Bitcoin has started the day posting loses. At press time, the largest cryptocurrency by market cap is trading at $32,984.73 (-8.64%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,521.23 (-8.84%), while Tether has risen by 0.05% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has fallen 10% over the past 24 hours and is currently trading at around $33,000. The entire crypto market as a whole is falling, following the trend of the benchmark cryptocurrency. The total capitalization of cryptocurrencies has fallen $170 billion in one day.
The Bitcoin price is again testing support in the form of a 200-day moving average. Falling below this level could be a real bust for the bulls.
If in the near future Bitcoin does not start attracting active demand from buyers, then the struggle will continue for $30,000 with a likely attempt by the bearish to sink the currency even lower with potential targets such as $23,000.
Statements from senior officials and politicians point to the need to take a wait and see attitude when making an investment decision.
As for those holding positions in the crypto, it is obvious that we are now seeing massive waves of profit taking or even closing positions at a loss as the value of each new round advances. Now the inertial movement of the market is developing towards a decline, and the further it progresses, the harder it will be to stop it."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,506,131,572,151.
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