Bitcoin, Binance Coin, Theta Fuel, and Icon Daily Price Analyses – 8 May Roundup

The performance of the global crypto market hasn’t been impressive over the last 24 hours as the losses for it have increased in value. Though the losses had begun to decrease, the process has reversed, and it is again facing a difficult situation. The dilemma for Bitcoin hasn’t changed as it is at the forefront of losses and might continue to do so. The recent data shows that it has receded further and might take time to recover.

SEC has taken a big decision that might impact the global crypto market. SEC has stopped a global crypto mining scheme worth $62 million, according to the available details. The regulator didn’t just stop the company from mining but has also indicted the company’s founder. The said step would have repercussions for the crypto market. On the other hand, the IMF’s role in preventing crypto growth in Argentina has shocked the crypto community. Argentina had a growing crypto market, but IMF and some other organizations allegedly played their role in creating hurdles for it.

Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.

BTC lowers further

Bitcoin has been facing hard times for a while now. The investors feel worried about the value of Bitcoin now because of the continuous depreciation, which hasn’t let it improve. According to experts, Bitcoin and Ethereum are at risk of capitulation as the situation grows difficult.

The data for the last 24 hours shows that Bitcoin has shed 2.45% over the last 24 hours. If we compare its weekly performance, the losses for Bitcoin have grown to 11.51%. The situation has worsened over the last couple of weeks as Bitcoin didn’t resist the ongoing changes.

The price value for Bitcoin has lowered to alarming levels as it is currently at the $34,214.54 range. If we compare the market cap value, it is estimated to be $651,260,529,060. In contrast, the 24-hour trading volume of Bitcoin is about $36,868,463,080.

BNB in stalemate

Binance Coin has been facing a stagnant situation as it hasn’t seen fresh additions to value like Bitcoin. The changes show continuing negative progress while the only growing coins in the market are Tron and Algorand, which have improved constantly. As Algorand has partnered with FIFA, it has seen a speedy recovery.

The data for the last 24 hours shows that Binance Coin has shed 1.24%. If we compare the weekly performance, its losses have increased instead of seeing any relief. The seven-day losses amount to 8.29%. There has been a continuing wave of bearishness, but there is little positive value change.

The price value for Binance Coin is in the $358.67 range. If we compare the market cap value for Binance Coin, it is estimated to be $58,563,105,289. In comparison, the 24-hour trading volume for Binance Coin is about $1,882,207,406.  

TFUEL depreciating

Theta Fuel is also bearish as it has been following the dominant market trend. It has also seen a recession in value as its losses increased in value. The data for the last 24 hours shows that Theta Fuel has shed 0.89%. As we compare the seven-day performance, its losses are about 16.96%. The overall market situation remains the same as most of the coins have been through the same situation.

The price value hasn’t performed well either, as it has depreciated to $0.1131. If we compare the market cap value for TFUEL, it is estimated to be $597,565,661. In contrast, the 24-hour trading volume for this coin is about $40,268,372.

ICX continues to grow

ICON has been moving in contrast to the usual trend of the market as it has been bullish. The gains for the last 24 hours show that ICX has progressed 5.30%. In contrast, its performance over the last seven days is no good either as it has shed 16.96%. The current increase shows that it might be able to continue gaining momentum.

The price value for ICX has enhanced to $0.6384 and might increase further. If we compare the market cap value, the increase has enhanced it to $592,768,612. The 24-hour trading volume of this coin is about $47,498,811. The circulating supply for ICON is about 919,483,096 ICX.

Final Thoughts

The global crypto market has continued in a bearish situation as its losses have increased with time. There was little improvement in the past week, but losses at the week’s close replaced these. Though it is yet to be seen how the market will perform in the coming week, the dominant indicators tell a miserable story. According to the latest updates, the global market cap value remained at $1.57T.