Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $54,849.78 (-4.5%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,441.61 (-1.34%), while Binance Coin has increased by 9.48% and is now trading at $443.87.
FxPro's team of analysts say:
"Bitcoin has lost 4% of its value over the past 24 hours, sending it down to $55,400 after a failed attempt to rise above $58,000. However, so far this is primarily a BTC problem.
The altcoins are showing multi-directional dynamics, suggesting we are seeing a pullback after the recent Bitcoin rally, not a global reversal.
The greed and fear index of the largest cryptocurrencies has retreated from 78 to 70, degrading to just 'greed.'
In the last seven months, hodlers have added 2.37 million BTC to their assets, while miners have mined only 186,000.
SHIBA INU is not giving up: taking advantage of the fall of the main altcoins, it has sneaked into the top 14 cryptocurrencies by market cap. DOGE is currently number 10 among the major coins.
At the same time, Pantera Capital CEO Dan Morehead has drawn an analogy between Bitcoin's fall in 2017 and 2021 following the start of CME futures trading and Coinbase's listing on the stock exchange.
In his view, the next date for the BTC crash will be the day when the first Bitcoin ETF begins trading in the United States. Until that time, he intends to buy Bitcoins, however, it is not yet clear in what volumes, as ETF applications are still pending and it is unknown what decision the SEC will make."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $197,745,646,650.
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