|

Cryptocurrencies Price Prediction: Ethereum, Ripple & Tesla – European Wrap 7 March

Nearly $200 million in ETH burned as Ethereum gears up for Dencun upgrade

Ethereum (ETH) price has increased sharply in the past week as investors appear to be pricing in the positive effects of the upcoming Dencun upgrade and the possibility that the US Securities and Exchange Commission (SEC) approves this year exchange-traded funds that track Ether. Meanwhile, on-chain data shows that almost $200 million in ETH were burned in the past week, another indicator of further price gains as it reduces the circulating supply of the altcoin.  

Ethereum holders are anticipating the two catalysts that are likely to drive ETH price rally this cycle. The upcoming Cancun-Deneb (Dencun) Hard Fork and the SEC’s decision on the Spot Ethereum ETF are the two catalysts for the altcoin. 

ETH

XRP price drops below key support ahead of SEC’s remedies-related brief in Ripple lawsuit

XRP price nosedived below an important support level for the altcoin, at $0.65. The altcoin is trading at $0.62 on Thursday. An important deadline in the SEC v. Ripple lawsuit is fast approaching and the regulator is set to present its remedies-related opening brief on March 22. 

XRP price is $0.62, early on Thursday. The altcoin has dropped below key support, while Bitcoin and altcoins begin their recovery from the recent bloodbath. The SEC is set to present its remedies-related opening brief on March 22, an important date for the regulator’s lawsuit against Ripple. 

Chart

Has Tesla secretly bought more Bitcoin?

The electric car company Tesla has allegedly purchased around 1,000 BTC, or at least that’s what the chatter is on social media. But a closer look at the source of these rumors reveals that it could be nothing but a case of misinterpretion.

Tesla CEO Elon Musk’s announcement of purchasing BTC was a major driver of the crypto markets in February 2021. Late Wednesday, social media platform X’s users started talking about Tesla adding 1,000 BTC, worth roughly $68 million, to their balance sheet based on data from a popular crypto data analytics platform, Arkham. Neither Tesla nor Musk have commented on these rumors. 

Chart

Author

More from FXStreet Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.