Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $64,775.96 (-2.2%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,700.23 (-0.2%), while Binance Coin has dropped by 2.27% and is now trading at $629.86.
FxPro's team of analysts say:
"Yesterday, Bitcoin hit a new all-time high near $69,000. The jump in Bitcoin, other cryptocurrencies and gold triggered by this news could be interpreted as some distrust in the policies of monetary authorities in developed countries.
However, at the close of the US trading session, the debt market started to register more decisive and rapid increases in FRS rates, which triggered a strong inflow of capital into the dollar and launched an initial reaction. This is de facto bad news for BTC. At least for now.
At the close of the US session, the BTC/USD pair retreated to the $64,500 area, 6.5% below the high, where it is consolidating in a tight range. The drop in the major altcoins was commensurate, but given the initial surge, the daily losses are not that large: 2% for BTC, 1% for ETH and 2.2% for the total crypto capitalization.
Perhaps the main battle for confidence in the financial system, with potentially far-reaching consequences, is just beginning, and in the coming days we need to find out which side is right."
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 $2,837,603,692,605.
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