Cryptocurrencies Price Prediction: Bitcoin, Shiba & MATIC – American Wrap 10 May

FXStreet Team FXStreet

MATIC price oversold for the first time in 11 months, making ready for short-term recovery

MATIC price continued its downtrend this week after losing the $1 mark, bringing the cryptocurrency to a four-month low. However, an important signal noted over the last 24 hours suggests that the altcoin may not be too far away from beginning a recovery.

Bitcoin, Ethereum prices rally as US CPI inflation falls to 4.9%

Bitcoin price eyes the $29,000 target as US Consumer Price Index (CPI) came in at 4.9%, below market participant’s expectations of 5%. The largest asset by market capitalization rallied in response to the data release by the US Bureau of Labor Statistics (BLS).

Shiba Inu price in penalty box with descending trend channel chasing bulls away

Shiba Inu (SHIB) price has been handed over to the law of physics as the chart is starting to show proof of gravity even in altcoins. SHIB bulls are nowhere to be seen as only a handful venture to build a stake in Shiba Inu at the present. With the descending trend channel firmly aligned and acting as a scarecrow in the face of any would-be bulls, a return to $0.00001000 is almost impossible, while the downside points to $0.0000750 or another 15% lower.

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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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