Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,419.91 (-0.3%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $335.2 (-2.83%), while XRP has dropped by 0.63% and is now trading at $0.231.
FxPro's team of analysts say:
"Bitcoin is trading at around $10,500, showing almost no changes in its price over the last 24 hours. We are witnessing slow price dynamics with trading volumes falling by 23% over the last day. At least, there is one piece of good news, and that is that the crypto has stopped its fall. This is probably due to the improvement in the situation in the stock market following discussions in the US Congress of new measures to support small businesses promoted by Mnuchin and Powell.
As it was shown during the collapse of the crypto market back in March, digital coins have a correlation with the traditional market that becomes especially relevant in times of market collapse. In November, the US will celebrate elections, and this event could have a significant impact on the stock market and as a result, on Bitcoin too.
Volatility in the crypto market is expected to increase driven by this event, however, there is no consensus on what the consequences will be for Bitcoin."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $328,872,371,014.
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