Cryptocurrencies Price Prediction: Ethereum, Chainlink & Bitcoin – American Wrap 09 November

FXStreet Team FXStreet

Major cryptocurrencies pressured, BTC/USD under $17K

Major cryptocurrencies remained distressed across the board on Wednesday, weighed amid fears over the FTX-Binance deal. Against the US dollar, Ethereum and Ripple are down more than an eye-popping 20%, and Bitcoin has shed 8% against its US counterpart, as of writing.

Bitcoin extends steep fall as uncertainty grows

Bitcoin extends steep fall into second day, being down over 7% into early US session on Wednesday, following Tuesday’s 9.5% drop (the biggest one-day loss since Sep 13). Cryptos are under increased pressure for the second day, as fears about the financial health of major exchange FTX grow, despite plans for a rescue deal from bigger rival Binance, which signed a nonbinding agreement to buy FTX’s non-US unit to help cover a liquidity crunch of the rival exchange.

Chainlink announces staking in December as LINK price uptrend comes undone

Chainlink price is yet to escape the selling pressure traversing the crypto market. The oracle price feed token tumbled after running into resistance at around $9.50. Although tentative support at $8.00 could have absorbed the selling pressure, the entire crypto market generally sustained losses emanating from a bank run-like withdrawal on FTX exchange.

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FXStreet Team

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Bitcoin derivatives reset as leverage cools amid subdued spot demand

Bitcoin's recent correction has reduced leverage across derivatives markets, creating a healthier structure amid weak spot trading activity, according to a report from CryptoQuant on Monday. The report stated that Bitcoin's decline over the past few weeks appears to reflect a broad futures market reset rather than the buildup of new speculative positions.

Ripple and Stellar outlook: Under selling pressure as cautious sentiment raises downside risks

Ripple and Stellar remain under selling pressure as cautious market sentiment continues to weigh on the broader crypto market. XRP struggles to reclaim the upper boundary of its falling channel, while XLM extends its decline for a fifth consecutive day.

Crypto Overview: Bitcoin holds steady as ETF outflows decline – DEXE and TIA extend gains

Bitcoin hovers above $64,000 holding steady after a roughly 4% drop last week. Data shows that institutional outflows are easing, suggesting broader market recovery potential, while DeXe and Celestia have emerged as frontrunners over the last 24 hours.

Ethereum Price Forecast: Ethlabs launches as new ecosystem steward funded by BitMine, SharpLink

Ethereum treasuries BitMine Immersion and SharpLink, alongside co-founder Joe Lubin, have partnered to fund Ethlabs, a new research and development lab for the smart contract blockchain.

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.