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Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $34,239.78 (-3.62%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2,285.95 (-1.75%), while Tether has risen by 0.12% and is now trading at $1.

Crypto analyst Willie Woo has said Bitcoin has not entered a bear market, as long-term hodlers continue to accumulate assets in their portfolios, and on-chain indicators point to a reversal in the negative dynamics of the digital gold price.

He believes the market is in a speculative phase. According to Woo, the crypto sold at the beginning of the year is gradually returning to the hodlers' portfolios.

Woo has pointed out the current cycle is unlike any the market has seen before because its "underlying structure" is completely different.

The founder of cryptocurrency bank Galaxy Digital, Mike Novogratz, has called the exodus of miners from China "a huge boon" for the cryptocurrency industry. According to him, the repressive policy of the People's Republic of China will not interfere with the development of Bitcoin.

He has added the market crash in May only proved the viability of the digital asset ecosystem.

According to a survey conduced by CNBC, 44% of institutional investment managers believe Bitcoin will close the year with a price below $30,000. 25% of respondents believe the top crypto will reach $40,000 at that time.

A similar proportion of respondents chose the $50,000 level, and only 6% predict Bitcoin will end the year at $60,000.

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 $1,438,665,379,406.

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