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Bitcoin is posting minor losses today. At press time, the largest cryptocurrency by market cap is trading at $60,158.37 (-3.82%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $4,163.73 (-0.75%), while Binance Coin has dropped by 1.65% and is now trading at $476.46.

FxPro's team of analysts say:

"The bears and bulls have been playing a tug-of-war over the past 24 hours, and so far neither has managed to seize the initiative. Bitcoin is suffering a drop of almost 2% and is trading at around $61,000, however, this does not mean the currency is not capable of recovering in a matter of hours.

The bears have turned out to be quite proactive and have been able to push BTC to the lower boundary of $60,000, but at that point they have encountered a strong support level. Investors have stepped in and established this level as an entry point into the market at a discount.

The greed and fear index for Bitcoin and the largest cryptos has returned to 'greed' mode over the past 24 hours after losing the "extreme" prefix, paving the way for a buying surge.

On the downside, it can be assumed the SEC gaining authority to regulate stablecoins could negatively affect market sentiment. Even though this is not directly related to Bitcoin, all market participants understand the intermediate station between BTC (and any other cryptocurrency) and fiat is always a stablecoin.

Thus, we can now observe a clear attempt to take control of the main instrument of influence on the cryptocurrency market: withdrawal to fiat and vice versa. The authorities cannot control Bitcoin, but cryptos without being tied to the national reserve currencies lose their properties of uncontrolled superstructure over the financial system. It is worth paying attention to this news in the medium term, as it could exert its influence on the entire sector."

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,552,410,428,134.

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