Bitcoin has started the last day of the workweek in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $31,610.55 (-2.54%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,903.56 (-2.69%), while Tether has remained unchanged and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has lost more than 2% over the past day and is currently trading at around $31,800. The greed and fear index for Bitcoin and the largest cryptocurrencies stands at 22, which corresponds with the 'extreme fear' area. Bitcoin continues to maintain a slow fight around $30,000, and it seems the bears are a bit stronger than the bulls in this situation.
The rule of 'what doesn't grow, ends up falling' often applies to cryptocurrencies. Probably one of the main factors supporting the reference crypto right now is the feeling that a halved price is a good buying opportunity.
No one wants to sell or buy too soon in the current period of calm and uncertainty in the markets.
The Bitcoin hashrate is recovering. Miners are relocating their devices, and Kazakhstan has become one of the leading countries in attracting computing power which, for obvious reasons, has proved more attractive to miners than the US. However, the latter is also increasing its share of mining.
Overall, the mining ban in China will have a positive effect on Bitcoin as, as a result, we will get a diversification of computing power around the world rather than being concentrated in various Chinese locations. In the long term, this should have a positive effect on the entire market, as there will be more confidence in BTC as a true decentralized project."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,299,934,852,985.
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