Bitcoin has started the new workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $43,841.65 (+6.17%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $3,093.84 (+12.14%), while Cardano has increased by 3.21% and is now trading at $2.23.
FxPro's team of analysts say:
"Although Bitcoin has rallied 4.5% over the past 24 hours, we still see a 3.5% decline on the weekly chart. The greed and fear index for Bitcoin and the largest cryptos is in the 'fear' area. As the indicator conceives it, the current state may indicate the market's willingness to grow. The RSI for the BTC/USD pair on the daily chart is in the neutral zone, which shows that there is room for growth.
In the short term, Bitcoin will continue to be affected by news of continued regulatory pressure on the cryptocurrency sector in China.
The National Development and Reform Commission has reiterated the undesirability of the existence of mining on the country's territory, while the People's Bank of China has dealt a blow to platforms for digital asset exchange and fiat withdrawal, and has also set its sights on stablecoins.
Although members of the crypto community have long been distrustful of China, the new negative news from Beijing still has a negative impact on the entire sector as a whole, as market participants unconsciously project what is happening in the PRC to other countries. Everyone understands that a sharp change in tone from regulators in the United States itself is also possible.
In this case, the news from China could negatively affect the recovery of the price of the benchmark cryptocurrency."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,946,504,569,392.
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