Volatile trading conditions with drizzle and rain will linger Bitcoin and Ether in the next 24 hours, signaling slightly bearish or bearish market conditions. Binance Coin bucks the negative trend with a strong sun set to shine over it, signaling bullish market conditions.

The drizzle over Bitcoin will continue throughout the week, according to ATTMO. However, Ether will see a timid sun shining over this longer time horizon.

The trading signals available at 07:15 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies strengthen as a Republican victory seems likely despite Biden dropout

The cryptocurrency trend was positive over the weekend as pro-crypto winds continued to sweep over the cryptosphere. The market continues to expect a Republican victory in November, despite the dropout of the incumbent President Joe Biden yesterday.

“For Bitcoin, a pro-crypto administration will enter the White House. Historically, this meant that the SEC chair resigned when a new administration was elected, despite SEC Chair Gensler’s term ending on June 5, 2026,” 10xResearch writes in its daily note.

“With Blackrock’s Larry Fink and JP Morgan’s Jamie Dimon being floated as Trump’s favorite Treasury Secretary candidates and a potential shift in SEC leadership, the US crypto landscape might change dramatically,” the crypto consultancy adds.

The price of Bitcoin rose 1.1 percent to $67,792 over the past 24 hours, to a five-week high, Trading View’s Bitcoin chart shows. Its price has risen 61 percent since the beginning of the year.

Trump rumored to announce turning Bitcoin into a strategic reserve asset

The Republican presidential candidate Donald Trump considers making Bitcoin a strategic reserve asset, just as the traditional asset classes gold or foreign currencies already are, according to market rumors. Trump will hold the keynote speech of the Bitcoin Conference 2024 in Nashville on Saturday.

“Bitcoin's decentralized nature adds an extra layer of financial security, which is valuable during geopolitical tensions or economic sanctions. Holding Bitcoin would signal the U.S. government's support for blockchain technology and financial innovation, attracting fintech companies and startups, fostering technological leadership, and enhancing financial flexibility,” 10x Research wrote in its daily note.

The U.S. government currently holds approximately 212,847 Bitcoins. At today’s price, this amounts to around $15 billion, a drop in the ocean compared to the US gold reserves.

Net inflows into Bitcoin ETFs reach all-time high, exceeding $17 billion

Cumulative net inflows into the 11 spot Bitcoin exchange traded funds (ETFs) traded in the US since mid-January exceeded $17 billion for the first time on Friday.

“Bitcoin ETFs hit +$17b in YTD net flows for the first time yesterday. This is most imp number to watch, as it is net the GBTC unlock and independent of price appreciation, basically no bs, can only grow through net demand and adoption. And it can go down but right now moving up,” Bloomberg’s ETF analyst Eric Balchunas said.

Grayscale to spin off 1/10th of its Bitcoin ETF into a mini–Bitcoin ETF on July 31

Grayscale will spin off a tenth of the underlying assets of its spot Bitcoin ETF ($GBTC) with assets under management exceeding $18 billion on Friday into a new mini trust, with ticker $BTC, on July 31, the asset manager announced on Friday. Its fee was not announced.

Listing of spot ETH ETFs confirmed for July 23

Five spot Ethereum exchange traded funds (ETFs) – those of 21Shares/Ark Invest, Fidelity, Franklin Templeton, Invesco/Galaxy and VanEck – will start trading on the Chicago Board Options Exchange (CBOE) on Tuesday, the exchange confirmed on Friday after weeks of speculations. The competing ETF’s issued by Bitwise and Grayscale will be listed on the New York Stock Exchange. BlackRock’s will be listed on Nasdaq.

The fees for these spot ETFs range between 0.15 percent and 2.5 percent. Last week, Grayscale Investment cut the announced fee of its new Grayscale Ethereum Mini Trust to 0.15 percent from 0.25 percent, making it the cheapest one to hold. A tenth of the underlying Ether of Grayscale’s existing Ethereum Trust (ETHE) with assets under management exceeding $9 billion, will be spun off.

The remaining $8 billion underlying assets of ETHE will be converted into an ETF ($ETHE) on July 23. $ETHE will be by far the most expensive ETF with a fee of 2.5 percent. Those of its six competing asset managers range between 0.19 percent and 0.25 percent.

The price of Ether edged 0.1 percent higher to $3,515 over the past 24 hours.

Combined spot crypto ETFs coming soon?

The founder of the ETF Institute Nate Geraci expects ETFs holding a basket of different cryptocurrencies to emerge soon.

“An ETF issuer will file for combined spot btc, eth, & sol ETF in next few months. We’re quickly heading down path towards index-based & actively managed crypto ETFs,” Geraci predicts.

Binance US allowed to invest in US T-bills by court

The US operations of Binance have been allowed to invest its corporate assets with third-party investment advisors, and to invest some of its client assets in US Treasury bills.

“Today’s decision frees our business from restrictions levied by the SEC and represents a win for Binance.US and our community,” Binance.US said on Friday. “In practice, this motion enables us to manage our corporate treasury more effectively, and bolsters and diversifies the way in which we custody customer funds to now include investments with the U.S. Treasury,” it added.

The price of Binance Coin put on 0.7 percent to $599 over the past 24 hours.

XRP-linked lawyer running for a Senate seat obtains another $1 million donation

The Winklevoss twins have donated $1 million each to the election campaign of the Republican Senate candidate John Deaton, a renown pro-XRP lawyer. He runs against the Democrat Elizabeth Warren in Massachusetts.

Last week, Deaton indirectly obtained another $1 million donation from the newly launched super political action committee (PAC) Commonwealth Unity Fund. A PAC is a tax-exempt organization that pools federal election campaign contributions.

XRP, the cryptocurrency issued by Ripple, fell 0.7 percent to $0.59 over the past 24 hours.

DISCLAIMER

ATTMO, a weather-inspired AI tool, makes cryptocurrency predictions. It also forecasts longer-term cryptocurrency trends. These forecasts are not trading advice; they are only decision support tools. They do not include information that is specific to the user; in particular they do not account for their personal risk appetite or market assessment. The forward-looking weather-inspired predictions part of this report may have changed by the time you read this edition of ATTMO Times. So always check the latest ATTMO predictions before making any investment decision.