The global crypto market has again suffered shock due to fluctuations. The data for recent hours shows that Bitcoin, Ethereum, and others couldn’t maintain their momentum. As the market has turned regressive, there has been a considerable decrease in the influx of capital. Instead, the efflux has increased, which has affected the market’s value. There is a hope that the market will soon resume gains, but the current situation will have its impacts.
Argo Blockchain has suddenly revealed plans for bankruptcy, adding to the big names that succumbed to current turbulence. Crypto mining company Argo Blockchain may soon be filing for bankruptcy, according to a sudden announcement. The news of the bankruptcy filing was revealed by Will Foxley, the content director at Compass Mining. Foxley shared the screenshot of the special announcement that was dated 12 December. The shares of the company were suspended in the UK as the revenue declined.
The announcement suggests that Argo may be preparing to file for bankruptcy soon. There is a chance that the detail was sent to Foxley accidentally, or it could have been intentional. The company had disclosed details of a considerable decline in revenue. The turbulent market has been the reason behind the bankruptcy filings of major names in the crypto industry.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC again in losses
Bitcoin treads water ahead of the upcoming Fed meeting while it is expected to end the week marginally higher. Though it has made attempts to retest its resistance levels, it hasn’t been able to move ahead of the $17K range. New lows have emerged as the result of the ongoing bearishness.
The recent changes for Bitcoin show that it has turned bearish. The latest data shows that Bitcoin has shed 0.53% over the last 24 hours. The seven-day data shows that it has added 0.60%.
The price value of BTC is currently in the $17,138.17 range. The market cap value of Bitcoin is estimated to be $329,687,387,847. The 24-hour trading volume of Bitcoin is about $19,462,632,847.
ETH turns bearish
Ethereum merge will mark its three months, but the metrics look quite dismal. The after-effects of the Ethereum merge are yet to yield a substantial effect on the ETH price. Though there were big claims made at the time of its happening, there has been no significant development yet.
The performance of Ethereum has also shown a negative trend. The latest data shows that it has shed 1.32% over the last 24 hours. The seven-day data shows that it has 1.77% as it couldn’t retain gains.
The price value of ETH is currently in the $1,264.59 range. The market cap value of this coin is estimated to be $154,856,298,030. The 24-hour trading volume of the same coin is about $5,245,732,939.
SHIB lowers gains
The performance of Shiba Inu has also shown a trend of decline in value. The latest data shows that it has reduced gains to 0.01%. The weekly performance of this coin shows a loss of 0.39%. The price value of SHIB is currently in the $0.000009273 range.
The market cap value of Shiba Inu is estimated to be $5,091,261,017. The 24-hour trading volume of this coin is about $78,725,319. The same amount in its native currency is about 8,490,073,760,047.
SOL also recessive
Solana has also been recessive due to the negative trend in the market. The latest data shows that it has shed 0.45% over the last day. The seven-day data shows that it has added 0.04%. The price value of SOL is currently in the $13.61 range.
The market cap value of Solana is estimated to be $4,982,744,954. The 24-hour trading volume of this coin is about $207,362,609. The circulating supply of the same coin is about 366,114,771 SOL.
Final Thoughts
The global crypto market couldn’t retain the bullish trend as it turned bearish. The recent changes for Bitcoin, Ethereum, and others show a trend of decline. As the market has turned recessive, there has been a decline in gains. The result of the decline has been a decrease in the global market cap value. The latest data shows that it is estimated to be $853.73 billion.
