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Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $34,737.81 (-0.14%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has risen to $2,387.59 (+2.57%), while Tether remains unchanged at $1.

FxPro's team of analysts say:

"Bitcoin has seen little change over the past 24 hours and is currently trading at around $34,600. All the news seems to remain focused on China, however, it is clear this does not have the same impact on the market as in the recent past. Going forward, the market needs something new to get momentum on a large scale.

Now, investors and traders should pay attention to the stock and currency markets, which can indicate the direction of the next trend. Leading indices are overbought, especially tech stocks.

The specter of a correction looms over the traditional market, but at this point no one wants to become the first seller, as in practice everyone has realized the market may remain overheated for much longer than expected.

The crypto market has slowed down, which is evident from the reduced trading volumes on the Bitcoin network. The summer lull could well turn into a full-blown long-term sideways trend for the cryptocurrency market. After such an impressive rise in the market, as well as the subsequent correction, this might not be the worst-case scenario for Bitcoin."

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 $1,473,939,817,309.

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