Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,246.17 (-0.22%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $241.83 (+0.41%), while XRP has dropped by 0.71% and is now trading at $0.199.
FxPro's team of analysts say:
"Bitcoin maintains a lateral trend around $9.200 with low trading volumes of about $15B. At the moment, Bitcoin is not following the trend of traditional stock markets, which are growing moderately. It looks like investors who are withdrawing their crypto funds and those who have adopted the HOLD investment strategy are responsible for this divergence. Glassnode reported that on July 8, Bitcoin outflows from crypto exchanges exceeded deposits by almost 21,000 BTCs. In particular, Coinbase was the most affected platform. Apparently, miners are also taking part in the process because BTC's current price is not enough for them to keep the activity profitable.
The greed and fear index has grown by several points since last week, remaining in the 'fear' area, however, the value of the index is close to the 'neutral area', reflecting the confusion of market participants. While some investors think it's not time to buy, others do not want to sell either. There are a lot of processes that could cause extreme volatility of all asset classes at once, so the result of the current side effects could be sudden and abrupt."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $273,931,871,181.
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