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Bitcoin has started the workweek day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $37,146.42 (-2.76%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2,528.33 (-3.34%), while Tether has dropped by 0.01% and is now trading at $1.

Bitcoin has started the new week with a bang, however, it has not been in the right direction for the bulls.

After a promising weekend, the BTC/USD pair received warnings of spurious "after-hours" price moves, which ultimately proved timely, as the weekly close sent the pair down over $1,000.

Trading at $37,900, even that close was not enough to satisfy analyst demands, and the all-too-familiar range-bound behavior that Bitcoin has exhibited throughout January continues.

Amid the lack of a true spot market recovery despite solid data, it may be an external trigger that ends up being responsible for a shakeout. For example, the US executive order on cryptocurrency regulation is due in February, although the exact timing remains unknown.

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 $1,671,315,579,821.

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