Bitcoin, Binance Coin, Solana and Chainlink Daily Price Analysis Prediction for the morning of December 16

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The global crypto market has been trending negative over the past few hours. The performance of Bitcoin, Binance Coin and others shows no improvement. Instead, the market faced a continuous negative shift, affecting the inflow of capital. There has been a huge influx of capital due to lower earnings. As the market faced a downtrend, there is a probable risk of further losses.

The head of the House Financial Services Committee wants to expand crypto tax reforms. The HFSC chairman, a prominent Republican, has asked the Treasury Department to defer enforcement of the crypto tax provisions of the Infrastructure Investment and Employment Act. He asked for the postponement until there is clear information on who is covered by this legislation. Rep. Patrick McHenry released a letter asking for a delay in implementing the tax provisions.

He is currently a member of the Committee Rankings and will soon be the Chairman when the GOP takes control of the United States House of Representatives. The change will take place in the new Congress in the coming month. He is of the opinion that taxpayers should be informed before implementation. McHenry said there were doubts that needed to be resolved.

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

BTC is trading at $17,000

Bitcoin miner Core Scientific is on the rise thanks to new inflows. The mentioned company’s share price doubled thanks to a $72 million financing. The mentioned exchange struggled for life as the value of Bitcoin continued to decline.

Source: Trading View

Recent changes for Bitcoin show continued losses. The latest data shows that it has lost 3.94% in the last 24 hours. Seven-day data for Bitcoin shows a loss of 1.32%.

The negative trend brought the BTC price value to $17,019.43. The market capitalization value of Bitcoin is estimated at $327,375,949,110. Bitcoin’s 24-hour trading volume is approximately $23,321,325,063.

BNB remains bearish

Although there were rumors about Binance collapsing, the FUD was successfully ended. CryptoQuant checked Binances reserves and did not report any FTX-like behavior. The news came as a fresh breeze for Binance, which faced heavy pressure.

Source: Trading View

Binance Coin has also bottomed following recent losses. The latest data shows that it has lost 5.30% over the past day. Seven-day data shows it has regressed by 13.66%.

The price value of BNB is currently in the range of $251.19. The market value of this coin is estimated at $40,181,552,591. The 24-hour trading volume of the same coin is around $874,468,982.

SOL unable to regain momentum

Solana’s performance also showed a downward trend. The latest data shows that it has lost 4.61% in the past 24 hours. Weekly data shows it fell 3.21%. The price value of SOL is currently in the range of $13.44.

Source: Trading View

Solana’s market value is estimated at $4,926,524,755. The 24-hour trading volume of this coin is around $252,420,788. The same amount in its original currency is approximately 18,790,385 SOL.

LINK sees a downtrend

Chainlink has been trending lower as the market remains unfavorable. The latest data shows that it has fallen by 5.52%. The weekly performance shows a loss of 11.17%. As the negative shifts continue, the price value of LINK has declined to $6.25.

Source: Trading View

Chainlink’s market cap value is estimated at $3,173,689,661. The 24-hour trading volume of this coin is around $220,914,375. The circulating supply of the same coin is approximately 507,999,970 LINK.

Final Thoughts

The global crypto market has been on a losing trend over the past few hours. Performance of Bitcoin, Binance Coin, and others show continued decline. As the negative trend continued, the market had to deal with the influx of capital. The increase in efflux has affected the value of global market capitalization. The latest data shows that it is estimated at $837.34 billion.

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