Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $54,400.46 (-2.48%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,474.8 (+6.62%), while XRP has lost 7.77% of its value and is now trading at $1.32.
FxPro's team of analysts say:
"Bitcoin has lost about 2% over the past 24 hours and is currently trading at $54,500. Crypto enthusiasts are confident there is now a local correction low before a new growth spurt above $60,000. However, the dynamic of the leading crypto could be significantly influenced by what is happening in the traditional market.
Jerome Powell, director of the Fed, has recently said the regulator will monitor inflation and, if something happens, will take the necessary measures to contain it. In fact, this could indicate a likely reduction of stimulus measures and a rate hike, while the market has been living in recent years precisely a soft monetary policy.
So far, this is just a warning, but it has surely been received in the right circles, and given that the smart money harbors no overly romantic illusions about cryptos, the first signs of monetary policy normalization are worth listening to with extreme caution."
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 $2,024,502,215,678.
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