Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $35,141.83 (-1.26%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,405.62 (-3.85%), while Tether has dropped by 0.02% and is now trading at $1.
Galaxy Digital founder Mike Novogratz has offered a bet to Euro Pacific Capital CEO Peter Schiff due to their opposing views on Bitcoin's price outlook. In response to Schiff's bearish outlook, Novogratz has said he would donate $1 million to charity or whatever purpose his opponent chooses if Bitcoin trades below $35,000 in a year.
Novogratz had previously predicted that Bitcoin's fall would end around the $38,000 level, but over the weekend, the price of the crypto has fallen to $34,000, the lowest level since July 2021. Galaxy Digital's CEO wrote:
"The Russell 2000 index has broken out of a major support, it is now a bear market. The selling has gone up, don't buy on pullbacks. It will be difficult for cryptocurrencies to start rallying until the stock market bottoms. However, cryptocurrencies have already experienced a massive sell-off and are starting to get support from buyers. This year, people are realizing that being an investor is hard work."
At the same time, Peter Schiff has written:
"Bitcoin is below the neckline of the head-and-shoulders top. Not all head-and-shoulders tops fulfill their potential. If they did it would be too easy. Just find a broken neckline and bet the farm. But a lot of the time they do, which is why the pattern is so widely followed."
FxPro's team of analysts say:
"The crypto fear and greed index fell to 11 on Sunday, rising only slightly to 13 at the start of today's trading. The capitalization of the crypto market has lost another 1.1% in one day to stand at $1.61 trillion, the lowest since August.
As is often the case with a prolonged sell-off, altcoins are falling driven by Bitcoin, leading to an increase in BTC's share, which is now 41.3% versus a low of 39.3% in mid-January. The 40% Bitcoin share looks like a tipping point that has triggered a correction in the crypto market twice.
This level may have become a signal of sorts that optimism regarding altcoins has gone too far.
However, the rise in Bitcoin share does little to help its price. On Monday morning, we see the sixth consecutive bearish daily candle, and the price has pulled back to $35,000. The bears look quite capable of taking the price down to $32,500, closing the July gap and returning the price to last summer's support area."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,601,737,405,412.
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