Bitcoin has started the day posting minor loses. At press time, the largest cryptocurrency by market cap is trading at $44,914.14 (-3.37%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,742.56 (-3.62%), while XRP has increased by 3.1% and is now trading at $0.506.
FxPro's team of analysts say:
"Bitcoin has lost more than 3% over the past 24 hours and is currently trading at around $44,500. As a result, there has been no continued explosive growth after news broke that one of the most progressive companies on the planet plans to accept cryptocurrencies as a means of payment. On the other hand, Bitcoin is still above levels prior to Elon Musk's statements.
Less optimistic investors are withdrawing their profits, while most are still expecting further growth. A price pullback was inevitable after such an impressive jump in the cryptocurrency price, however, this is still quite moderate.
Very good news for Bitcoin could be similar statements from another large company in the S&P 500. However, negative statements from the US monetary authorities cannot be ruled out, as investment and speculation are one thing, and replacing the main instrument of government entirely, a very different one.
It looks like at this stage the crypto market, even after crossing the trillion-dollar threshold, is not generating serious negative sentiments among the US monetary authorities, however, there is no guarantee that a thorough study of possible scenarios is not underway. Special attention should be paid to the attitude of the new US administration towards the leading crypto, as we have not yet received a clear signal about its future policy towards cryptocurrencies."
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 $1,370,409,772,223.
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