Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,624.79 (-4.6%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $261.29 (-6.21%), while XRP has dropped by 5.96% and is now trading at $0.277.
According to the analysis platform Skew, the settlement of Bitcoin contracts on BitMEX has reached $119M in the middle of the current bearish trend.
FxPro's team of analysts say:
"It looks like the cryptocurrency market has turned into a roller coaster: Bitcoin has fallen again shortly after briefly recovering to $10,000. Over the past 24 hours, the largest crypto by market cap has lost more than 5% of its value, dragging the rest of the market with it. At the same time, we must remember trading volumes have remained almost unchanged at around $45B. Some analysts believe this volatility could be associated with 'ghost money', that is to say, speculation with empty trading volumes.
Over the last few days, market participants have been showing more optimism. Everyone expected a significant growth after the formation of a Golden Cross on the daily chart: the intersection of the 50 and 200 MA. However, things have not gone as analysts expected. The Bitcoin greed and fear index has fallen to the 'fear' level after losing 6 points since yesterday. Meanwhile, the RSI has fallen from the overbought zone. As a result, technical indicators are perfectly reflecting the current situation in the market, while institutional investors rely on technical analysis when setting up their bots. Considering the current roller coaster, they have been dominating the market for the past few days."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $279,979,215,201.
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