Cryptocurrencies Price Prediction: CAKE, Bitcoin & Crypto – European Wrap 6 May
|CAKE price bottoms out as PancakeSwap announces $25 million burn
PancakeSwap’s (CAKE) price increased nearly 3% on Monday after the decentralized exchange platform on the Binance Smart Chain (BSC) announced a token burn of more than 8.9 million CAKE tokens, collected from trading fees across Automated Market Makers (AMM) Version 2 and 3 of the platform.
Addressing the crypto investor dilemma: To invest or not?
Bitcoin’s consolidation crosses the two-month mark but shows no signs of a breakout or a directional move. Investors waiting with bated breath for a volatile move remain confused about whether to buy the dips or keep some cash reserves for a rainy day.
Crypto market tries to break local downtrend
Crypto market capitalisation has been up 2% over the past seven days and has added over 13% from the lows of the 1st of May. A timid bottom formation on Wednesday was followed by a modest rebound on Thursday and more robust buying on Friday after the monthly US jobs report. Over the weekend and at the start of the day on Monday, the crypto market’s growth was halted in a 10-day resistance area near $2.31 trillion.
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