|

Cryptocurrencies Price Prediction: Bitcoin, Ethereum and Ethereum Classic – European Wrap 10 August

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets tumble, but the worst is yet to come

Bitcoin price is trying to undo the gains it witnessed over the last week and is currently at the midway point. This sell-off has caused Ethereum and Ripple prices to follow suit, pausing the rallies that altcoins were experiencing.

BTC/USDT 4-hour chart

Will the CPI announcement be a bullish event for Ethereum price?

Ethereum price is facing issues trying to establish its directional bias after taking a massive loss recently. However, the US Consumer Price Index (CPI) announcement is likely to induce a massive amount of volatility in the market, so market participants need to exercise caution.

Why traders are licking their wounds in ETC price action

Ethereum Classic (ETC) price got dragged to the downside in the aftermath of Coinbase earnings that came out late on Tuesday evening just prior to the US closing bell. Hand in hand with the crypto winter, exchange platform Coinbase’s earnings printed red, disappointing investors. The platform was hit by its dependence on transactions in the most battered asset class of financial markets this year. Several cryptocurrencies got tackled and rolled over to the downside, with ETC recovering this morning in the ASIA  PAC session as investors picked up the price action at a short-term discount, although risk looms around the corner with the US inflation print this afternoon setting the tone for the rest of the week.

ETC/USD Daily chart

Author

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.

More from FXStreet Team
Share:

Editor's Picks

Top 3 Price Prediction: BTC recovers, Ethereum clings to support, XRP consolidates

Bitcoin, Ethereum and Ripple begin the week on a steadier footing after correcting by nearly 4%, 2%, and 6% respectively, in the previous week. BTC is attempting a modest recovery, trading above $64,500 on Monday, while ETH continues to defend the crucial $1,700 support level.

Aave founder outlines plan to bring multi-trillion-dollar securities market onchain with V4

Lending protocol Aave founder Stani Kulechov revealed a proposal to bring the multi-trillion-dollar securities market onto blockchain infrastructure, according to a blog post on Friday.

Ethereum Price Forecast: Impending funding crisis could put Ethereum at risk

Ethereum developers could face a "slow-burning funding crisis" in the coming months following the depletion of the Ethereum Foundation treasury and the expiration of the Client Incentive Program, according to former EF contributor Trent VanEpps.

Bitcoin's weakening sell pressure hints at possible market bottom — CryptoQuant
Bitcoin (BTC) may be approaching the final stages of its current correction as selling pressure eases, according to a CryptoQuant report on Thursday. The report noted that the current phase of realized losses differs significantly from the first major sell-off earlier this year. The data suggests that many panic sellers may have already exited the market.
Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.