Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $13,164.83 (-3.51%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $387,6 (-2.51%), while XRP has dropped by 2.75% and is now trading at $0.243.
FxPro's team of analysts say:
"Increased sales in world markets have led to a drop in the price of Bitcoin. As a result, the reference crypto has posted a drop to $12,900, where it has received support from buyers. This morning, Bitcoin lost around 4% of its value and is trading at about $13,250.
The $750M worth of Bitcoin options expire on Friday. It should be noted market participants see this as a potentially negative event, as the sector could face increased volatility. However, there is also positive news, for example, from BlockFi, which has invested over $300M through Grayscale. Such public statements by investment firms usually have a positive effect on Bitcoin sentiment.
The ability of the reference crypto to close the week and month above $13,000 will be a small victory for market participants. If the currency is able to show growth and close the period in green, we could witness an increase in demand from buyers. The greed and fear index for Bitcoin and the largest cryptos has fallen 3 points over the last day to 67, leaving room for growth."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $391,849,066,955.
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