Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $32,024.25 (-3.78%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,333.03 (-6.03%), while XRP has dropped by 2.46% and is now trading at $0.271.
FxPro's team of analysts say:
"Bitcoin has attempted to storm the $35,000 level, however, it has found strong resistance as it approached this figure. The leading cryptocurrency has lost more than 5% over the past day and is currently trading at around $32,000.
As a result, we are seeing some rather alarming signs: sell-offs are pushing the price of the crypto from lower and lower levels. This could mean an increasing number of investors are losing faith in Bitcoin's ability to sustainably break above $40,000 in the current bullish cycle. In addition, there is also the possibility of OTC selling in the background. Funds could also decide to withdraw their profits, and due to the fact that many of them are not required to report such decisions, the deep currents around Bitcoin could cool significantly.
As a result, Bitcoin and the whole crypto market are in desperate need of good news. The SEC's approval of the launch of a Bitcoin ETF could be a big trigger for the entire market as well as news of new Bitcoin purchases by large funds. The more conservative these funds are, the better. In the meantime, market participants are reluctant to tug-of-war: no one wants to sell too late or buy too early."
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 $941,763,022,558.
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