The strong wind and rain faced by Bitcoin in the next 24 hours indicate high volatility and bearish market conditions. Meanwhile, drizzle will fall over Ether and Ripple’s XRP, signaling slightly bearish market conditions. Altcoins such as Solana, Binance Coin and Polygon will see a timid sun shining over them, indicating slightly bullish market conditions. Over a one-week time horizon, drizzle will linger over both Bitcoin and Ether.

The trading signals available at 08:35 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 in line with the Nasdaq sell-off

Cryptocurrencies headed lower over the past 24 hours, as the investor sentiment soured following the Nasdaq index largest drop in more than 2 ½ years.

The price of Bitcoin fell 1.8 percent to $64,661 over the past 24 hours, after having rallied more than 12 percent over the past two weeks, Trading View’s Bitcoin chart shows.

Investors brace for the speech of the former US President Donald Trump at the Republican Party national convention (RNC) in Milwaukee later today. A bullish Bitcoin announcement is rumored to be forthcoming.

“@BitcoinMagazine has been invited to cover the @GOP [Republican Party] #RNC [in Milwaukee]… Report on how #bitcoin made the party platform. Interview pro bitcoin candidates and be there for a very Bullish Bitcoin announcement on Thursday,” Bitcoin Magazine’s President Mike Germano said.

The first spot ETH ETFs approved by the SEC

Earlier today, the first spot Ether exchange traded funds (ETFs) were approved by the Securities and Exchange Commission (SEC), as the deadline for filing the final S-1 registration forms lapsed yesterday evening.

“SEC approves Grayscale Ethereum mini trust and ProShares Ethereum ETF for listing on NYSE’s arca platform,” 10xResearch reports. Their listing is expected as of July 22.

The starting fees charged by the eight asset managers range between 0 and 2.5 percent, and the post-waiver fees between 0.19 percent and 2.5 percent, Bloomberg reports. Grayscale’s existing Ethereum Trust that will be converted into an ETF will charge a whopping 2.5 percent.

“This should mean some $2-5bn of outflows I would assume, at least … while everyone else charges 0.20-0.25% fee and no staking yield … holding Grayscale ETH has 6% opportunity cost (including staking),” 10xResearch noted.

Separately, the SEC Commissioner Hester Peirce said that staking of these Ethereum ETFs would be open for reconsideration conditional on the election of a new US President.

“I think certainly something like staking, or any feature of the product ... those are always open for reconsideration as far as I'm concerned,” Peirce told Coinage media in an interview.

The price of Ether fell 2.1 percent to $3,437 over the past 24 hours.

XRP’s recent rally abruptly ends as SEC settlement hopes come off the table

The long-awaited settlement between Ripple Labs and the SEC took an abrupt end, as an announced meeting with the regulator later today was cancelled. Rumors of an imminent settlement between the two parties had pushed up the price of Ripple’s cryptocurrency XRP up by more than 33 in the last week.

A resolution of the ongoing lawsuit is nevertheless expected “very soon”, the CEO of Ripple Labs, Brad Garlinghouse, told Bloomberg. “We as an industry want to be regulated. We want to have clarity of those regulations. It’s refreshing to see the Republicans party lead into that as part of their [election] platform,” he adds.

The SEC initially proposed a $2 billion fine on Ripple for selling XRP to institutional investors in March. Ripple fought back arguing this fine should be capped at $10 million.

The outcome of this case matters as it would give guidance on whether cryptocurrencies are securities (or not) when sold to institutionals.

The price of XRP fell 2.5 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.