Cryptocurrencies Price Prediction: Cardano, Bitcoin & Crypto – European Wrap 3 January

Cardano price sets up buying opportunity for ADA to rally 35%

Cardano (ADA) price action is currently being held up by an inclining trendline. While a breakdown would give sidelined buyers an opportunity to accumulate, a breakout above a key hurdle could propel ADA higher. 

Cardano price slipped into consolidation after setting up a local top at $0.647. Since then, ADA has attempted to continue the ascent by setting up a higher high at $0.680, but the bullish momentum failed to support this move. As a result, ADA has produced a sideways movement that currently trades at $0.608. 

Spot Bitcoin ETF update: The politics behind approvals according to investment bank TD Cowen

Spot Bitcoin exchange-traded funds (ETFs) approvals remain the main theme in the cryptocurrency market as new year trading catches steam. With most cryptos flashing green on the daily and weekly timeframes, the show of optimism comes as the window for approval opens, with two forecasts overlapping.

Spot BTC ETFs could be approved between January 2 and 3, according to a recent Reuters report, even as the January 5 to 10 hard deadline continues to hold forte, as predicted by ETF specialists James Seyffart and Eric Balchunas.

EU banking watchdog to deepen probe of links between banks, crypto entities: FT

The European Banking Authority (EBA), the regulator that conducts stress tests on European Union banks, will take additional steps to predict how strains in non-bank financial institutions (NBFIs), including cryptocurrency-related entities, will affect the lenders, according to the Financial Times.

Concern over contagion has triggered the need to "dig deeper into the links between banks and other financial firms," José Manuel Campa, EBA chair, said in an interview with the FT. "We should be doing more and we are going to be doing more. We need to have an understanding of the whole underlying chain in NBFIs.”