Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $33,618.56 (-4.42%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,162.9 (+0.32%), while Tether has increased by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has suffered a drop of almost 3% over the past day and is currently trading at $34,000. Therefore, the benchmark crypto continues in a sideways price trend. The quote 'what doesn't grow ends up falling' is applicable to the crypto market. The longer the coin experiences difficulties in figuring out which direction it is going, the more likely it will continue to fall.
The greed and fear index for Bitcoin and the largest cryptos stands at around 28, which corresponds to the 'fear' area. Most recently, this indicator was in 'extreme fear' mode and could now shift 'into the next gear' due to the recent price rally. As the end of the week approaches, the sideways trend will be increasingly perceived due to the unwillingness of large investors to make decisions, awaiting further developments in the traditional market. The retail sector is also likely to switch to wait-and-see mode, which will be seen in a sideways trend over the weekend.
Market participants are aware that it is impossible to print and borrow money forever, so sooner or later the reset phase will start, and this time it can be very painful. Initially, this process may be a blow to cryptos, however, since there are not so many technological assets with limited issues left in the global economy, Bitcoin will receive its support. In addition, an active global trade war will lead to the fact that states themselves need an asset that understands neither borders nor regulations."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,388,244,006,834.
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