🌧 Rain will fall over Bitcoin, Ripple’s XRP, Binance Coin and Litecoin in the next 24 hours, signaling bearish market conditions, while drizzle will prevail over Ether, Uniswap and Cardano. This indicates slightly bearish market conditions. 

☀️ A strong sun will shine over Avalanche, translating into a bullish mood.

☀️ Over a one-week time horizon, this strong sun will also shine over Bitcoin, Ether, Polygon and Cardano, while rain will fall 🌧 over Binance Coin, Solana, Litecoin and Polkadot.

The trading signals available at 7:25 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 CPI & as Harris jumps in polls following TV debate

The cryptocurrency trend was slightly negative ahead of the release of US inflation data later today. A lower-than-expected consumer price index (CPI) would buoy hopes of several rate cuts by the end of the year, making riskier assets such as crypto more attractive to hold. A 50-percentage point rate cut by the Federal Reserve will be more likely next week, if the annual inflation rate falls below the 2.6 percent expected by analysts.

Also, the odds of a Democratic win in November’s US presidential elections improved following the TV debate between the two candidates during which there was no mention of cryptocurrencies. Earlier today, the online betting site Polymarket show a near tie between the Republican’s pro-crypto candidate Donald Trump at 50 percent and the Democrat’s Harris at 49 percent.

The price of Bitcoin dropped 0.2 percent to $56,463 over the past 24 hours, Trading View’s Bitcoin chart shows.

US regulator's fines on crypto sector reach $4.7 billion so far this year

Fines imposed by the Securities and Exchange Commission (SEC) on crypto companies and their executives totaled $4.7 billion so far in 2024, Social Capital Markets said in a report. This marks a significant increase from the $150 million in fines recorded for the entirety of 2023.

“This year marked the SEC’s most aggressive stance, clearly focusing on high-profile cases and unregistered securities violations,” Social Capital Markets said, referring to the $4.7 billion fine slapped on Terraform Labs and its founder Do Kwon.

The US crypto sector is critical of the SEC’s rule by enforcement under its Chair Gary Gensler and has repeatedly asked for clearer regulatory clarity.

Listing of Bitcoin ETFs, an unequalled success

“Investment advisors are adopting bitcoin [exchange traded funds] ETFs faster than any new ETF in history,“ the CIO of Bitwise, Matt Hougan, said in his weekly note. “My base case remains that we see a significant rally as this uncertainty [speed and size of the Fed’s expected rate cuts and outcome of the US elections] starts to dissipate in October and November.

The 12 spot Bitcoin ETFs traded in the US have recorded inflows exceeding $17 billion since their listings as of January and today manage a total of $52 billion. The largest ETF, BlackRock’s $IBIT, manages almost $21 billion while that of the incumbent $GBTC from competitor Grayscale manages $13 billion.

“Bitcoin ETFs collectively have over 1,000 institutional holders after just two 13F periods. That's beyond unprecedented. [The largest ETF, BlackRock’s] $IBIT alone has 661 holders with 20% of its shares reported held by institutions and large advisors, likely headed to 40% in next 12mo IMO [in my opinion],” echoed Bloomberg’s ETF analyst Eric Balchunas.

Galaxy Digital & State Street to launch three crypto-related ETFs

Galaxy Digital & State Street will launch three ETFs giving exposure to the crypto sector through a mix of investments in blockchain and digital asset-related stocks as well as spot & futures-based crypto ETFs.

“Have no idea why State Street doesn’t just launch spot btc & eth ETFs,” the co-founder of the ETF Institute, Nate Geraci, noted.

Tron falls as interest for its memecoin generator falters

The interest for Tron’s memecoin generator SunPump faltered with less than 1,000 tokens created daily over the past couple of days, Decrypt reports. The price of Tron fell 1.1 percent to $0.15 over the past 24 hours.

Tether’s profits surpass BlackRock’s by a wide margin & sets up crypto crime unit

The annual profit of Tether, the issuer of the largest stablecoin USDT, last year exceeded $6.2 billion, compared to BlackRock’s $700 million. In parallel, the market cap of Tether has risen to $118 billion today, compared to $83 billion last year.

“Profit lead will get bigger,” Geraci said.

Separately, Tether announced it will establish the first ever private sector financial crime unit aiming at combating crypto-related crime together with the global blockchain Tron and the blockchain intelligence firm TRM Labs. It will be called the T3 Financial Crime Unit (T3 FCU)

“USDT is integral to facilitating transactions and liquidity. However, the same features that make USDT on TRON attractive to legitimate users — low fees, lack of volatility, and ease of use — have also drawn the attention of scammers, terrorist financiers, and other threat actors. And as the TRON blockchain’s popularity and user base grow, drawn by its high throughput and low transaction costs, so too does its uninvited exposure to these criminal elements, “ Tether acknowledged.

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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.