A timid sun will shine over Bitcoin in the next 24 hours signaling slightly bullish market conditions, while drizzle will linger over Ether, Solana, Cardano and Uniswap, implying a slightly bearish trend.

Clearly bearish conditions, storm, will prevail over Ripple’s XRP, while rain, signaling bearish market conditions, will fall over Binance Coin Dogecoin, Litecoin and Avalanche.

Over a one-week time horizon, both Bitcoin and Ether will face drizzle.

The trading signals available at 07:35 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 extend gains, despite massive transfers of Bitcoins to crypto exchanges

Cryptocurrencies extended their gains, a trend witnessed since the botched assassination attempt on the Republican presidential candidate Donald Trump on Saturday. The price of Bitcoin has risen more than 11 percent since then, as the odds of a Republican presidential victory in November have increased.

The cryptoverse expects pro-crypto policies to be adopted in the US under a second Trump mandate. Trump’s running mate, JD Vance, actually holds between $100,000 and $250,000 in Bitcoin, according to Business Insider.

Meanwhile, the trustees of the bankrupt Mt. Gox transferred more than $5 billion worth of Bitcoin to two separate crypto addresses on Tuesday, data from Arkham Intelligence shows. One of these is thought to be the crypto exchange Kraken, as it informed Mt. Gox creditors that fund distributions will take place “as quickly as possible,” within the next 7-14 days.

“Mt. Gox distribution has started. They have more than 180.000 $BTC [worth roughly $12 billion at today’s price]ready to be distributed to the creditors. The actual impact took place last week on the news. I don’t think this will have a significant impact at all,” said the founder and CEO of MN Trading, Michaël van de Poppe. Arkham’s data indicates Mt. Gox currently holds around 140,000 Bitcoin.

The question now is whether this fund distribution will trigger selling pressure, as the German government’s sale of its $2 billion worth of Bitcoins did over the past three weeks.

The price of Bitcoin rose 2.2 percent to $65,848 over the past 24 hours, Trading View’s Bitcoin chart shows.

Four spot ETH ETF applications ready to be approved – Bloomberg

Yesterday, Reuters reported that three out of the eight spot Ether ETF exchange traded funds (ETFs) had obtained preliminary approval. Later during the day, Bloomberg reported a fourth one also had obtained the preliminary regulatory nod of the Securities and Exchange Commission (SEC). Their listing is expected on July 23.

Citigroup forecasts inflows into these Ether ETFs between $4.7 and $5.4 billion within six months after their launch. These inflows will push prices to all-time highs, above $5,000, by the end of the year Bitwise’s CIO Matt Hougan writes in his weekly note.

“Not immediately – in fact, I think the first few weeks could be choppy, as money may flow out of the $11 billion Grayscale Ethereum Trust (ETHE) after it converts to an ETP [exchange traded product]. But by year-end, I’m confident the new highs will be in. And if flows are stronger than many market commentators expect, the price could be much higher still,” Hougan said.

The price of Ether put on 1.1 percent to $3,513 over the past 24 hours and trades 28 percent below it all-time high reached in November 2021.

Separately, Google queries show a significant rise in searches for “Ethereum” over the past month, Bitcoin.com reports. Interest rose to 82 out of 100 on Monday, from 57 a month earlier.

Hearing of Binance executive adjourned to October by Nigerian court

Binance executive Tigran Gambaryan appeared before the Federal High Court in Abuja on Tuesday, accused of money laundering by the Nigerian authorities. The judge then adjourned the case to October 11, DL News reports. The same court will rule in a separate court case against his employer Binance on the same day.

The world’s largest crypto exchange is accused of tax evasion for failing to register with the country’s tax authority, the Federal Inland Revenue Service. Similar charges of tax evasion against Gambaryan were, however, dropped earlier this year. Gambaryan has been jailed since end-February.

The price of Binance Coin added 0.7 percent to $582 over the past 24 hours.

Ripple donates $1 million to Republican Senate candidate

Ripple has donated $1 million to the new super political action committee (PAC) Commonwealth Unity Fund. A PAC is a tax-exempt organization that pools federal election campaign contributions.

The aim of the Commonwealth Unity Fund is to get the Republican Senate candidate John Deaton elected to the U.S. Senate, CryptoSlate reports. Deaton, a renown pro-XRP lawyer, runs against the Democrat Elizabeth Warren in Massachusetts.

XRP, the cryptocurrency issued by Ripple, rallied 9.6 percent to $0.6 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.