Crypto bears confirmed their strength
Bitcoin collapsed 9.6% on Tuesday, ending the day near $20.2K, which remains on Wednesday morning. Ether is losing 6.4% overnight to $1610. The most significant altcoins took a heavy hit, losing between 4.6% (BNB) and 13% (Solana), but remain on the plus side after seven days. The bears in Bitcoin have asserted that they are in control.
From the 50-day moving average level, BTCUSD experienced a substantial decline. This could bring back downward sentiment, as it did in August, for an extended period. However, it is too early to speculate on whether the June lows will be renewed.
Pressure on all risky assets came after a hot US inflation report, which increased the likelihood of a more robust Fed rate hike next week and triggered the strongest sell-off in more than two years.
News background
Eugene Fama, 2013 Nobel Prize laureate in Economics, believes that bitcoin will have value as a means of payment. However, BTC's high volatility prevents it from being used for that purpose. We should add that this refers not only to the downside but also to upside moves. Ethereum has a much higher near-term growth potential than bitcoin, according to ConsenSys. ETH could become a savings vehicle following The Merge event, set to take place on September 15.
Digital asset management platform Abra is launching Abra Bank, the first regulated crypto bank in the US, providing traditional services for cryptocurrencies. According to media reports, investment giant Fidelity Investments, which serves 34 million clients, plans to provide retail clients access to bitcoin trading on its brokerage platform.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 77.2% | 36 | $63 540.43 | 2.56% | -1.60% | $1 255 829 021 961 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 79.6% | 42 | $2 481.91 | 2.64% | -5.96% | $298 769 920 581 |  |
|
| 3 |  USDT |
Tether predictions | 95.6% | 1 | $1.000138 | 0.01% | 0.01% | $119 693 873 487 |  |
|
| 4 |  BNB |
Binance Coin predictions | 74.8% | 42 | $576.12 | 2.39% | -1.04% | $84 074 649 175 |  |
|
| 5 |  SOL |
Solana predictions | 72.4% | 50 | $148.20 | 3.60% | -5.58% | $69 545 896 988 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000225 | 0.02% | 0.03% | $35 506 494 098 |  |
|
| 7 |  XRP |
XRP predictions | 73.6% | 44 | $0.540782 | 1.83% | -16.21% | $30 588 838 160 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 82% | 34 | $0.113747 | 4.37% | -7.45% | $16 637 108 781 |  |
|
| 9 |  TON |
Toncoin predictions | 79.6% | 31 | $5.34 | 2.74% | -8.58% | $13 531 081 838 |  |
|
| 10 |  TRX |
TRON predictions | 91.2% | 1 | $0.154408 | 0.73% | -0.45% | $13 369 002 913 |  |
|
| 11 |  ADA |
Cardano predictions | 78.8% | 40 | $0.362785 | 3.85% | -7.11% | $12 683 346 378 |  |
|
| 12 |  AVAX |
Avalanche predictions | 69.6% | 63 | $27.26 | 3.87% | -5.57% | $11 080 976 739 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 54% | 94 | $0.000018 | 6.57% | -1.67% | $10 868 395 904 |  |
|
| 14 |  STETH |
Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 94.4% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
