Cryptocurrencies Price Prediction: Bitcoin, SPX & Crypto – European Wrap 21 October

FXStreet Team FXStreet

Uptober unravels for Bitcoin as institutional demand cools and whale sells

Bitcoin is falling below 108k, sharply reversing after the weekend’s rebound and recovery to 111k ran out of steam. Major altcoins are also trading lower, with Ethereum falling 3% to 3865 and XRP dropping 4.5% to 240. The total cryptocurrency market capitalisation has fallen 3% over the past 24 hours to $3.65 trillion.

SPX6900 Price Forecast: SPX bears take control, signaling further downside

SPX6900 (SPX) price slides down by nearly 5%, trading around $0.98 at the time of writing on Tuesday after facing rejection from a previously broken trendline. The derivatives data projects a bearish sentiment, with SPX’s Open Interest (OI) falling and bearish bets rising among traders. The technical side further supports a bearish outlook, suggesting that SPX6900 could extend its decline toward the $0.81 level in the upcoming days.

Crypto Today: Bitcoin, Ethereum, XRP edge lower as investors reduce risk exposure

Bitcoin (BTC) declines alongside altcoin majors Ethereum (ETH) and Ripple (XRP) on Tuesday, as global markets, including cryptocurrency, struggle amid sticky macroeconomic uncertainty, geopolitical tensions and the impact of the prolonged United States (US) government shutdown.

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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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