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Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $56,107.4 (-2.44%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $4,117.86 (-2.06%), while Binance Coin has dropped by 1.28% and is now trading at $564.69.

FxPro's team of analysts say:

"Bitcoin was fluctuating widely yesterday, and at one point in early US trading managed to recover slightly after starting the day quite weak. However, pressure on US stocks and a strengthening dollar have dragged cryptos down with it. From intraday highs, Bitcoin has lost 6.3% by the end of the day, at one point falling as low as $55,600.

Bears have shown who is in control now, clearly showing attempts to recover are being met with aggressive liquidations. In such conditions, it should come as no surprise the cryptocurrency fear and greed index has migrated into 'fear' territory after losing 17 points to 33, the lowest level since last October 1.

Perhaps the next line of defense for the bulls could be the $52,000-53,500 area, where the previous extremes and the support area at 61.8% of the September to November rally are concentrated.

It is surprising that ETH/USD continues to hold its key $4,000 level amid such aggressive pressure on BTC/USD. Apparently, the pressure on the leading crypto is being exerted by selling by institutions, of which there are many in Bitcoin and far fewer in Ethereum."

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 $2,522,737,394,915.

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