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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 $7,870.26 (-0.75%, according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $199.57 (-0.57%), while XRP has grown by 1.03% and is now trading at $0.21.

FxPro's team of analysts say:

"Bitcoin has lost around 1% of its value over the last 24 hours and is currently trading at about $7,900. During the last day, the reference crypto has tried to exceed the $8,000 barrier, however, it has not succeeded due to pressure from sellers. Although the fact that the crypto has not fallen further is already good news, buyers have not been able to raise its price.

Meanwhile, as cryptos await new triggers, the complexity of Bitcoin mining has reached a new record of 16.55 trillion hashes. It looks like miners have not yet panicked.

The situation in the crypto sector is just as ambiguous as in the traditional financial markets. Lately it is becoming more common that Bitcoin price reacts to real-world events, which means investors might decide to sell the crypto if the oil war continues. However, some market participants also believe the current drop could be related to the injection of 13,000 BTCs from the PlusToken pyramid scheme."

According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $224,250,057,391.

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