Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $47,732.71 (-0.29%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,351.71 (-1.27%), while Binance Coin has dropped by 2.52% and is now trading at $419.01.
FxPro's team of analysts say:
"Bitcoin has seen little change over the past day, currently trading at around $47,600 after adding more than 7.5% in seven days. On Friday, the crypto market received a significant boost from buyers. At one point, Bitcoin surpassed $49,000, dragging the rest of the sector with it.
It is likely that one of the triggers for the growth was Fed chief Jerome Powell's statements that the regulator does not plan to ban cryptos, but rather intends to regulate them. While in reality there is absolutely no idea how regulators will actually interact with cryptocurrencies, even verbal statements have been enough to inspire buyers.
The greed and fear index for Bitcoin and the largest cryptocurrencies has risen to 54, which corresponds to the 'neutral' are, fully reflecting what is happening in the cryptocurrency market.
As a result, Bitcoin, albeit slowly, is growing, approaching the $50,000 threshold. Surpassing this milestone will become the most important psychological moment for retail market participants. Many have sold off after reaching record highs in anticipation of a market reversal into the new cryptocurrency winter, but a return to growth and gradual sequential demand may convince retail investors of a positive outlook for further growth."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,114,167,345,486.
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