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Bitcoin has started the day posting losses. At press time, the largest crypto by market cap is trading at $57,270.10 (-1.67%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2,026.84 (-3.54%), while XRP has lost 2.91% of its value and is now trading at $0.984.

FxPro's team of analysts say:

"Bitcoin has lost almost 2% during Thursday morning and is currently trading at around $57,000. The crypto gave market participants a fright yesterday when it started to fall rapidly along with the altcoins market. Bitcoin fell from almost $59,000 to $56,000, where the correction was halted.

Yesterday something happened that market participants greatly fear, especially retail investors, and that is that the Bitcoin slide coincided with the simultaneous growth of altcoins and was followed by a synchronous failure in the whole cryptocurrency market.

However, the demand was sustained and this helped digital currencies rebound almost immediately after the massive sell-off. Moreover, the BTC rebound was accompanied by a 12% increase in daily trading volume.

In spite of the correction, the greed and fear index for Bitcoin and the largest cryptocurrencies even increased by one point over the course of the day to 73 points, which corresponds to the 'greed' area in a rather moderate way. The RSI for the BTC/USD pair on the daily chart remains in neutral mode, showing no signs of being ready to move towards overbought. Now, the crypto market has frozen in anticipation of new triggers, while the total capitalization has retreated to $1.9T."

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 $1,929,688,095,025.

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