🌥 A timid sun will shine over Bitcoin and Ether in the next 24 hours, signaling slightly bullish market conditions. Only 🌧️ Avalanche bucks this positive trend among the altcoins covered by ATTMO, facing rain or bearish market conditions.

🌧️ Over a one-week time horizon, Ether, Litecoin and Avalanche will face drizzle, signaling slightly bearish market conditions. 🌥 Bitcoin will continue to profit from a timid sun

The trading signals available at 6:50 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 losses as investors remain sidelined amid Middle East tensions

The cryptocurrency trend was negative over the past 24 hours as investors await signals regarding the next developments in the Middle East.

“With crypto market caps continuing to sink Wednesday, many are associating the drops with the Iran and Israel conflict. Based on previous recent instances of major real-world conflicts, cryptocurrency prices saw initial drops, followed by major rebounds,” the crypto analytics firm Santiment said, elaborating on the market developments following the Hamas attack on Israel almost a year ago and Russia’s invasion of Ukraine in 2022 as example.

The price of Bitcoin tested the $60,000 threshold overnight, but then bounced back and finally dropped 0.5 percent to $61,348 over the past 24 hours, Trading View’s Bitcoin chart shows. The price of ETH fell 4.1 percent to $2,393 over the past 24 hours.

Franklin Templeton files application for Bitcoin/Ether ETF combo

Franklin Templeton filed an application for an exchange traded fund (ETF) - Bitcoin & Ether Crypto Index ETF - that would give exposure to both assets. The market cap of these two crypto assets make up two thirds of the global crypto universe. The asset manager’s spot Bitcoin ETF manages $420 million and its spot ETH ETF $30 million.

Binance doesn’t consider an IPO

Binance does not intend to go public and launch an initial public offering, its CEO Richard Teng said in an interview with CoinDesk. "We are in very strong financial shape, so there's really no need for us to consider any fundraising or an IPO at this time," Teng is quoted as saying. Binance is the world’s largest centralized crypto exchange with a global market share of 36 percent.

Binance’s co-founder, Changpeng Zhao, remains the crypto exchange’s largest stakeholder with a 90 percent stake. He thus ranks 69th in Bloomberg’s billionaire index, with an estimated wealth around $27 billion.

The price of Binance Coin fell 1.2 percent to $549 over the past 24 hours.

US regulator appeals XRP ruling

The Securities and Exchange Commission (SEC) appealed a ruling in favor of Ripple Labs, the issuer of the cryptocurrency XRP.

“The SEC's decision to appeal is disappointing, but not surprising. This just prolongs what's already a complete embarrassment for the agency… We are evaluating whether to file a cross appeal,” Ripple’s Chief Legal Officer, Stuart Alderoty asked, referring to yet another SEC appeal earlier during the day, this time against Ripple.

The legal battle between the SEC and Ripple has been ongoing since 2020, when the regulator filed a lawsuit against the company. In August, a court ordered XRP to pay a $125 million fine, a fraction of the $2 billion requested by the regulator.

The price of XRP plunged 11 percent to $0.53 over the past 24 hours.
Bitwise files spot XRP ETF application to the SEC

The asset manager Bitwise yesterday filed the first spot XRP ETF application to the SEC. A similar application had been filed with the Delaware Division of Companies by Bitwise on Oct 1.

“For more than a decade, XRP has been an enduring crypto asset that many investors want exposure to. Over the past 6+ years we’ve worked to pioneer investment vehicles that provide access to the emerging opportunities in the space. We’re excited to continue that work,” Bitwise’s CEO Hunter Horsley said.

Head of SEC’s enforcement unit quits

Gubir Grewal, the director of enforcement at the SEC, will leave the US regulatory body at the end of next week. His deputy Sanjay Wadhwa will step in ad interim, the SEC announced.

“Coincidence that the SEC’s Enforcement Director announced his resignation about an hour before this?” Ripple’s Chief Legal Officer asked.

Grewal has initiated roughly 100 enforcement actions against crypto-related companies operating in the US during his tenure at the SEC over the past three years.

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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.