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

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.