• Bitcoin is hovering above $9,700 after a sharp sell-off.
  • Altcoins are consolidating with a bearish bias.

The cryptocurrency market has switched into a bearish mode as Bitcoin and all major altcoins are losing ground. The total market capitalization of all digital assets in circulation increased to $258 billion; average daily trading volumes settled at $58 billion, while Bitcoin's market dominance edged higher to 68.3%.

What’s going on in the market

The Chinese central bank denied the speculations about the state-backed digital coin launch in November. While the regulator confirmed that the coin is in the making, no clear deadlines were provided. 

Read more: China’s central bank governor squashes speculations on the November launch for its digital currency

Top-3 coins  price overview

At the time of writing, BTC/USD is hovering above $9,700 amid bearish sentiments on the cryptocurency market. The first digital coin has lost over 2% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day.

Ethereum, the second-largest digital asset with the current market capitalization of $21.8 billion has been losing ground recently. The coin has lost nearly 4% in recent 24 hours to trade marginally above $200.00 by press time. ETH/USD has retreated from the intraday high of $202.70. At the time of writing, ETH is moving within a short-term bearish trend amid declining volatility. 

Ripple's XRP settled above $0.2700, having recovered from the intraday low of $0.2637. The third largest coin with the market value of $11.6 billion has lost 1.4% in recent 24 hours and gained 1% since the beginning of the day.

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