Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $37,395.87 (+3.29%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,466.83 (+3.01%), while Tether is up by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"The crypto market has ended the slide it has suffered over the past few days in which Bitcoin hit new lows for the past half year on Monday, falling below $33,000. This was followed by a sharp rally to $37,500. From this level, BTC retreated late in the day on Tuesday, helped by a drop in the US stock market.
Stocks are falling throughout January in anticipation of monetary policy tightening by the US Federal Reserve. The drop in risk assets has also exerted a negative impact on Bitcoin, which has already lost around 20% since the beginning of the month.
The correlation between the reference crypto and the high-tech stock index NASDAQ has reached a new all-time high, according to Bloomberg."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,678,297,812,786.
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