Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple — Asian Wrap 07 October

FXStreet Team FXStreet

Bitcoin, S&P 500 and USD sees simultaneous uptick amid declining unemployment rate

Bitcoin (BTC) trades around the $62,200 level on Saturday following a reduction in the US unemployment rate. In addition to BTC, the S&P 500 (SPX) and the US Dollar Index (DXY) also posted gains. This marks a new market trend amid investors' heightened risk appetite.

Ethereum sees revenue uptick in September amid rising inflation rate

Ethereum (ETH) is up over 3% on Friday as recent reports indicate its on-chain revenue growth in September amid the annual ETH inflation rate rising to a two-year high.

Token unlock pushes XRP lower as holders come to grips with SEC appeal

Ripple (XRP) climbs 2% on Friday. XRP is influenced by several market movers: the US Securities & Exchange Commission’s (SEC) decision to appeal the final ruling in the Ripple lawsuit, Ripple’s $1 billion token unlock on October 1 and other token unlocks this month, including Solana and Arbitrum.

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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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