A timid sun will shine over Bitcoin in the next 24 hours signaling slightly bullish market conditions and possible buy opportunities. However, drizzle lingers over Ether, Binance Coin and Ripple’s XRP translating into bearish market conditions and potential sell opportunities.

Over a one-week time horizon, this drizzle will sweep over Bitcoin, while Ether should profit from a timid sun shining through the clouds.

Cryptocurrencies rally as Republican victory odds soar after foiled assassination attempt

Cryptocurrencies rallied over the weekend following the assassination attempt on the Republican presidential candidate Donald Trump. Experts expect the botched attempt to increase the odds of a Republican victory.

“As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred,” the crypto intelligence firm Santiment said.

The price of Bitcoin rose 4.4 percent to $62,610 over the past 24 hours, after having dropped 5.5 percent over the past month, Trading View’s Bitcoin chart shows.

Another factor that dragged down the price of Bitcoin over the past weeks, but now is gone, is the massive sale of the Bitcoins seized by the German government. On Saturday, the government had sold off its entire balance of 49,860 Bitcoin, valued at $2.9 billion, according to Arkham Intelligence data. This relief might be temporary.

“The impending Mt. Gox liquidation could significantly impact the market between August and October. Up to $6 billion of the $9 billion could be sold, potentially influencing market dynamics This potential influx of sales could create challenging conditions for Bitcoin traders in the coming weeks…,” 10xResearch writes in its daily note.

Listing of spot ETH ETFs set to boost the entire crypto sphere – Kraken head

The pending listing of eight spot Ether exchange traded funds (ETFs) in the US will attract attention to the cryptoverse, Kraken’s Head of Strategy, Thomas Perfumo, said. Monthly net inflows into these ETFs are forecast between $750 million and $1 billion, he said, adding this would imply Ether reaching an all-time high between $4,000 and $5,000.

The price of Ether added 4.2 percent to $3,355 over the past 24 hours.

Nigerian court to rule on Binance tax evasion case in October

The ruling of the Nigerian Federal High Court of Abuja against Binance will be announced on Oct 11, Bitcoin.com reports. Binance is accused of tax evasion for failing to register with the country’s tax authority, the Federal Inland Revenue Service.

Binance executive Tigran Gambaryan meanwhile remains in Nigerian custody, accused of money laundering. Charges of tax evasion against him have been dropped. He has been jailed since end-February.

The price of Binance Coin rose 2.8 percent to $555 over the past 24 hours.

Crypto voters may swing outcome of US election

With 52 million Americans holding crypto assets and one of six of these living in seven swing states, crypto could have an influence on the outcome of November’s US presidential elections, Coinbase said.

“Crypto voters are younger, more diverse and united in their desire to update the system and build wealth for themselves. They’re more bipartisan than you think,” the largest US crypto exchange said.

US Congress fails to revoke presidential veto of SAB121

The US Congress failed to obtain the required two-third majority to revoke the presidential veto of their repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121 during a vote held last week.

SAB 121 would require financial institutions and firm offering crypto custody to record their clients’ crypto holdings as liabilities and hold them at fair value on their balance sheet. This has been heavily criticized by the crypto sphere.

Meanwhile, Bloomberg reports that the SEC has agreed exceptions to the rule for some financial institutions.

“Under this arrangement, the financial institutions will not report customers’ crypto holdings as a liability on their balance sheets per SAB 121 stipulations. However, they must protect their customers’ assets in cases of bankruptcy or failure,” Coin Market Cal reports.

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.