Bitcoin has started the week posting losses. At press time, the largest cryptocurrency by market cap is trading at $6,729.91 (-1.63%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $153.79 (-2.4%), while XRP has dropped by 2.26% and is now trading at $0.184.
Crypto exchange Bitfinex has carried out last Friday the largest dollar-denominated transaction in the history of Bitcoin (161,500 BTCs or around $1.1B) for a fee of just 0.00010019 BTCs or $0.68.
FxPro's team of analysts say:
"Bitcoin's new attempt to exceed $7,000 this weekend has resulted in a massive sale that has dragged the currency down to $6,700. This drop has coincided with an increase in trading volumes. The greed and fear index has lost another 9 points from last week and currently stays on the 'extreme fear' level with 11 points. The RSI index remains in the neutral area, without reflecting the same panic state as the previous index.
On the one hand, the coronavirus epidemic, the problems in the global economy and the increase in unemployment will clearly attract all the attention from governments, which will delay the adoption of crypto-related laws. On the other hand, digital currencies are increasingly dependent on what happens outside the crypto world, and the negative situation in the markets will affect the mood of investors. In any case, the efforts of the monetary authorities are focused on printing and distributing money and accumulating debt."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $192,512,131,583.
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