Cryptocurrencies Price Prediction: Bitcoin, Cardano & Binance Coin — Asian Wrap 03 January – FXStreet
FXStreet Team
FXStreet
Bitcoin price made headlines over the past few days for reclaiming a crucial resistance as support after nearly two years. The bullishness ahead of the anticipated spot BTC ETF approval is showing its effect on the cryptocurrency even as top applicants, including the likes of Grayscale, leave their applications partially incomplete.
Cardano (ADA) price action is currently being held up by an inclining trendline. While a breakdown would give sidelined buyers an opportunity to accumulate, a breakout above a key hurdle could propel ADA higher. 
Binance Coin (BNB) price appears poised for a strong move as the broader market prepares for the US Securities and Exchange Commission (SEC) to approve some, if not all the spot Bitcoin exchange-traded funds (ETFs) filings.
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Bitcoin price took a hit on Thursday, which resulted in the entire crypto market noting a dip. The sudden drop in price was nothing but a panicked reaction from the investors thanks to the emergence of a report from Matrixport.
The crypto market crash of January 3 caused roughly $600 million in liquidations across the board. This move was mainly influenced by Matrixport’s research, which indicated a possibility of ETF rejection. The nosedive wiped nearly $1 billion in open interest.
Ripple (XRP) price suffered by association as the broader market reacted to speculation that the US Securities and Exchange Commission (SEC) would reject spot Bitcoin exchange-traded funds (ETFs). Unlike other altcoins, however, Ripple price’s reaction came despite the token not having gone up previously like the rest of the market.
The upcoming spot Bitcoin ETF approval is set to be the biggest catalyst witnessed by the crypto market in a long time. The year 2023, in anticipation of the approval, observed millions of dollars flowing into digital asset investment products, which seem to have placed Bitcoin way above the home of DeFi Ethereum.
Bitcoin (BTC) price has been bullish in 2023, scaling up as it tried to plough back the ground lost following the Terra (UST) and FTX crashes of the preceding year. The trajectory took shape in spite of it being an eventful year, with BTC riding the wave of macroeconomic as well as industry-related developments.
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