🌧️  Drizzle will linger over Bitcoin and Ether in the next 24 hours, signaling slightly bearish market conditions, while rain will fall over Avalanche and Polkadot, indicating an even more bearish trend. As for ⛅ Binance Coin, it may profit from a timid sun, translating into slightly bullish market conditions.
🌧️ Over a one-week time horizon, rain will be falling over Ether, Solana and Polkadot.

The trading signals available at 7:00 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 as investors hope for Trump win

Over the weekend, the crypto market extended its gains, with Bitcoin nearing $69,590 – a level not seen since the end of July. Hopes for a Republican victory in the upcoming presidential election are, among other things, bolstering its price. The blockchain-based prediction platform Polymarket now places the odds of a Trump win at a record 61 percent.

The price of Bitcoin rose 1.3 percent to $69,155 over the past 24 hours, and now trades 6 percent below its all-time high, Trading View’s Bitcoin chart shows.

The demand for Bitcoin has been boosted by the strong inflow into the 12 spot Bitcoin exchange traded funds (ETFs) listed in the US, a whopping $2.1 billion in the past five trading days. This is the third best week ever for as regards inflows into these ETFs. BlackRock’s $IBIT ETF accounted for more than half of these inflows.

“Institutional participation, through these investment vehicles [ETFs], is having a clear impact on price, reinforcing Bitcoin’s position as a key asset in the global financial system,” the asset manager VanEck said in a report, adding Bitcoin is used a hedge against both economic instability, market volatility.

BlackRock’s $IBIT holds almost 2 percent of the Bitcoin supply

$IBIT now manages more than $26.5 billion, which is equivalent to almost 2 percent of Bitcoin’s total supply, 1.96 percent to be precise.

Meanwhile, BlackRock also discusses the use of its token BlackRock USD Institutional Digital Liquidity Fund (BUIDL) as collateral for options and futures with leading crypto exchanges such as Binance, OKX and Deribit, Bloomberg reports.

Strong institutional interest in staking Ether

Almost 70 percent of institutional investors holding Ether stake it, with half of them holding liquid staking tokens (LSTs), according to a Blockworks Research report.

The price of ETH rose 3.5 percent to $2,734 over the past 24 hours.

Spot Bitcoin options approved by the US regulator

The Securities and Exchange Commission (SEC) has approved the listing of several spot Bitcoin options on both the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE). This follows the regulator's approval of similar options on Nasdaq last month.

Trial of jailed Binance executive delayed due to his poor health

The trial of the Binance executive held imprisoned by the Nigerian authorities on money laundering charges since February has been postponed by a week, to Oct 25. Tigran Gambaryan’s health is too poor to appear before the court.

The price of Binance Coin put on 1.7 percent to $605 over the past 24 hours.

Stripe struck mega crypto deal as it buys the stablecoin platform Bridge

Stripe, the payment processing firm, has acquired Bridge for $1 billion, according to the CEO of TechCrunch, Michael Arrington. The startup, founded in 2002, provides a platform for fast and cheap cross-border transactions in stablecoins.

“Largest acquisition in crypto industry history… Fintech unicorn Stripe acquires stablecoin platform Bridge,” the co-founder of the ETF Institute, Nate Geraci, noted.

“The @stripe aquisition of Bridge @Stablecoin ($1.1b), a platform that allows businesses to settle in any stablecoin is a massive pre-IPO move for the industry. Stablecoin is the new narritive and the arms race has begun for the $30.6 trillion a year retail point of sale payments industry shift to stable coin,” the crypto commentator and music producer MartyParty said.

If you have any feedback or tips that you would like to share to improve this report, please send an email to input@lykke.com.
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.