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Bitcoin has started the day in red. At press time, the largest cryptocurrency by market cap is trading at $7,806.06 (-1.9%).

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $137.53 (-1.61%), while XRP has dropped by 1.98% and is now trading at $0.203.

According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.

FxPro's team of analysts say:

"Bitcoin has lost around 2% over the last 24 hours and is currently trading at about $7,800. As a result, the reference crypto keeps losing part of the profits made during the first days of the year.

It has recently been known the $500M increase in the supply of USDT tokens was the result of an error by CoinMarketCap, which means that these tokens were not actually added to the real supply. However, the news made Bitcoin price fall from the $8,400 level.

In addition, the geopolitical factor must also be taken into consideration. Tensions in the Middle East between the US and Iran seem to be decreasing, which is helping prices stabilize.

Bitcoin's lack of capacity to remain above the $8,4000 mark has affected the optimism of bulls."

The BTC dominance index has fallen from yesterday’s 68.7% to 68.5%.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $206,731,959,779.

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