Cryptocurrencies Price Prediction: HYPE, Crypto & Bitcoin – European Wrap 15 August

Arthur Hayes buys the dip, doubling down on Hyperliquid, Ethena and Lido

Arthur Hayes, the co-founder of BitMEX and known for his astute market trades, has recently increased his holdings of Hyperliquid (HYPE), Ethena (ENA), and Lido (LDO), on-chain data shows. The move comes as on-chain metrics of tokens like Hyperliquid and Ethena reach record highs even as the technical outlook remains mixed. 

Crypto Today: Bitcoin, Ethereum, XRP offer signs of bullish reversal despite renewed inflation fears

Bitcoin (BTC) is attempting a recovery toward the pivotal $120,000 level, trading above $119,000 on Friday. The sell-off spread in the broader cryptocurrency market on Thursday occurred after July’s US Producer Price Index (PPI) data came in hotter than expected, casting doubts on the possibility of the Federal Reserve (Fed) cutting rates in September.

The bear attack on Bitcoin is frightening, but it does not break the trend

The crypto market is clearly struggling to move upwards, as historic highs are also attracting sellers. On Friday morning, the total capitalisation of cryptocurrencies stood at $4.03 trillion, reflecting a 3.4% decline over 24 hours. Although this is unpleasant for bulls, it looks like a necessary correction to let off steam while the market remains above the July highs of $3.90-3.95 trillion, a break below which would signal a trend reversal.