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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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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