🌧 Drizzle will linger over Bitcoin, Ether, Binance Coin and Uniswap in the next 24 hours, signaling slightly bearish market conditions, while a timid sun 🌥 will shine over Avalanche, Ripple’s XRP, Litecoin and Dogecoin, indicating a slightly bullish trend.

 🌧 Over a one-week time horizon, the outlook is bearish for Ether, Solana, Uniswap, Cardano and other altcoins, all facing rain. Drizzle will linger over Bitcoin, Binance Coin and XRP.

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 edge lower ahead of Fed’s rate decision

The cryptocurrency trend was slightly negative over the past 24 hours as investors await next week’s rate decision in the US. A 25 to 50 basis point rate cut from the current 5.25 percent is already priced in by the market.

“The market is gaining momentum with the upcoming rate cut and US presidential elections,” the Singapore-based crypto firm QCP Capital said in its daily commentary.

The price of Bitcoin fell 0.5 percent over the past 24 hours to $57,888 , Trading View’s Bitcoin chart shows.

Standard Chartered, a leading London-based bank, reiterated its year-end Bitcoin projections: $75,000 if the Democrats win November’s presidential election and $125,000 if the Republications take home the game, Bitcoin.com reports.

“A Harris administration would be much less negative for digital assets than a second Biden administration would have been,” the bank’s global Head of Digital Asset Research, Geoff Kendrick, is quoted as saying.

Bitcoin “could serve as a hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies,” Watcher.Guru quotes BlackRock as saying in a statement. BlackRock is the world’s largest asset manager.

XRP outperforms following Grayscale's announcement of new XRP investment product

XRP, the crypto token of Ripple Labs, rallied on Grayscale’s announcement of the launch of an investment product based on XRP for accredited investors. The Grayscale XRP Trust will only invest in and derive value from XRP. An application to turn it into a spot XRP exchange traded fund (ETF) is being considered by Grayscale, FOX News reports. The price of XRP surged 5 percent to $0.566 over the past 24 hours.

Sui Crypto put on 0.6 percent, as Grayscale announced it will launch a similar product – Sui Trust – for accredited investors.

Launch of Trump sons’ crypto project set for Monday

World Liberty Financial (WLF), the crypto project of the sons of Donald Trump, will be going live on Sept 16 in the evening. The crypto platform is marketed as an alternative to traditional banks.

Scammers have quickly taken advantage of the situation, launching fake airdrops in the name of WLF, and even hacking social media accounts of Trump family members.

“Trump launching a scamcoin is just a blatant money grab,” noted the lawyer and Bitcoin supporter Joe Carlasare. Another Bitcoin investor, Fred Krueger, is just as skeptical. He expects the presidential candidate “definitely losing at least a few of his bitcoiner votes on this one.” 

 US regulator fines eToro & forces exchange to halt almost all of its crypto ops

The crypto exchange eToro agreed to pay a $1.5 million penalty and only offer Bitcoin, Bitcoin Cash and Ether on its trading platform to comply with the provisions of the Securities and Exchange Commission (SEC).

“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries,” the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, said.

Additional SEC enforcement actions expected by the end of the month

Additional enforcement actions by the US regulator are expected during the coming two weeks as the end of the regulator’s fiscal year ends on Sept 30, Kristin Smith, the CEO of the US Blockchain Association said  in response to eToro’s settlement with the SEC that requires it delist nearly all crypto assets on its platform.

“Unfortunately, we’ll see more of these actions over the next few weeks, as the SEC’s fiscal year ends Sept 30. One positive: The SEC effectively reaffirmed its belief that BTC and ETH are not securities,” Smith underlined, adding the US is losing its lead in the digital asset innovation race.

“Why operate in a country that is openly hostile to what you are building? Expect more companies – and talent – to relocate to friendlier jurisdictions if things don’t change… The industry needs clarity, plain and simple. Congress must act. Time is of the essence,” she added.

Use of stablecoins soars, while US consumer association warns of Tether’s lack of audits

The use of stablecoins in real world applications has picked up considerably, according to the study “Stablecoins: The Emerging Market Story” released by Visa Crypto and others.

So far this year, the value of transactions settled in stablecoins is estimated at $2.6 trillion. If this trend continues, the total could reach approximately $5.3 trillion by the end of 2024. Stablecoins are notably used for currency conversion, paying for goods, remittances, and paying salaries. Their market cap exceeds $171 billion, with Tether’s USDT dominating.

Meanwhile, Consumers’ Research warned that Tether isn’t transparent enough as for its dollar reserves, failing to release a complete audit conducted by a renown accounting firm.

“Tether has a very concerning risk profile for a stablecoin,” the US consumer protection association said, alleging Tether’s actions appear to parallel those of the bankrupt FTX and Alameda Research. “An outside audit would go a long way in easing concerns as Tether has maintained more than $6.5 billion in loans of USDT, despite previously pledging on multiple occasions to eliminate its loan offerings.”

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.