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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 $7,549.3 (-4.13%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $174.84 (-12.62%), while XRP has dropped by 9.47% and is now trading at $0.19.

FxPro's team of analysts say:

"Bitcoin price has changed significantly over the past 24 hours. After falling, the crypto has attempted to break above the $7,900 barrier, but on Thursday morning it has fallen back to $7,650.

Altcoins, on the other hand, are experiencing an even greater correction. All coins on the top 10 are now down by around 5-12%. Coinciding with this drop, the Bitcoin dominance index has risen to 65.1%. The greed and fear index is also falling, currently standing at the 'extreme fear' level after losing 3 more points over the last 24 hours. The RSI remains below 30 for the first time since December 17, 2019.

At the end of last year, all this was a portent of the market's recovery. Now, however, the outlook is less clear, as traditional markets are collapsing due to the coronavirus epidemic, falling stock indices, reduced demand for commodities, destruction of supply chains and other problems.

Bitcoin has long acted as a counterbalance to the problems in traditional markets, so if the situation keeps worsening, we will check whether this is still the case."

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 $210,372,824,310.

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