A strong sun will shine over Bitcoin, Avalanche, Dogecoin and Binance in the next 24 hours signaling bullish market conditions. Ether, Cardano, Polygon and Ripple’s XRP will profit from a timid sun, indicating slightly bullish market conditions.

However, rain will be falling over Solana in the next 24 hours, signaling bearish market conditions. This indicates sell opportunities.

Over a one-week time horizon, drizzle or a slightly bearish mood will prevail over Bitcoin, while Ether should continue to profit from a timid sun.

The trading signals available at 07:50 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 drop as Mt. Gox transfers fresh flood of Bitcoin to exchanges

The cryptocurrency trend was negative over the past 24 hours as the trustees Mt. Gox moved an additional $2.5 billion worth of Bitcoin to a crypto exchange. The bankrupt exchange has transferred more than $3.3 billion worth of Bitcoin to Bitstamp, Kraken and Bitbank since July 5, Lookonchain reports citing Arkham data.

The price of Bitcoin fell 1.3 percent to $65,686 over the past 24 hours, Trading View’s Bitcoin chart shows.

However, the general mood in the cryptosphere remains positive following the failed assassination attempt on the Republican presidential candidate Donald Trump ten days ago. A Republican victory is expected to lead to far more crypto-friendly policies in the US.

Investors are also eagerly waiting for the keynote speech of Trump at the Bitcoin Conference 2024 in Nashville on Saturday. Other crypto top shots, including the Executive Chairman of MicroStrategy Michael Saylor and the CEO of ARK Invest Cathie Wood, will also speak.

“#Bitcoin is up nearly $10,000 since we announced President Trump as a Bitcoin Conference speaker,” the organizers of the conference noted.

“Crypto discussion rates are finally looking up, particularly on Telegram, Reddit, and X. With social volumes rising, bulls are hoping to see overall network activity rising soon as a result, leading to more utility and higher prices around the corner,” the crypto intelligence firm Santiment said.

Spot ETH ETF start trading in the US

Yesterday, eight spot Ether exchange traded funds (ETFs) started trading on three different US exchanges after months of wait. Total inflows reached $107 million, data from Sosovalue shows.

“We just hit $1 billion in trading volume for ETH ETFs today,” the CIO of Bitwise, Matt Hougan, said. As a comparison, the ten spot Bitcoin recorded a trading volume of $4 billion on their first trading day in January.

The Ether ETF of the world’s largest asset manager, BlackRock, recorded the highest net inflows on its first trading day ­­– roughly $266 million. The amount of ETH issued this year is $160 million, the CEO of MN Trading, Michaël van de Poppe, noted: “On one day there's more demand in the ETF than there's issued in 2024.”

“With today’s [July 23’s] launch of spot Ethereum ETPs, investors can now—for the first time—capture the largest opportunities in crypto using just three low-cost, liquid ETPs, “ Hougan said in his weekly note. He advises a portfolio allocating 60 percent to Bitcoin ETFs, 30 percent to Ether ETFs and the remaining 10 percent to crypto equity ETFs.

The price of Ether dropped 0.4 percent to $3,443 over the past 24 hours. It trades 29 percent below its all-time high reached in November 2021. 

Outflows from spot Bitcoin ETFs recorded as competing ETH ETFs are launched

The 12-day streak of consecutive inflows into the 11 spot Bitcoin ETFs trading in the US ended on Tuesday with the launch of competing spot Ether ETFs, data from Sosovalue show.

New US bill passed to boost efforts against illicit finance in the cryptosphere

On Monday, the House of Representatives passed a bill sponsored by the Republican Congressman Zach Nunn, which aims at combating the use of financial technology for illicit finance. The Financial Technology Protection Act of 2023 amongst others encourages public-private sector partnership in examining issues surrounding illicit finance in the cryptosphere.

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.