Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $9,216.16 (+0.47%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $232.6 (-0.01%), while XRP has grown by 0.15% and is now trading at $0.182.
FxPro's team of analysts say:
"Buyers have kept Bitcoin above $9,000 and at the end of the workweek the reference crypto is trading at around $9,200. The recent decline of BTC is related to several factors, including its correlation with the global stock market, the settlement of $55M in long futures contracts on BitMEX, pressure from miners, who are selling the cryptos they mine, as well as BTC's multiple unsuccessful attempts to break above the $10,000 barrier.
Bitcoin is also being affected by an internal factor: the sale of coins by miners. Miners believe they cannot keep mining with losses after May's halving. On the one hand, miners do not want to lose their market share after the reduction in the reward they receive for each mined block, as they expect Bitcoin price to increase. On the other hand, they are selling the cryptos they mine to stay afloat, which is increasing pressure on the BTC price. Glassnode has found out that on June 24 miners sent 2,650 Bitcoins to exchanges, which combined with low volatility could increase pressure on the price of the crypto. In the short term, market sentiment could only improve if Bitcoin manages to recover at least some of its losses and consolidate above $9,400."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $261,407,581,401.
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