue has continued to lower in the month of November. The available data shows that it has fallen by 20%. Bitcoin miners brought about $472.64 million in revenue in November. The mentioned data shows that it is 19.9% from the previous month.
The recent changes for Bitcoin show a recessive trend. The latest data shows that it has shed 1.23% over the last 24 hours. The weekly data shows that Bitcoin has added 2.50%.
The price value of BTC is currently in the $16,914.64 range. The market cap value of Bitcoin is estimated to be $325,135,688,229. The 24-hour trading volume of Bitcoin is about $22,397,249,880.
ETH on the losing side
CFTC chair has also changed his mind on the issue of Ethereum as being a commodity. Rostin Benham’s position on crypto differed from Gary Gensler but it seems to have changed after years. There has been a lasting debate about whether Bitcoin, Ethereum, and others are commodities or securities.
The value of Ethereum has also continued to lower over recent hours. The latest data shows that it has receded by 1.26% over the last 24 hours. The weekly data shows that it has added 7.08%.
The price value of ETH is currently in the $1,271.01 range. The market cap value of this coin is estimated to be $155,538,662,791. The 24-hour trading volume of the same coin is about $6,618,328,296.
XTZ changes direction
Tezos has also seen a recessive trend over the recent hours as it couldn’t maintain gains. The latest data shows that it has shed 1.24% over the last day. The seven-day data shows that it has added 1.07%. The price value of XTZ is currently in the $0.9975 range.
The market cap value of Tezos is estimated to be $916,084,467. The 24-hour trading volume of this coin is about $15,446,289. The same amount in its native currency is about 15,496,675 XTZ.
AAVE bearish
Aave has also been in losses as the market has turned bearish. The latest data shows that it has shed 2.33% over the last 24 hours. The seven-day data shows that it has added 10.09%. The price value of AAVE is currently in the $62.95 range.
The market cap value of Aave is estimated to be $887,105,180. The 24-hour trading volume of this coin is about $59,251,627. The circulating supply of the same coin is about 14,093,193 AAVE.
Final Thoughts
The global crypto market has seen a decline in value over recent hours. The latest data shows that Bitcoin, Ethereum, and others have faced a negative trend. The change in performance has resulted in a reverse trend for global market cap value as it has receded. The latest data shows that it is estimated to be $851.73 billion. If the negative trend continues, it is likely to lower further.
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