Cryptocurrencies Price Prediction: Bitcoin, Floki & AI – American Wrap 29 February

FXStreet Team FXStreet

Bitcoin price stalls as Grayscale approaches SEC for options on spot BTC ETFs

Bitcoin (BTC) price has recorded an impressive rally this week, recording milestones that merited BTC for headlines across crypto news sites and X. However, the rally has lost steam as the king of cryptocurrency now confronts a supply barrier.

Floki developers plan to burn $11m tokens, reducing supply by 190B Floki

Floki (FLOKI) developers will float a proposal to burn 2% of the token’s circulating supply to increase scarcity and bump network security for the dog-themed crypto platform.

OCEAN, GRT, FET: Artificial Intelligence projects with high developer activity

Bitcoin’s (BTC) price rally catalyzed gains in several other tokens, fueling narratives like Artificial Intelligence (AI), Layer 2 chains, and meme coins. Alongside Bitcoin’s recent surge, the rising development activity in AI tokens is likely to become a catalyst that could drive gains for these assets.

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XRP approaches key support as risk-off sentiment deepens

Ripple (XRP) is trading at $1.06 on Monday, maintaining its position within a broader bearish trend. The token’s technical outlook continues to deteriorate, pressured by declining retail participation. Appetite for risk assets remains lethargic, as reflected in the Fear & Greed Index, which is embedded in the Fear territory at 28.

Crypto Today: Bitcoin, Ethereum, XRP extend decline amid renewed risk-averse sentiment

The cryptocurrency market remains weak on Monday, with Bitcoin (BTC) falling toward the nearest $62,000. Ethereum (ETH) and Ripple (XRP) reflect the sell-off across altcoins, edging lower toward $1,800 and $1.05, respectively. Risk appetite remains subdued, as the Fear & Greed Index holds steady at 28, deep within Fear territory.

The Bitcoin futures yield collapse: Once over 20%, now less than Treasury notes

Once a goldmine for carry traders, Bitcoin futures have flipped, consistently underperforming plain‑vanilla U.S. Treasuries every month since February. Carry trades consistently yielded 20% or more across regulated and unregulated crypto exchanges during the 2021 bull market. The strategy involved shorting Bitcoin futures while simultaneously buying a spot exchange-traded fund (ETF).

The crypto market is moving in the opposite direction to equities

The crypto market’s market capitalisation has fallen by 1% over the past 24 hours, returning to levels last seen in mid-July. The positive momentum the market showed in the first half of last week failed to take hold. Once again, we are seeing a negative correlation with the Nasdaq 100 index, this time in the form of falling cryptocurrencies while shares rise. Could this be becoming the new norm?

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.