Cryptocurrencies Price Prediction: Bitcoin, Toncoin & Crypto – European Wrap 8 August

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Bitcoin price poised for relief rally before continuing downtrend

Bitcoin's (BTC) price is recovering from initial weekly losses after a 7% drop on Monday, trading 3.8% higher at $57,245 at the time of writing on Thursday. Meanwhile, Metaplanet secured a ¥1 billion loan at a 0.1% Annual Percentage Rate (APR) on Thursday to fund additional Bitcoin purchases. However, on-chain data shows negative funding rates, indicating prevailing bearish sentiment and the dominance of short sellers. This suggests that the broader downward trend may continue in the coming days.

Toncoin price surges 11% as Binance announces listing

Toncoin (TON) trades 11.8% higher at $6.07 on Thursday following Binance’s announcement of the TON token listing. TON’ price retested the daily support level at $4.83 on Monday and surged 9.5% the following day, as on-chain data also reveals a capitulation event that day, suggesting the potential for a rally in the coming days.

XRP and Toncoin enjoy some good news

The crypto market has been quietly hovering around the $2 trillion mark for the past two days. However, this could be a base formation followed by an upside momentum as the market recovers from the shock sell-off since early August. This sell-off has been closely linked to the sell-off in BTC and ETH due to their close ties to institutional holders.

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FXStreet Team

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week, with a 4% drop the previous day. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

Meta CEO Zuckerberg directs development of standalone prediction markets app 'Arena'

Mark Zuckerberg has directed a small team at Meta to develop a new smartphone app focused on prediction markets, according to a Tuesday report by the New York Times. The experimental project, internally known as Arena, would allow users to forecast outcomes across sports, politics, entertainment and current events.

Top 3 Price Prediction: BTC under pressure, ETH loses key support, XRP momentum weakens

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday after falling slightly the previous day. BTC trades below $63,000, ETH slips below $1,700, while XRP momentum continues to weaken. The deteriorating price action in these top three cryptocurrencies suggests a potential continuation of the near-term correction.

Crypto Market Overview: Bitcoin loses $63,000 amid tech sell-off – WLD, VVV tokens lead losses

Bitcoin (BTC) edges below $63,000 at press time on Wednesday, amid a global sell-off of tech stocks, including AI and chip stocks. The broader crypto market recorded $550 million in total liquidations, primarily driven by long liquidations, suggesting sell-side dominance, with Worldcoin (WLD) and Venice Token (VVV) leading losses.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.