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Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $48,240.34 (-11.45%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2,170.94 (-12.4%), while XRP has lost 22.68% of its value and is now trading at $1.03.

FxPro's team of analysts say:

"Technical indicators have shown once again they are still working as far as Bitcoin is concerned. The drop below the 50-day moving average has become the harbinger of a deeper decline. On the last day of the workweek, Bitcoin has accumulated a 9% drop and is currently trading at around $49,300. Bitcoin has lost 21% of its value so far this week. If the coin does not receive support near the current levels, it could end up falling to $40,000.

Meanwhile, the crypto market as a whole is in negative territory, with the major altcoins suffering double-digit losses. The most pessimistic analysts have successfully managed to identify the event that put an end to the crypto rally - the direct listing of Coinbase on NASDAQ. After this event, the market has struggled to find reasons to grow.

The tax issue has once again been among the pressure factors after US president Joe Biden announced he plans to double taxes on incomes exceeding $400,000 per year. The market has reacted to this news with a massive sell-off based on speculation many will cash out their Bitcoin-related profits in advance in order to avoid this steep increase in taxes."

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 $1,785,127,735,290.

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