💨 🌧️  Strong winds combined with rain will sweep over Bitcoin in the next 24 hours, signaling volatile and bearish trading conditions. Rain will also fall over Binance Coin, Ripple’s XRP and Cardano. As for Ether and Litecoin, they will face drizzle or slightly bearish market conditions.

🌧️ Over a one-week time horizon, Bitcoin will continue to face volatile and bearish trading conditions, just as Ether, Binance Coin and Ripple’s XRP.

The trading signals available at 7:30 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 rally as Q3 earnings beat expectations, pushing S&P 500 to an all-time high

Cryptocurrencies surged as investor sentiment turned notably bullish, driven by stronger-than-expected third-quarter results that propelled the benchmark S&P 500 index to an all-time high. Bitcoin rallied as much as 6.9 percent in an eight-hour span, trading over $66,400, a level not seen since end-July.

“Short liquidations provided an extra kick, and Tether/stablecoins moving to exchanges helped add to the buy frenzy,” the crypto intelligence firm Santiment said.

Just three weeks before the US presidential elections, the Republican presidential candidate Donald Trump leads the polls. He is considered much more crypto friendly than his opponent, the Democrat Kamala Harris. She overnight spoke with a group of Black entrepreneurs, divulging a more crypto-friendly stance, pledging to support a regulatory framework for cryptocurrency and other digital assets so that investors are protected.

“I’m not sure if either president would make a difference. I truly don’t believe it’s a function of regulation. It’s a function of liquidity [and] transparency,” the CEO of BlackRock, Larry Fink said when presenting the third-quarter earnings of the world’s-largest asset manager on Friday.

The price of Bitcoin put on 2.3 percent to $65,432 over the past 24 hours, triggering liquidations of mostly short positions of roughly $250 million on the crypto options market, Trading View’s Bitcoin chart shows.

“Considering the 5-week rally for markets, expect for some slight FOMO to continue, with more speculative assets drawing increasing discussion until a correction injects fear into the crowd's narrative once again,” the crypto intelligence firm Santiment said.

Trading volume of spot Bitcoin ETFs soar

The trading volume of the 12 spot Bitcoin exchange traded funds (ETFs) listed in the US exceeded $2.1 billion yesterday, driven by the market rally. These 12 ETFs listed now hold approximately 4.5 percent of the total Bitcoin supply.

“*4.5%* Have added 300,000+ btc in 10mos,” the co-founder of the ETF institute, Nate Geraci, said. BlackRock’s $IBIT ETF stands out and is by far the largest one with more than $24 billion in assets under management.

As for the trading volumes of the nine spot Ether ETFs listed, these reached $210 million yesterday. BlackRock’s Fink also told analysts that he believes “the role of #Ethereum as a blockchain can grow dramatically."

“We anticipate that BlackRock will become more active in promoting Ethereum to complement its broader digital asset strategy in the next quarter or two. This could have significant implications for Ethereum's price in 2025,” the crypto research firm 10xResearch wrote in its daily comment. The price of ETH rose 3 percent to $2,608 over the past 24 hours.

Solana’s TVL surpasses $6 billion for the first time since early 2022

The total value locked (TVL) of Solana exceeded $6 billion for the first time since January 2022, data from Defillama shows. TVL refers to the total amount of assets staked or locked in decentralized finance (DeFi) protocols and other blockchain applications, with a high and/or rising figure indicating that user trust the crypto asset. The price of Solana strengthened 2.4 percent to $155 over the past 24 hours.

Dirham-pegged stablecoin approved by UAE’s central bank

The central bank of the United Arab Emirates (UAE) has granted its first in-principle approval for a dirham-pegged stablecoin. AED Stablecoin obtained this regulatory greenlight, ahead of the stablecoin issuer dominating the market, Tether. The market cap of Tether’s US dollar-pegged stablecoin USDT is roughly $120 billion. Tether announced plans to list a dirham-pegged stablecoin in August but has not yet obtained the required regulatory nod.

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.