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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 $9,335.67 (-1.05%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $228.44 (-2.14%), while XRP has dropped by 0.72% and is now trading at $0.19.

FxPro's team of analysts say:

"Bears have tried to increase the pressure on Bitcoin by pushing the coin to $9,300. At this level a tug-of-war has begun, as buyers have then started to make some cautious purchases. At the same time, trading volumes have remained unchanged. On the other hand, altcoins have posted a slight decrease similar to that of Bitcoin over the past 24 hours. On Friday morning, WhaleAlert announced the movement of almost 40,000 BTCs ($369M) between unknown wallets. While these types of events do not always result in increased volatility, they do tend to attract the attention of the whole crypto community.

Bitcoin is still under the pressure of negative news about the likelihood of a second wave of the covid-19 pandemic, the dangerous situation in the stock market as well as the unwillingness of crypto miners to leave the market after the halving.

The amount of funds in the hands of investors is much greater than the areas where they can invest this money. Investors have fewer reasons to invest in cryptos, as they follow the example of the whole risk asset market."

According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $264,247,379,518.

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