Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $42,421.53 (+1.54%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,925.14 (+1.11%), while Tether has dropped by 0.02% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin is trading at around $42,000 after losing about 1% over the last day. While the market is waiting for new triggers, China has banned CoinGecko and CoinMarketCap. In addition, BeePool, one of the largest Ethereum mining pools in China, has announced it will cease operations.
However, it looks like the Chinese factor has exhausted its potential and now everyone is waiting for other news, in particular, from the Fed. No one doubts the existence of a correlation between Bitcoin and the S&P 500. Now the fate of the index depends on the US printing press, and now the Fed chief must try to convince all market participants not to sell their assets. At the same time, policymakers, including the Fed chairman, are increasingly recognizing inflation is turning out to be higher and more resilient than expected.
What will happen to the Bitcoin price dynamic, and then to the entire crypto market, if incentives start to shrink? It is very likely that crypto assets will start to sell off along with stocks. It looks like this may become the time when discount hunters will not be able to resist the wave of selling and will already step aside in anticipation not of local lows, but of a bottom."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,879,661,017,315.
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