Cryptocurrencies Price Prediction: Bitcoin, DeFi & Crypto – European Wrap 3 September
|Bitcoin surges towards key resistance barrier; rebound may be short-lived
Bitcoin (BTC) trades at around $59,000 on Tuesday after a slight recovery the day before. However, this rebound might be short-lived as it nears a crucial resistance barrier. Institutional interest is growing, driven by VanEck’s optimistic Bitcoin forecast, a strategic partnership between Metaplanet and SBI VC Trade, and increased wallet holdings. Despite these developments, the price action remains weak, and the Bitcoin Spot ETF recorded a $45.53 million net outflow on Monday.
This DeFi project burns $15 million in CAKE tokens, PancakeSwap eyes double-digit gains
Decentralized exchange PancakeSwap burned its native token CAKE worth $15 million on Monday. Burning the token removes it permanently from the circulating supply, reducing the selling pressure on the asset and likely positively influencing its price.
The DeFi project was launched in September 2020 and celebrates its fourth anniversary this month. PancakeSwap has lined up a hackathon and a meme competition to commemorate the event.
Crypto near August bottom
The crypto market rose 2.3% in 24 hours to reach a cap of $2.07 trillion, growing steadily throughout Monday. However, cautious Asian market dynamics on Tuesday morning have interrupted the recovery near levels seen late last week. This recovery has yet to improve sentiment, with the index remaining at 26 for the third consecutive day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.