Bitcoin has started the week with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,053.28 (-4.12%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $222.81 (-5.76%), while XRP has dropped by 4.16% and is now trading at $0.184.
FxPro's team of analysts say:
"Bitcoin has lost more than 8% of its value over the last week, creating the basis for the fall of the rest of the crypto market as a whole. All altcoins on the top 10 are in negative territory posting losses of 10-19% over the past 7 days.
The $9,400 support level has not been maintained, and on Monday morning, sales continued to follow the trend of traditional markets. Institutional investors have been driving the crypto's price recently. Now, these, who are getting rid of risky assets, also remain the main market driver contributing to the current price drop.
After falling below $10,000 on Thursday, June 11, trading volumes on the Bitcoin network decreased by 34%. The greed and fear index dropped 16 points from the previous week and is currently in the 'fear' area. The RSI has also fallen and is currently in the 'oversold' area. Bitcoin investors should focus on the dynamics of the stock indices in the short term, as another crash similar to that of March is possible."
As for the market cap of all currencies listed in CoinMarketCap, it stays at $255,633,593,070.
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