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Cryptocurrencies Price Prediction: Crypto, Bitcoin & Tether – European Wrap 9 February

Cryptocurrencies Price Prediction: Crypto, Bitcoin & Tether – European Wrap 9 February
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Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure 

Bitcoin (BTC) is trading near $70,000 any the time of writing on Monday, as prices in the broader cryptocurrency market consolidate in the wake of last week's turbulence.

Despite Bitcoin's price rising from last week's low of $60,000, retail interest remains low, suggesting caution among investors.

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Bitcoin has encountered new resistance

The crypto market cap has declined by approximately 10% over the past seven days to $2.36 trillion. Ironically, this appears to be positive news, as it represents a 10% increase from Friday's lows. However, we remain very sceptical about the near future, as the recovery momentum lost steam over the weekend, encountering a sell-off near the $2.4T level. Perhaps we have only seen a bounce on the way down, which is not yet complete.

Tether's Gold stash tops $23 billion as buying outpaces nation states, Jefferies says

Tether, the crypto firm behind the world's most popular stablecoin USDT $0.9993, continued its gold hoarding over the past month, ranking within the top 30 global owners of the metal and surpassing several sovereign nations, according to a Sunday report from Wall Street investment bank Jefferies.

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FXStreet Team

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.

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