Bitcoin, Ethereum, OKB and KuCoin Token Daily Price Analysis – October 8 Roundup
The global crypto market has seen a change in performance as it could not regain momentum. The value of Bitcoin, Ethereum and others have continued to decline. The market had seen hope of regaining value as various coins had pared losses. But the current situation shows that the bearish trend is likely to continue, affecting the overall market. The bearish situation has had a lasting impact on the market as various coins depreciated significantly.
Experts say that the latest EU sanctions against Russia will lead to the strengthening of the crypto industry. As the sanctions are imposed, they will stimulate the Russian crypto market and exchange services. A Russian lawmaker, Anatoly Aksakov, said Russians would easily circumvent the current sanctions. While the major stock exchanges have informed the Russian users that trading continues. The DUMA member insisted that the Russians have continued to find ways to circumvent sanctions.
This week, the European Union adopted a series of new changes to restrict Russia from using crypto. The recent escalation in the Ukraine conflict is the reason why the EU has sought increased sanctions. Along with crypto, Russian export wealth and other industries were also targeted. The European Union completely blocked the access of Russian citizens and entities to provide crypto wallet, account and custody services.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum and others.
BTC is trailing $19.3K
The recent changes in the market suggest that Bitcoin mining difficulty is likely to catapult higher. Bitcoin’s hashrate is high at 250.04 EH/s after the October 5th ATH. There has been a rapid improvement in block processing.
The ongoing changes for Bitcoin show a decline in value. The latest data shows that it has decreased by 0.88% in the last 24 hours. The weekly data shows that Bitcoin has added 0.32%.
The price value for BTC is currently in the area of $19,384.82. The market value of Bitcoin is estimated to be $371,655,892,773. The 24-hour trading volume for this coin is approximately $16,468,907,770.
ETH remains recessive
Fidelity has launched the Ethereum Index Fund to see client demand for exposure to digital assets beyond BTC. The update came as the disclosure of a filing with the US SEC, in which Fidelity has indicated its intention to launch an investment product. The product has been named Fidelity Ethereum Index Fund.
Ethereum’s performance has been no different as losses continue. The latest data shows that it has declined by 1.76% in the last 24 hours. The seven-day data shows that it has decreased 2.39%.
The price value for ETH is currently in the area of $1,309.95. The market value of this coin is estimated at $160,710,301,299. The 24-hour trading volume for the same coin is approximately $5,792,436,590.
OKB in loss
The value of OKB has also decreased due to persistent losses. The latest data shows that it has decreased by 0.40% in the last 24 hours. The weekly data shows that it has declined by 1.98%. As the losses continue, the price value for OKB has dropped to the $15.69 range.
The market value of OKB is estimated at $941,798,385. The 24-hour trading volume for this coin is approximately $87,717,157. The same amount in its original currency is approximately 649,524 OKB.
KCS regressive
The latest changes in the market have continued to affect the KuCoin Token. The data for the last 24 hours shows that it has decreased by 0.84%. By comparison, weekly data shows that it has declined by 1.18%. The price value for KCS is currently in the $8.99 range.
The market capitalization of KuCoin Token is estimated to be $883,074,175. The 24 hour trading volume for this coin is around $1,094,797. The circulating supply of this coin is approximately 98,379,861 KCS.
Final thoughts
The performance of the global crypto market has continued to see bearishness. The latest data for Bitcoin, Ethereum and others shows a decline. The market has seen a decline in value due to the bearish trend. Recent data shows that the global market capitalization has dropped to $937.40 billion. If the current trend continues, it is likely to decrease further.
