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Bitcoin has started the first day of the workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $57,358.85 (+0.8%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has increased to $2,261.68 (+1.12%), while XRP has jumped by 9.84% and is now trading at $1.48.

FxPro's team of analysts say:

"Last weekend, instead of a rally, we saw a massive sell-off in the crypto market. Bitcoin has lost around 10% from Friday morning levels and is currently trading at around $56,800. On Sunday the crypto fell as low as $52,000, resulting in the liquidation of $10B in positions. The price drop is associated with a decline in the Bitcoin hashrate due to the closure of several mining plants in China, as well as rumors the US regulator is about to start reviewing some financial institutions in relation to money laundering through cryptos. And to all this must be added the ban on the use of Bitcoin as a means of payment in Turkey. Among the reasons, the community also cites a market reversal following the impressive rally experienced after the Coinbase IPO on the NASDAQ.

The main question that concerns all crypto market participants is now an excellent opportunity to buy at a time when Bitcoin is trading at a significant discount, or is this an intermediate stage in a broad market reversal? Be that as it may, so far we see confirmation of the hypothesis that the price of Bitcoin is somewhat associated with its hashrate. The outages have stopped, but the results still remain, as everyone has realized how vulnerable the system is to these kinds of events. In the context of BTC's falling hashrate, the average transaction fee has exceeded $50, a figure not reached since 2017."

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,099,226,049,323.

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