Tropical trading conditions will prevail over Bitcoin and Avalanche over the next 24 hours, indicating clearly bullish market conditions and attractive buy opportunities.

Rain will linger over Solana, Dogecoin, Binance Coin and Ripple’s XRP, signaling bearish market conditions and sell opportunities.

Over a one-week time horizon, drizzle will prevail over both Bitcoin and Ether, translating into slightly bearish trading conditions.

The trading signals available at 08:30CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies rebound after last couple of weeks of losses

Cryptocurrencies rebounded over the past 24 hours after the price of Bitcoin hit a five-month low on Friday and as both Nasdaq and the S&P 500 closed at record highs on Monday. Not only the massive sale of Bitcoin seized by the German government, but also the up-coming sale of those held by the trustees of Mount Gox have weighed on investor sentiment over the past couple of days.

“Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan, and BitcoinTalk are showing the most bearish narratives this week in a year. When the crowd shows FUD [fear, uncertainty and doubt] at this level, the chances of a rebound to catch the majority off guard is at its peak,“ the crypto research firm Santiment said.

“After Bitcoin's retrace to as low as $55.4K, a very bullish signal is within reach. Average returns of traders active in the past year are only +1.8%, the lowest level since BTC bounced above $20K for good back on March 11, 2023,“ it added.

The price of Bitcoin rose 3.4 percent to $57,302 over the past 24 hours, Trading View’s Bitcoin chart shows. It dropped 17 percent over the past month.

Today, investors will also take cues by the testimony to Congress of the Chair of the US Federal Reserve on the interest rate trajectory as interest rates have been kept at a 23-year high for a year. Jerome Powell will testify before the Senate today and the House of Representative tomorrow.

Metaplanet buys more Bitcoin

Metaplanet, the company mimicking MicroStrategy’s Bitcoin treasury reserve strategy, acquired an additional 42.47 Bitcoin on Monday. The Japanese company now holds more than 200 Bitcoin, according to a corporate statement.

Half of German government’s seized Bitcoin stake now sold

The German government has now sold off more than half its seized Bitcoin stake, CryptoSlate reports. Yesterday, it held around 23,787 Bitcoin.

“The German government isn’t just selling their seized #Bitcoin to get a few extra billion dollars in the bank. That’s pocket change for them. This is a test. They want to evaluate the financial stability and security of Bitcoin by testing how much ‘real’ demand there is. Hint: not much! Considering $BTC plunged nearly 25% already when they’ve barely begun, and nearly 48% orders are getting rejected because not enough buyers, it’s safe to say Bitcoin is failing the test,” Jacob King, a crypto analyst, writes.

Spot ETH ETFs set to be listed around July 18 - Bloomberg

The approval of the listing registration (S-1 forms) of eight spot Ether exchange traded funds (ETFs) by the Securities and Exchange Commission (SEC) is viewed as a formality and expected later this month. Another sign was given on Monday, when some of the eight asset managers filed updated S-1 forms.

“They will give guidance back to issuers soon along with the game plan. Then the docs come will come back with fees (and every other blank) filled it and then it's Go time… if you forced me gun to head style to give my best guess for date I'd go with July 18,” Bloomberg’s ETF analyst Eric Balchunas said.

The price of Ether rose 5.3 percent to $3,081 over the past 24 hours.

Additional asset manager files spot Solana ETF application

VanEck filed its application for a spot Solana ETF yesterday. The deadline for announcing a decision starts ticking for the SEC as soon it acknowledges receipt of these documents.

“Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA [dead on arrival]. If Trump wins, anything poss,“ Balchunas noted.

The price of Solana added 7.1 percent to $142 over the past 24 hours.

US Republican Party incorporates crypto in its 2024 election program

Republicans champion innovation in their election charter, singling out crypto, artificial intelligence, the party writes in its 2024 GOP platform.

“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from government surveillance and control,” they write.

“The Republican platform includes a section on crypto that makes the simple, correct case: let this transformative technology thrive in America. We encourage political candidates from both parties to embrace this perspective,” the CEO of the US Blockchain Association, Kristin Smith said.

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.