A timid sun will shine over both Bitcoin and Ether in the next 24 hours, signaling slightly bullish market conditions and possible buy opportunities. However, rain will fall over Ripple’s XRP and Avalanche, indicating bearish market conditions. A strong sun will shine over Binance Coin in the next 24 hours, translating into bullish market conditions.

Over a one-week time horizon, Ether will continue to profit from a timid sun, while Bitcoin will face drizzle or slightly bearish market conditions.

The trading signals available at 07:15 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 fall sharply as global equities slump on weak Q2 earnings

Cryptocurrencies dropped sharply over the past 24 hours, as Wall Street giants Alphabet and Tesla missed earnings estimates. Both the Nasdaq and the S&P 500 indices posted their sharpest fall since December 2022.

The price of Bitcoin fell 2.5 percent to $64,190 over the past 24 hours, Trading View’s Bitcoin chart shows, while that of Ether slumped 7.4 percent to $3,191 as it recorded $133 million outflows from its eight ETH spot exchange traded funds (ETFs) on their second day of trading.

Bitcoin community remains optimistic ahead of major Bitcoin conference

The Bitcoin Conference 2024, the largest world’s Bitcoin conference, kicks off in Nashville later today. Republican presidential candidate Donald Trump will be its keynote speaker on Saturday. There are rumors that he will announce that Bitcoin will be transformed into a strategic reserve asset.

Meanwhile, the organizer of the conference, Bitcoin Magazine, denied rumors that the Democrat presidential candidate Kamala Harris would be speaking. “No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her,” the CEO of Bitcoin Magazine David Bailey said.

“I gotta be honest, feels like Kamala should commute Ross Ulbricht’s sentence before addressing the Bitcoin community. That’s the tables stakes. Both Trump and RFK have promised to do that day 1,” Bailey said.

Ulbricht was sentenced to life in prison without the possibility of parole under the Obama administration in 2015 for creating and operating the darknet market website Silk Road. This website sold drugs and other illegal goods.

“All eyes on Trump now. Choice is simple really, Trump Pump or Biden Dump?,” Bailey added.

Bitcoin may reach $100,000 “very soon” on expectations that the Republicans will win the US presidential elections in November, the CEO of CSOP Asset Management Ding Chen told Bloomberg earlier this week.

Inflows into BlackRock’s Bitcoin ETF now exceed those of 7 largest US stocks

Inflows into BlackRock’s Bitcoin ETF $IBIT, roughly $19.6 billion, now exceed those of the seven largest listed US stocks (Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla) in 2024, the founder of the Blokland Smart Multi-Asset Fund, Jeroen BlokIand, said.

“This is more than Invesco's Nasdaq 100 ETF, including the hyped Magnificent 7 stocks and the #ArtificialIntelligence boom. In addition, #Fidelity's spot Bitcoin ranks 11th, gathering USD 10 billion in inflows,” BlokIand said.

“From a 'flow' perspective, Bitcoin is the world's second-biggest asset class this year. That's pretty amazing since Bitcoin's size is 90(!) times smaller than that of equities,” he added.

Ether ETFs record outflows on their second day of trading

Interest in the newly launched eight spot Ether ETFs remained strong on Wednesday, with trading volumes surpassing $1 billion, just as yesterday during their first day of trading. However, the ETFs posted outflows of $133 million yesterday, making total outflows $26 million so far.

"The view remains to buy Bitcoin when bullish and short (sell) Ethereum when bearish. Considering the recent rally and the potential overhang from Mt. Gox, the US earnings season, and the weak seasonals for August and September, it might make sense to press the Ethereum short a bit longer," 10xResearch said in its daily note.

Hashdex files application for joint Bitcoin/Ether ETF

The asset manager Hashdex filed its listing application for a crypto index ETF composed of Bitcoin and Ether. Other assets could be added in the future conditional on the approval of the Securities and Exchange Commission (SEC), Bloomberg’s James Seyffart reports.

Ferrari extends crypto payment options for its luxury sports cars to Europe

Following the acceptance of crypto payments for its luxury sports cars in the US last October, Ferrari will now extend this payment option to Europe, Reuters reports. This move is driven by high client demand, particularly from those who have amassed significant wealth through investments in cryptocurrencies.

Crypto holdings, a new pathway to EU citizenship?

A €500,000 investment in Unbound’s Bitcoin fund could soon qualify individuals for a Portuguese passport under the country’s golden visa rules. Unbound’s fund include a passive bitcoin holding through Blackrock’s $IBIT ETF, Bitcoin.com reports.

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.