Cryptocurrencies Price Prediction: ETFs, PI & Crypto – European Wrap 31 December

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Bitwise files for 11 new crypto ETFs tracking altcoins like Aave, Zcash, and Ethena

Bitwise filed for 11 crypto Exchange Traded Funds (ETFs) with the US Securities and Exchange Commission (SEC) on Tuesday, with the aim to offer exposure to Aave (AAVE), Zcash (ZEC), Ethena (ENA), and other altcoins. Despite the shift in institutional interest from Bitcoin (BTC) to altcoins, Bitcoin's dominance remains around 60%, suggesting the chances of an altcoin season are low.

Pi Network Price Forecast: PI recovers ahead of the New Year

Pi Network (PI) edges higher by almost 1% at press time on Wednesday, extending recovery after a Doji candle with 0.40% gains on the previous day. Data shows an increase in Pi Network’s social dominance, suggesting a boost in retail interest. The technical outlook for PI suggests a potential rebound from $0.20 amid a Morning Star pattern.

Top 3 Price Prediction: Bitcoin, Ethereum, XRP prepare for a potential New Year rebound

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are holding steady on Wednesday after recording minor gains on the previous day. Technically, Bitcoin could extend gains within a triangle pattern while Ethereum and Ripple face critical overhead resistance.

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AUD/USD consolidates near 0.7000 as USD stays weak

AUD/USD holds steady above 0.7000 during Thursday’s Asian session, consolidating the previous day’s recovery gains from a near three-week low as the Democratic sweep in the US midterm elections and Iran diplomacy hopes continue to weigh on the US Dollar. Bulls, however, seem hesitant as focus shifts to Friday’s crucial US NFP report.

USD/JPY drifts lower to 158.25 on hawkish BoJ Minutes, weak USD

USD/JPY trades with a negative bias for the second straight day on Thursday as hawkish BoJ Minutes, showing members agreed to keep raising rates, and intervention risks support the Japanese Yen. Meanwhile, US midterm election results and hopes for Iran diplomacy keep the US Dollar depressed as focus shifts to Friday’s US NFP report.

Gold consolidates gains around $4,100

Gold now surrenders part of its initial bull run, although it sticks to the $4,100 region per troy ounce on Thursday. The yellow metal extends it recovery on the back of the lacklustre performance of the US Dollar and declining US Treasury yields following the US midterms elections.

Bitcoin falls below $76,000 as NASDAQ drops 5% on AI sell-off

Bitcoin (BTC) and the wider crypto market fell on Thursday as US markets opened. Losses in AI-related stocks pushed the NASDAQ Composite (IXIC) down as much as 5% amid concerns that Democrats' control of both chambers of the US Congress could lead to tighter crypto and AI regulations.

NFP stress test: Six payrolls releases, measured in daily-loss limits

Friday's US employment report is usually previewed in terms of the headline number and the reaction in the Dollar. For a growing group of traders, those running funded or evaluation accounts with a fixed daily loss limit, there is a more practical question: how much of that limit can the first hour consume, regardless of direction?

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.