Cryptocurrencies Price Prediction: Bitcoin, Bitcoin Cash & FTT — Asian Wrap 29 October

FXStreet Team FXStreet

BTC hits $70K as investors lock eyes on US elections in November

Bitcoin started the week on a strong note, rising above $70,000, with prices indicating a bullish outlook amid increasing correlation with the upcoming US elections, according to VanEck's Head of Digital Asset Research Matthew Sigel. Institutional investors have also shown positive sentiment toward crypto ETFs, which recorded net inflows totaling $901 million last week.

Bitcoin Cash Price Forecast: Technical and on-chain metrics suggest a rally ahead

Bitcoin Cash (BCH) continues to trade in green on Tuesday and is approaching its descending trendline; a successful close would suggest a bullish move ahead. On-chain data further supports the bullish thesis, as BCH’s long-to-short ratio is above one, and its funding rate is positive, all hinting at a possible rally ahead.

FTT plunges as FTX reaches $228 million cash settlement with Bybit

In a filing uploaded on Monday, the defunct exchange FTX reached a $228 million cash settlement with the Bybit crypto exchange to support its cash repayment to creditors. The settlement entails that FTX will recover $175 million in assets held in Bybit and an agreement that the latter's trading arm, Miranda, will purchase 105.4 million FTX debtor's BIT tokens for $52.7 million.

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Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

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Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

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