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On Tuesday, December 14, bitcoin is facing another selling pressure. As of press time, the largest cryptocurrency by market capitalization is trading at $46,929.3 (-3.78%), according to EXANTE.

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Bitcoin Falls Below $47,000 as Crypto Drops Below 200DMA

Chart of the USD/BTC trading pair from EXANTE

For its part, ether (ETH) dropped the most — to $3,785.10 (-5.14%), with binance coin (BNB) losing (-4.10%) and is trading now at $529.7.

FxPro's team of analysts notes that bitcoin has dropped below its 200-day moving average. Except for the intraday decline on December 6, these are the lowest since early October and the loss of a third of its value by bitcoin from the peak levels just over a month ago, the analysts emphasize.

"Basically, the highs of $69,000 were the starting point for pressure on the BTC/USD trading pair," the analysts added.

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According to CoinMarketCap’s ranking, all 10 on the top by market capitalization are in red. The whole cryptocurrency market capitalization decreased by 5%.

Earlier, iHodl reported that the German Savings Banks Association, a group of the banks which hodls over €1 trillion in assets under management, is demonstrating interest to offer a wallet for cryptocurrency trading. According to a spokesperson for the association, there is "huge" interest in cryptocurrencies. However, no decision had been taken yet, the spokesperson noted.

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