Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $32,930.69 (-7.35%), according to CoinMarketCap.
For its part, Ether has fallen to $2,014.3 (-8.42%), while Tether has remained unchanged at $1.
FxPro's team of analysts say:
"Bitcoin continues to lose the ground it managed to gain following El Salvador's decision to introduce the crypto as legal tender in the country. Over the past day, the reference crypto has lost 3% of its value and is currently trading below $33,000. Therefore, the currency has moved away from trying to test $40,000 again and is approaching the lower limit of $30,000.
If Bitcoin is able to develop growth momentum in the near future, we may see a sharp increase in sales. The retail sector has shown confidence over the weekend, now professional investors will have their say during the first few business days of the week.
The greed and fear index for Bitcoin and the largest cryptocurrencies is at 23, which corresponds with the 'extreme greed' area. Although, as conceived by its creators, at these levels the index indicates the presence of room for growth, at the current stage the phrase 'extreme fear' can mean exactly what these words mean. Some investors are fearful and willing to sell short, others have adopted a wait-and-see investment attitude, and still others are actively selling, preventing growth momentum from developing.
In such a negative combination for the market, we get a very unfavorable picture for the market as a whole, although there is always the possibility of another bright fundamental event coming to Bitcoin's aid."
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 $1,373,900,513,522.
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