Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $62,260.62 (-0.02%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,801.45 (-1.36%), while Binance Coin has increased by 4.02% and is now trading at $491,31.
FxPro's team of analysts say:
"Bitcoin has posted a slight 1% gain over the past day and is trading at around $62,300. We are currently witnessing an interesting combination of fundamental events. For the crypto market and BTC in particular, this is the launch of an ETF today. For the stock market, this is the S&P 500 approaching the 4,500 resistance level.
In both cases, we're talking about a quite dangerous situation, and given that Bitcoin is correlated with the traditional market, a simultaneous massive sell-off could trigger a pretty sharp correction. In the case of Bitcoin, at first it may be another growth spurt after the official ETF launch with the prospect of reaching a new all-time high price, and then the beginning of a reversal and a broad correction. If that scenario plays out, along with the likely correction in the S&P 500, we may have even bigger negative events.
The RSI index for the BTC/USD pair on the daily chart has crossed the overbought level and is now around 73 points, which may indicate the proximity of the beginning of the correction. Therefore, even if BTC continues to grow rapidly, we should be especially careful, especially if market participants start talking about the beginning of a new 'to the moon'."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,487,501,976,492.
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