Bullish sun shines over the global cryptoverse in the next 24 hours and over a one-week time horizon. This signals upside potential for Bitcoin, Ether and the 10 other cryptocurrencies covered by ATTMO.
Cryptocurrencies rebound on rate cut hopes
The cryptocurrency trend was positive over the past 24 hours with both crypto assets and stocks rebounding as weak US job data and comments made by the Bank of England hint at rate cuts ahead. Hopes of a Trump reelection in the US also boost the crypto community's investor confidence.
“We would expect a second Trump administration to be actively supportive of bitcoin (and digital assets more broadly) via looser regulation and the approval of US spot ETFs,” Standard Chartered’s Head of FX and Crypto Research, Geoff Kendrick is quoted as saying by Forbes.
The price of Bitcoinstrengthened 2.2 percent to $62,898 over the past 24 hours. It has been oscillating between $57,000 and $65,000 over the past 10 days, Trading View’s Bitcoin chart shows.
Ethereum’s cofounder claims SEC misleads about crypto
Last month, Consensys sued the Securities and Exchange Commission (SEC) for unlawfully regulating Ether through enforcement actions. Joe Lubin, one of the co-founders of Ethereum (ETH) and now the CEO of Consensys, hopes this lawsuit will clarify that the second-largest cryptocurrency is a commodity and not a security.
“If ETH is declared a security [by the SEC], people wouldn’t be able to acquire it legally in the US,” Joe Lubin told Wired in an interview. “If the US has its way, it might use its long arm of the law to reach into different countries around the world and create pressure to reduce access to decentralized protocols and financial disintermediation.”
The price of Ether rose 0.9 percent to $3,031 over the past 24 hours.
Binance fined by Canadian regulator for non-compliance of anti-money laundering rules
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) fined Binance $4.4 million for failing to register as a foreign money services business and for not reporting currency transactions exceeding CA$10,000. Binance left the Canadian market a year ago, citing the challenging regulatory situation as the reason.
The price of Binance Coin dropped 0.2 percent to $595 over the past 24 hours.
A Wall Street Journal report, alleging the crypto exchange fired an internal investigator for flagging evidence of market manipulation also weighed on Binance Coin.
Ripple part of new alliance aiming at facilitating crypto recovery methods
Ripple is among the founding members of the DeRec Alliance. This group aims at making the process of securing and recovering crypto assets, accounts and passwords as simple as existing Web2 experiences.
“The DeRec Alliance addresses one of the biggest challenges facing mainstream crypto adoption – secure and user-friendly management of private keys. By establishing clear standards for key recovery, this collaboration across the crypto industry empowers individuals to take control of their digital assets with confidence,” Markus Infanger, senior vice president at Ripple X said.
The price of XRP, the cryptocurrency issued by Ripple, fell 0.6 percent to $0.52 over the past 24 hours.
Solana rallies as its community meets up at annual meeting
Solana’s annual two-day meeting kicked off in Istanbul earlier today. Some 3,000 participants have registered, and more than 50 speakers will hold presentations or participate in panel discussions at the Solana Crossroads event.
The price of Solana rose 7.1 percent to $154.16 over the past 24 hours.
Polkadot upgrade supporting Web3 applications now live
Asynchronous backing is now enabled on the Polkadot blockchain. This upgrade increases the speed of validation by the Relay Chain, boosts available blockspace and increases the use of parachain blocks.
The upgrade paves “the way for supporting Web3 applications across verticals such as gaming and DeFi. 🎮 It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games,” Polkadot said.
The price of Polkadot rose 1.1 percent to $7.12 over the past 24 hours.
Trump to accept cryptocurrencies for campaign donations
Donald Trump will accept donations in cryptocurrencies for his presidential campaign, he told supporters at an event pushing his non-fungible token (NFT) collection ”Mugshot edition.” The price of the TRUMP memecoin, with a market cap of $ million, rose percent over the past 24 hours.
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.