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Cryptocurrencies Price Prediction: Bitcoin, Cardano and Polygon – European Wrap 8 September

Cryptocurrencies Price Prediction: Bitcoin, Cardano and Polygon – European Wrap 8 September
FXStreet TeamFXStreet TeamFXStreet

Bitcoin Price: Whales flood exchanges with BTC, what's next?

Bitcoin price could crumble under selling pressure as the volume of BTC on exchanges climbs. Analysts reveal a bearish outlook on Bitcoin price. 

Bitcoin-USDT price chart

Cardano price sees feeble attempt by bulls to pare back losses

Cardano (ADA) price saw bulls rallying on the back of equity markets, unfortunately, after a promising start, the little intraday rally went nowhere and could not make any substantial difference to the overall trend. Instead, price action is consolidating, which spells bad news ahead as a big catalyst event is set to happen this afternoon.

ADA/USD Daily chart

Polygon price sees MATIC bulls attempting to eke out a rally, as their efforts remain uneventful

Polygon (MATIC) price will trade at the mercy of ECB traders this afternoon as the European Central Bank is set to announce its first 75 bp hike since 1999. Given already priced in, it will come down to the details of what is contained in the ECB’s communication about the future course of policy and the speech by its chairwoman Christine Lagarde. The key issue here is that the eurozone is already underperforming and could easily fall into a recession, whereas the US is still performing well and thus could see the dollar strengthen substantially further.

MATIC/USD Daily chart

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.