Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $52,746.29 (-4.9%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,599.53 (-5.88%), while XRP has dropped by 9.74% and is now trading at $0.5.
FxPro's team of analysts say:
"Bitcoin has staged another failed rebound attempt. This one has stalled at $57,000, a level at which it has started a rather rapid fall. As a result, this morning the leading cryptocurrency is down more than 2% and is trading at around $53,100. Thus, the coin has broken the support level at $53,000 and continues to fall. The next important level will be the psychological mark at $50,000, and the likely local low may be the $49,000 level.
Positive-minded market participants expected the news that Tesla has started accepting BTC as a payment method for its cars and that it will not convert these assets into dollars should have triggered another growth spurt for the market. In reality, however, the correction that had formed up to this point has outstripped the strength of the positive momentum. As always, the altcoins market has reacted much more dramatically to what is happening.
All coins on the top 10 are posting losses of between 2% and 20%. Overall, the crypto market is in negative territory and, at this point, we can see the beginning of panic selling by retail investors. The scale of panic selling may turn out to be larger than it could have been in the case of a more neutral and balanced position relative to the market in recent times."
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 $1,638,677,999,802.
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