Bitcoin, Binance Coin, Algorand and VeChain Daily Price Analysis – August 2 Morning Price Prediction

by James · August 2, 2022

The global crypto market has not been able to turn bullish as it has been trending with mixed tendencies. Coins such as Bitcoin, Binance Coin, etc., are bearish when their value declines. In comparison, some others have seen a bullish trend and have continued to grow larger. The market has been facing bearishness for a couple of days. It would need a strong influx of capital to recover the recent losses.

New York State has taken some recent steps regarding crypto. In a recent press release, the New York Attorney General has asked victims of the recent market crash to contact her office. The statement is aimed in particular at those who believe they have been cheated or banned from their accounts due to the market crash.

Letitia James, the attorney general, has asked the workers in the crypto sector to report fraud cases if they have witnessed any. They can serve as whistleblowers by sharing the details of misconduct or fraud. The identity of those sharing these details will be kept anonymous. New York State has made attempts to regulate crypto.

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

Table of Contents

BTC is trying to regain value

August started for Bitcoin on a bearish note as there has been little improvement. Unlike the previous day, there has been a slight improvement for Bitcoin in the last day. The weak bullishness shows that it may be able to gain traction soon.

The latest data for Bitcoin shows that it is down 1.39% in the last day. The weekly performance shows an addition of 8.66%. The latter value has remained unaffected mainly due to the continued inflow.

BTCUSD 2022 08 02 17 07 46 — Source: TradingView

The price value for Bitcoin is in the area of $22,913.02. The market value of Bitcoin is estimated to be $437,525,009,924. The 24-hour trading volume for Bitcoin is around $27,413,656,309.

BNB faces bearishness

Binance has recently been wary of possible irregularities due to increased regulations. The recent fines from various countries have made it follow the rules strictly. In a recent move, Binance US has removed a coin that the SEC claims is a security. The increased scrutiny by the SEC in recent weeks has made the exchanges cautious.

BNBUSDT 2022 08 02 17 08 11 — Source: TradingView

The fluctuations for Binance Coin have continued. The latest data shows that it has gone down 2.08% in the last day. The seven-day data shows an increase of 15.19% for this coin.

The price value of Binance Coin is in the area of $280.23. The market cap for the same coin is estimated to be $45,187,309,916. The 24 hour trading volume for this coin is approximately $1,382,538,926.

ALGO is still strained

Algorand has been struggling due to the bearish current in the market. The latest data shows a loss of 3.99% in the last 24 hours. The weekly performance shows an addition of 5.84%. The price value is in the area of $0.3262 and could decrease if the losses continue.

ALGOUSDT 2022 08 02 17 08 36 — Source: TradingView

The market cap of Algorand is estimated at $2,262,134,966. The 24-hour trading volume for this coin is around $134,887,457. The same amount in its original currency is approximately 14,368,034 ALGO.

VET is gaining momentum

The value of VeChain has continued to improve as capital inflows have been strong for it. The latest data shows an increase of 0.63%. In comparison, seven-day data shows an addition of 20.39%. The increase has brought the price value to the $0.02754 area.

VETUSDT 2022 08 02 17 10 05 — Source: TradingView

The market cap of VET is estimated at $2,008,680,739. The 24-hour trading volume for this coin is around $152,179,156. The circulating supply of this coin remained at 72,511,146,418 VET. The increased profits will help it attract more investments.

Final thoughts

The global crypto market has seen changes in capital inflows. The past few days have witnessed a bearish market, which may also continue. The Bitcoin and Binance Coin changes are not positive as they have reduced value. The global market value has also continued to decline. It is currently estimated to be $1.06 trillion. The last few days saw a drop of $0.04 trillion in market capitalization.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.