Market Update – Bitcoin Falls Below $40,000

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Bitcoin has fallen by 0.30% during the past 24 hours and is now trading at $39,712.08, according to CoinMarketCap.

The only 2 altcoins enjoying gains in CMC’s top 5 are Tether and Binance Coin, which have added less than 1% over the past day.

The Bitcoin dominance index stands at 48.2%, while the crypto’s market capitalization amounts to $748,919,416,438.

Regarding the total capitalization of the cryptocurrency market, it stands to $1.548T.

The most important news of the day related to the cryptocurrency market is the one about online broker Robinhood setting the initial price for its shares at $38 before its imminent IPO. If the shares eventually reach this price, the total valuation of the company will hit $32 billion after raising $1.89 billion.

We have also reported that asset management company ProFunds has just rolled out “the first US mutual fund that mirrors Bitcoin performance before expenses are paid.” This new investment tool will allow investors to gain exposure to the largest crypto in the market without having to store it.

Bitcoin has stayed above $40,000 during most of the day. Will it break above this level again?