The performance of the global cryptocurrency market witnessed another downward trend. The ongoing changes indicate that the market will face a bear in the coming hours. The value of Bitcoin, Binance Coin and others continued to decline. If the current situation continues, the market will not be able to regain momentum. Momentum positive swings helped the market but saw little change in its value.
Florida is the best-prepared state in the US for cryptocurrency adoption, according to recent research. While the US remains a leader in the cryptocurrency industry, recent data shows that not all states are on equal footing in the competition. In addition, not all US states are ready for the widespread adoption of cryptocurrencies. Studies show that it is not only cryptocurrency laws that help the market, but also the supporting infrastructure.
Florida remained at the top for items such as Bitcoin ATMs, blockchain companies and public interest in cryptocurrencies. There are 33,865 Bitcoin ATM networks in the US, representing 87.1% of the global network of listed ATMs. A study by Invezz ranked Florida as the cryptocurrency capital of the US due to its active participation in the burgeoning crypto economy.
Here is a quick overview of the current market situation analyzing the performance of Bitcoin, Binance Coin and others.
BTC becomes recessive
Shares of Bitcoin miner Argo Blockchain have been suspended from trading in the US and the UK. Argo previously sold 3,843 Antminer S19J Pros for $5.6 million. These assets were sold to provide short-term liquidity. The company announced a series of changes in October to address the challenges.
Recent changes for Bitcoin indicate that it has not been able to hold on to its gains. The latest data shows that it has decreased by 0.49% in the last 24 hours. Seven-day data shows Bitcoin adding 1.17%.
The price of BTC is currently in the range of $17,159.92. The market cap of Bitcoin is estimated to be $329,981,067,727. Bitcoin’s 24-hour trading volume is approximately $16,504,739,107.
BNB in losses
Binance CEO CZ and former CEO of now-bankrupt FTX SBF continue to accuse each other. The two continued their feud over the failure of the FTX/Binance deal. The former FTX CEO claimed that Binance threatened to pull out of the deal at the last minute.
The performance of Binance Coin also showed a negative trend. Recent data shows that it has lost 1.20% value in the last one day. Seven days of data for this coin shows that it has lost 1.30%.
The price of BNB is currently in the range of $287.34. The market value of this coin is estimated to be $45,964,635,666. The 24-hour trading volume of the same coin is approximately $584,721,157.
LTC continues in the red
Litecoin also remained in the red due to the negative trend in the market. The latest data shows that it fell by 1.93% in one day. The seven-day performance of this coin shows that it is down 0.75%. The price of LTC is currently in the range of $76.32.
The market cap of Litecoin is estimated to be $5,479,274,539. The 24-hour trading volume of this coin is approximately $339,129,619. The same amount is approximately 4,444,241 LTC in local currency.
TRX is still on the rise
Tron performs differently than the rest of the market. The latest data shows that it has added 0.07% in the last 24 hours. Seven-day data shows it added 1.75%. The price of TRX is currently in the range of $0.05494.
The market cap of Tron is estimated to be $5,058,712,432. The 24-hour trading volume of this coin is approximately $150,550,117. The circulating supply of the same coin is approximately 92,075,811,334 TRX.
Final Thoughts
The global cryptocurrency market has witnessed negative changes in performance in recent hours. The latest data shows that Bitcoin, Binance Coin and others have failed to hold on to their gains. The ongoing situation indicates that the market is likely to decline. As the negative trend continued, the global market value also fell. According to the latest data, it is estimated to be $855.02 billion.