Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $42,532.16 (-3.01%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,257.83 (-2.89%), while Binance Coin has dropped by 1.31% and is now trading at $479.91.
Crypto analyst Lark Davis has warned that a "death cross" pattern is forming on the Bitcoin chart.
A death cross in technical analysis forms when the 50-day moving average crosses downward from the 200-day moving average. This pattern indicates a possible decline in the value of an asset.
Davis has recalled that the "death cross" has formed on the chart of the top crypto eight times in the asset's entire history.
The last time the death cross was seen on the Bitcoin chart was last June. Then, the cryptocurrency's value fell to $28,000 for the first time since January 2021 (a 56% drop from the peak of $64,000 set in May).
FxPro's team of analysts say:
"Pressure on US tech stocks was the main theme of US trading yesterday, dragging cryptos down with it. The cryptocurrency market capitalization adjusted 1.1% on the day to $2.05 trillion.
The fear and greed index is stuck at 21 (extreme fear).
The price of Bitcoin has lost 2% over the past day, falling to $42,800, while Ether has lost about 1.5% to $3,300. Other major currencies are falling at a much smaller amplitude, as mutual fund favorites, not cryptocurrency enthusiasts, are taking the biggest hit.
Doge is an entirely different story, as it has begun to be accepted as a means of payment for some of Tesla's (inexpensive) products. Some point out that Doge is selling even faster than dollars. On the news, the currency has added 18% in the morning and is trading at $0.2, near the highs of the month.
This news is a good illustration of the continued penetration of cryptocurrencies into the corporate culture. On the other hand, Tesla doesn't have to stick with these coins forever. That is, people will be more active in spending their DOGE investments."
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 $2,031,250,689,098.
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