Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,862.5 (-0.7%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $204.49 (+0.33%), while XRP has grown by 0.2% and is now trading at $0.195.
FxPro's team of analysts say:
"Bitcoin has once again failed to break above the $9,000 barrier. Declining resistance levels are usually a very negative scenario for the reference crypto. Bitcoin has lost around 1% of its value over the past day and is currently trading at around $8,850 while trading volumes are also falling.
However, it must be noted the market is undergoing deep changes. For example, Glassnode has discovered after the collapse of the Bitcoin price back in March and the recent halving, over 300,000 BTCs ($2.6B at the current exchange rate) have been withdrawn from exchanges. Some of the funds have been deliberately withdrawn from circulation.
In addition, miners are selling their coins to cover costs and leave the business. Previous halvings led to a reduction in the number of coins in circulation, which in turn drove the price of BTC, however, the market has changed a lot since then and no one knows what might happen this time. The next few quarters will show us how much things have changed."
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 $249,007,927,702.
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