Crypto assets will recoup their losses from last night’s battering, ATTMO forecasts.

☀️ A strong sun will shine over Bitcoin in the next 24 hours, signaling bullish market conditions, while tropical trading conditions will prevail over Ether – a clearly bullish trend.

⛅ Most altcoins covered by ATTMO will profit from a milder sun in the short term, translating into slightly bullish market conditions.

🌧️ Over a one-week time horizon, the outlook is mixed with Ether set to face a slightly bearish trend or drizzle, while Binance Coin will profit from a strong sun ☀️ and Ripple’s XRP and Dogecoin from a timider sun.

The trading signals available at 6:55 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

October begins with cryptocurrency slump amid escalating tensions in the Middle East

The cryptocurrency trend was sharply negative over the past 24 hours as the geopolitical situation greatly deteriorated in the Middle East overnight. The slump sparked a massive wave of liquidations, with more than $530 million in cryptocurrency positions, mostly long ones, being liquidated.

The price of Bitcoin fell roughly 6 percent over the past 24 hours, before recouping some of its losses being down 3.5 percent at $61,000 earlier this morning, Trading View’s Bitcoin chart shows. The price of ETH plunged 6 percent to $2,486 over the past 24 hours. The combined market capitalization of the two cryptocurrencies makes up two-thirds of the global crypto space. “

#Bitcoin just lost another support level. 59K next! What if the whales are going for full Open Interest reset? There is 4 Billion USD in open interest left until the bottom level. Huge long liquidations today,” the crypto profile known as @seth_fin noted.

Crypto research firms maintain optimism for October & Q4

“BTC has been trading within the 60k-70k range for 8 months now. Will Uptober be the month we finally see a big breakout? The market is considering this possibility, especially with the US elections around the corner. Spot ETF inflows remain consistently positive, and perp funding is approaching levels reminiscent of Q1's bull run,” the Singapore-based crypto firm QCP Capital reports.

This bullish stance was echoed by Kaiko Research which said “traders are positioning to capture more gains in October ­– which is historically one of $BTC's best months. Options activity has tilted bullish for expiries at the end of October, just weeks before the US election.”

Binance obtains Argentine VASP license & Ripple a financial services license in Dubai

Binance obtained its 20th regulatory license as Argentina’s National Securities Commission (CNV) granted the crypto exchange a Virtual Asset Service Provider (VASP) license. The world’s largest centralized crypto exchange, with a global market share of roughly one third, has recently obtained similar licenses in India, Kazakhstan and Indonesia.

As for Ripple Labs, it obtained an in-principle financial services licenses by the Dubai Financial Services Authority and Fox Business News’ Eleanor Terrett reports that the asset manager Bitwise Invest has filed an application for an XRP exchange traded fund (ETF) with the Delaware Division of Companies. This does not equate a listing with the Securities and Exchange Commission (SEC).

The price of Binance Coin fell 4.8 percent to $553 over the past 24 hours, while the price of Ripple’s cryptocurrency XRP dropped 3.1 percent to $0.6.

Thousands sign up for Trump’s crypto project within first 24 hours

Thousands of people have signed up to the whitelists for World Liberty Financial (WLFI) tokens within the first 24 hours of its opening.

“Our whitelist is already a massive success! Thousands of people have joined, and we’re just getting started,” the crypto project backed by the Republican presidential candidate Donald Trump said.

The whitelists are only open to accredited US investors and non-US residents.
EigenLayer slump on 1st day of trading

EigenLayer tokens fell 64 percent to $4.06 on their first day of trading. EigenLayer is an Ethereum-based blockchain protocol used for restaking Ether. (Read more about restaking here)

Yet another crypto exchange leaves Canada following tougher rules

Gemini is the latest crypto exchange to throw in the towel and exit the Canadian market following the imposition of tougher rules, CryptoSlate reports. Its competitors Binance and Paxos have already left this North American market.

Republican Congressman expects three crypto bills to pass Congress by year-end

Tom Emmer, a Republican Congressman, expects three pieces of crypto-related legislation to be passed by the US Congress by the end of the year, Decrypt reports. Namely: The Financial Innovation and Technology (FIT) for the 21st Century Act, aiming categorizing digital assets based on blockchain technology, distinguishing between centralized and decentralized blockchains, the Clarity for Payment Stablecoins Act of 2023, which as it name states aims at regulating the issuance of stablecoins and the CBDC Anti-Surveillance State Act, aiming at prohibiting the Federal Reserve from issuing a US dollar central bank digital currency (CBDC) to individuals.

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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.