Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $41,897.88 (-4.42%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,898.96 (-6.36%), while Tether has declined by 0.06% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has fallen nearly 4% over the past day and is currently trading at around $42,500, which does not justify forecasts of further growth after the 'China factor.' While news and sentiment are affecting the market, the really important metric is the ability of buyers to overcome selling pressure.
We seem to be running into trouble. Bitcoin needs to break above $45,000 to continue to rise, while we are now seeing a pullback in the opposite direction. Bitcoin has recently managed to break through 0 on the weekly chart, and it looks like the buying momentum at this level has run out of steam. The total market capitalization of the crypto market is increasingly declining from the round $2 trillion level. The BTC pullback towards $40,000 could trigger a wave of closing positions, however, we must remember there are still plenty of discount hunters in the market.
To fundamentally spoil the mood of cryptocurrency market participants and dissuade them from buying Bitcoins during the fall, direct negative statements from US regulators are needed. Until these occur, every decline in Bitcoin and the cryptocurrency market as a whole could trigger a new wave of buying."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,853,530,042,144.
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