Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $38,348.78 (-5.45%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,745.49 (-5.11%), while Tether has increased by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"Right after breaking through the $40,000 barrier, Bitcoin has once again faced a significant increase in selling pressure. Over the past 24 hours, the benchmark cryptocurrency has fallen 4% and is currently trading at about $37,500. Apparently, many investors felt that the bounce to $40,000 was enough to cash out profits.
However, there are no significant reasons to panic, as BTC's track record may be supported by positive news. For example, PayPal's intention to allow crypto withdrawals to third-party wallets. In addition, it has recently been known Apple is looking for a worker to develop alternative payments. This will most likely involve cryptos.
Most companies are going to follow a similar direction. Glassnode has concluded the market correction was an excellent opportunity for long-term investors to increase their positions in the cryptocurrency. Long-term investors have increased their assets to a two-month high of around 2.8 million BTC. In addition, the analyst firm has seen a significant decrease in institutional investors' activity on over-the-counter exchanges, which also highlights the cutback in selling by large capital.
In the short term, BTC could become an active participant in the tug-of-war between bulls and bears more than once. The retail sector will have a say over the weekend."
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 $1,691,006,594,027.
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