Ethereum, Bitcoin, and Ripple Price Forecast in Asia on August 7
Ethereum (ETH) has seen a 2% increase on Tuesday following BlackRock’s filing to introduce options to its iShares Ethereum Trust (ETHA). Investors, both traditional and crypto-native, have been actively acquiring ETH following the dip caused by the sell-off on Black Monday. The price of ETH seems to have stabilized and is potentially poised to reclaim the critical $2,803 support level.
Bitcoin (BTC) has surged nearly 4% on Tuesday after swiftly recovering from the crash experienced on Black Monday. As the market endeavors to bounce back, several essential metrics and indicators, as discussed in an article, may play a significant role in the upcoming weeks.
Ripple (XRP) encountered a significant decline amid the recent turmoil in the crypto market on Monday. XRP plummeted to a low of $0.4300, marking its lowest point since mid-July on August 5.
The Ronin network team recently announced a halt to its bridge due to a breach during an upgrade. The breach, identified as a white-hat hack, resulted in the extraction of $12 million in ETH and USDC from the platform. While the funds are being returned, the value of RON has surged by 3% following the disclosure.
In other news, meme coins linked to the PolitIFi theme, inspired by Republican nominee Donald Trump, experienced gains on Tuesday. This surge was driven by various events related to the upcoming presidential race, including an interview scheduled with Elon Musk, the CEO of Tesla and SpaceX, set for August 12.
Bitcoin’s price failed to surpass $70,000 at the start of the week and dropped to $64,000 by the end of the week. Mt. Gox continues to transfer Bitcoin to exchanges for repaying creditors, while the Federal Open Market Committee (FOMC) opted to maintain US interest rates at their current levels.
In conclusion, the crypto market has witnessed fluctuations and recovery following recent events, with Ethereum, Bitcoin, Ripple, and the Ronin network making headlines for their respective developments and price movements. Investors are closely monitoring these digital assets as they navigate through the market challenges and opportunities.
