The global cryptocurrency market shows bearish sentiments because of macroeconomic factors.
The prices of BTC, ETH, DOGE, and ADA showed losses in the last 24 hours.
At the time of writing, the global cryptocurrency market cap has dropped 0.4% in the last 24 hours to $1.08 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $75.01 billion.
The crypto market leader, Bitcoin price is currently trading at $22,911. This follows a 1.4% decrease in the last 24 hours. As a result, its market capitalization stands at $442.7 million.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,589, which decreased by 2.4% in the last 24 hours.
The price of Binance (BNB) has decreased by 2.26% in the last 24 hours. BNB is currently ranked 5th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $302.
In addition, the price of Cardano decreased by 1.6% in the last 24 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $0.3757.
Furthermore, Shiba Inu (SHIB) continues to lose momentum and is currently trading at $0.00001152. It decreased by 2.1% in the last 24 hours.
The global crypto market became bearish because of the massive movement of large whales. As per reports, after a brief bearish trend, the whales continue selling assets at market prices, assisting the market in extending a bearish momentum.
Coinbase, the major cryptocurrency exchange based in the United States, was recently fined 3.3 million euros ($3.6 million) by the Dutch central bank for failing to get the necessary registration before providing crypto services in the Netherlands.
According to a Jan. 26 SEC announcement, the SEC has once again rejected a proposal to list the ARK 21 Shares Bitcoin ETF on the stocks market Cboe BZX. In April 2022, the SEC rejected a similar request.
In accordance with a statement released on Jan. 26, the International Swaps and Derivatives Association (ISDA) is working on two papers to address fundamental legal concerns in the crypto markets, such as the insolvency of crypto exchange firms.
COINGABBAR Views: If the current trend continues, the market will remain bearish. The bearish trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
Also read: Stablecoins & CBDCs can Play a Meaningful Role in the Payments Space, says Visa CEO
