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Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Compound – European Wrap 7 August

FXStreet Team FXStreet

Bitcoin rebounds to $57,000 as on-chain data shows institutional investors remain in market despite recent decline

Bitcoin's (BTC) price is recovering its initial weekly losses, trading 1.2% higher at $56,666 at the time of writing on Wednesday after a 7% drop on Monday. The recovery move is bolstered by Metaplanet's announcement of a $69.13 million investment in Bitcoin and on-chain data indicating that institutional investors remain steadfast despite recent declines. However, technical analysis and market conditions suggest that the broader downward trend could resume in the coming days.

Three signs that Ethereum could rally 20% after Monday’s crypto crash

Ethereum (ETH) on-chain metrics show signs of potential gains in the second-largest cryptocurrency by market capitalization. Ether has noted a spike in active addresses, a capitulation, and negative MVRV, indicative of a recovery in ETH’s price in the coming days.

Solana partners with Anchorage Digital to introduce custody support for SOL-based tokens

Solana's (SOL) price has been consolidating within a symmetrical triangle pattern since May, signaling uncertainty among investors. On Wednesday, SOL rises by 5.5% to $154.10 at the time of writing, reinforced by Solana's partnership with Anchorage Digital to provide custody support for SOL blockchain tokens, signaling positive momentum in the coming days.

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FXStreet Team

FXStreet

Monero risks extending correction as market structure weakens

Monero (XMR) is extending its downtrend, below the $500 level at the time of writing on Wednesday, as sellers remain dominant during the American session. XMR has declined by approximately 38% from a recent high of $800, reached last Wednesday.

Ripple holds support as traders remain cautious

Ripple (XRP) is navigating a critical juncture as price action stabilizes above $1.90 at the time of writing on Wednesday. The cross-border remittance token came under aggressive selling earlier this week as macroeconomic and geopolitical tensions escalated.

Bitcoin struggles below $90,000 amid easing risk appetite, increasing bearish pressure

Bitcoin price hovers around $89,000 on Wednesday, after falling 8.79% over the past 6 days. Risk appetite continues to fade amid turmoil in Japan’s bond market and renewed geopolitical tensions between the US and the EU.

Crypto Today: Bitcoin, Ethereum, XRP stabilize despite weakening institutional, retail demand

Bitcoin holds below $90,000 on Wednesday, weighed down by weakening institutional and retail demand. Ethereum defends $2,900 support amid resumption of spot ETF withdrawals. XRP holds above $1.90 as US-listed spot ETFs record the second outflow since launch.

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Bitcoin: BTC bulls remain strong amid institutional demand, risk-on sentiment improves

Bitcoin (BTC) price holds above $95,500 at the time of writing on Friday after rallying more than so far 5% this week. The rising institutional and corporate demand supports the bullish price action in BTC.