Cryptocurrencies Price Prediction: Bitcoin, SEI & Crypto – European Wrap 23 February

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin (BTC) price action over the past eight days signals a lack of volatility and reduced liquidity. This coiling up could lead to a steep correction in the near future for BTC.

Also read: Bitcoin price eyes $48,000 as European Central Bank tears down at BTC after spot ETF approval.

SEI, Omni Foundation propose standard to unify Ethereum NFTs

Sei Labs and Omni Foundation have proposed a new token standard, xERC-721, to facilitate the movement of NFTs across Ethereum chains. Projects to scale the Ethereum blockchain and lower the transaction cost – like Layer 2 scaling solutions and rollups – have flooded the ecosystem, but this new proposal intends to address the fragmentation of NFTs as these tokens exist only on the chain they are minted. 

Crypto market opts for caution

The crypto market lost around 1.2% overnight to $1.95 trillion, according to CoinMarketCap. The Crypto Fear and Greed Index rose to 76 (Extreme Greed). This is a somewhat lagging indicator, reflecting sentiment the day before rather than at the moment. Since Friday morning, crypto has been dominated by selling despite all-time highs in many global equity indices. As a very sensitive indicator, the crypto market may be signalling that investors have become a little more cautious.