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 keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.