Cryptocurrencies Price Prediction: Bitcoin, DeFi & Crypto – European Wrap 3 September

Bitcoin surges towards key resistance barrier; rebound may be short-lived

Bitcoin (BTC) trades at around $59,000 on Tuesday after a slight recovery the day before. However, this rebound might be short-lived as it nears a crucial resistance barrier. Institutional interest is growing, driven by VanEck’s optimistic Bitcoin forecast, a strategic partnership between Metaplanet and SBI VC Trade, and increased wallet holdings. Despite these developments, the price action remains weak, and the Bitcoin Spot ETF recorded a $45.53 million net outflow on Monday.

This DeFi project burns $15 million in CAKE tokens, PancakeSwap eyes double-digit gains

Decentralized exchange PancakeSwap burned its native token CAKE worth $15 million on Monday. Burning the token removes it permanently from the circulating supply, reducing the selling pressure on the asset and likely positively influencing its price. 

The DeFi project was launched in September 2020 and celebrates its fourth anniversary this month. PancakeSwap has lined up a hackathon and a meme competition to commemorate the event. 

Crypto near August bottom

The crypto market rose 2.3% in 24 hours to reach a cap of $2.07 trillion, growing steadily throughout Monday. However, cautious Asian market dynamics on Tuesday morning have interrupted the recovery near levels seen late last week. This recovery has yet to improve sentiment, with the index remaining at 26 for the third consecutive day.