Ethereum, Bitcoin, and Ripple Price Forecast in Asian Market Wrap on August 12
Ethereum (ETH) has seen a 0.4% increase on Friday, with ETH ETFs experiencing mild inflows. The recent market downturn may impact previous ETF forecasts, potentially propelling ETH to a new all-time high near $5,000.
Bitcoin faces a pivotal week ahead as it grapples with recovering from its most significant decline in the current cycle. This decline was triggered by various factors, including concerns about a possible recession, geopolitical tensions in the Middle East, and movements in the Japanese yen carry trade.
Ripple recently announced the commencement of beta testing for its RLUSD stablecoin, pending regulatory approval for its utilization. Despite XRP’s over 6% drop in the last 24 hours, there is potential for a surge following this development.
Token unlocks data revealed that the crypto market anticipates $220 million worth of tokens entering circulation next week, signaling signs of recovery post the recent market crash.
Bitcoin is currently trading above $60,000 after a 7.2% decrease and a brief dip below $50,000 earlier in the week. Notably, major investors like BlackRock, MicroStrategy, Grayscale, and Fidelity maintained their Bitcoin holdings during the sell-off. On-chain data suggests that despite recent market fluctuations, addresses of long-term BTC holders continue to accumulate the cryptocurrency.
In the coming days, the crypto community will closely monitor these developments across Ethereum, Bitcoin, and Ripple, as they navigate through market uncertainties and regulatory advancements.
