Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,328.77 (-2.81%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $159.11 (-3.42%), while XRP has dropped by 4.26% and is now trading at $0.22.
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
Cryptocurrencies derivatives product developer Amun has recently introduced a new tool for investors who wish to make money with the fall of Bitcoin. The product, dubbed 21Shares Short Bitcoin ETP (SBTC), has been launched on the SIX Swiss Exchange.
Unlike short Bitcoin positions, Amun's ETP does not require loaned capital. All positions are closed at the end of the day and do not roll over to the next day. This is reportedly very convenient for traders who wish to invest in short-term changes in Bitcoin price. The annual fee for the management of the tool is 2.5%.
FxPro's team of analysts say:
"It looks like technical analysis has played a decisive role in recent Bitcoin price movements. Everyone thought that after falling below the 200-day average, Bitcoin price would drop even further, which is actually what has happened. Over the last 24 hours, the price of the reference crypto has fallen by 2% and is currently trading at around $8,350.
Its inability to consolidate above the $9,000 level has resulted in a large number of investors withdrawing their profits.
Bulls expect the crypto to find support around $8,000-8,200.
Altcoins are also posting similar losses, causing the Bitcoin dominance index to increase slightly to 66.2%. The Bitcoin greed and fear index now stands at the 'Fear' level with 40 points."
As for the market cap of all currencies listed in CoinMarketCap, it stays at $228,388,040,069.
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