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 $36,674.37 (-5.21%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,636.75 (-6.81%), while Tether has dropped by 0.04% and is now trading at $1.
FxPro's team of analysts say:
"The new Bitcoin rebound attempt has lost momentum on the way to $40,000, peaking at $39,400, a level where bears have increased pressure on the market. So far, the resistance level is invariably stronger than the buying momentum. This is quite alarming, as Bitcoin's long-term inability to develop growth can significantly affect the mood of speculators. At the moment, BTC has seen little change over the past day and is currently trading at around $37,000. However, the week has not yet come to an end and the market can still finish it higher.
The news backdrop may help, as it has been reported that in early August Google will allow ads for cryptocurrencies and cryptocurrency companies, as long as they have a license from the FinCEN.
Following ECB head Christine Lagarde's statements regarding digital currencies, it has become clearer how much time the traditional crypto market has before active competition from central banks arrives. The ECB president has said that it could take around five years to test the digital euro in order to make sure it is safe.
Larger central banks will probably have to speed up their work if they don't want to fall behind China's central bank, which will launch its national digital token much sooner."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,632,121,592,317.
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