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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,790.13 (-4.44%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $224,55 (-6.48%), while XRP has dropped by 3.65% and is now trading at $0.234.

The US Securities and Exchange Commission (SEC) has recently rejected Wilshire Phoenix's application to launch an exchange traded fund (ETF) linked to Bitcoin. According to the regulator, Wilshire has not been able to prove the Bitcoin market is sufficiently protected from market manipulation.

FxPro's team of analysts say:

"It looks like buyers are not trying to help the reference crypto, while market participants do not seem too interested in buying it with discount. The rest of the market is following BTC's trend, posting falls (4%-12%).

Both the traditional and the crypto markets are suffering the prevailing pessimism. At the moment, gold, the Japanese yen and the franc are acting as safe havens.

However, we should not forget that the saleoff seems to have lost momentum, as during the night Bitcoin has only lost $50 of its value. This loss of momentum could encourage investors to buy the asset. However, if they do not do so, BTC will probably continue to fall.

The Bitcoin dominance index has climbed to 64.2%, while the greed and fear index is at the 'fear' level. The RSI index has fallen sharply. All indicators clearly reflect the current situation in the market: a sharp decline after the growth recorded in January and during the first half of February."

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $249,543,711,810.

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