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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $33,222.43 (-3.36%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2.030,05 (-5.66%), while Tether has increased by 0.02% and is now trading at $1.

FxPro's team of analysts say:

"Bitcoin has lost 4% over the past day and is currently trading at around $32,800. It is worth noting the crypto's trading volume has risen by 4.5%. The total crypto market capitalization has fallen by $56 billion over the past 24 hours. The greed and fear index for Bitcoin and the largest cryptocurrencies is at 20, which corresponds to the 'extreme greed' area, indicating there is significant room for growth. The RSI for the BTC/USD pair on the daily chart is in the neutral area at 44, reflecting the current uncertainty in the market.

Bears are quite cautious about testing Bitcoin's strength around the round level, and their attempts are likely to become more confident in the near future. For the time being, the most positive scenario could be the preservation of Bitcoin's sideways price trend, as the upcoming test of the psychological and technical level could convince investors a reversal is inevitable.

The market has digested the 'Chinese factor' and is now watching what is happening around crypto exchange Binance. The Bitcoin network hashrate continues to recover, and this could soon accelerate, confirming the ability of miners to quickly reboot the computing power of the blockchain. In theory, the hashrate recovery should support the value of the reference cryptocurrency."

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,368,118,835,462.

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