🌧  Rain will fall over Bitcoin, Ether, Binance Coin, Ripple’s XRP, Litecoin and Polkadot in the next 24 hours, signaling bearish market conditions. 

☀️ Meanwhile, Uniswap, Polygon and Avalanche will profit from a strong sun, indicating bullish market conditions.

☀️ Over a one-week time horizon, this strong sun will also shine over Bitcoin, Ether and Cardano. 🌧 Polkadot and Litecoin will face rain.

The trading signals available at 6:35 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Volatility on the crypto market continues as investors await US debate & inflation data

The cryptocurrency trend was positive over the past 24 hours after last week’s sharp declines and ahead of the evening’s debate between the two US presidential candidates and tomorrow’s release of US inflation (CPI) data. 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.

“With three technical reversal indicators recovering from oversold levels, Bitcoin's rally could push it back above $60,000,” 10xResearch writes in its daily report. “Key bullish events, including the Harris-Trump debate, which former President Trump is expected to win, and the upcoming lower CPI data announcement on Wednesday, continue to serve as significant catalysts for further upward momentum this week.”

What’s already clear is that “September is shaping up to be volatile. BTC’s 30-day volatility has spiked to 70%, nearly double last year’s levels and close to March’s peak when BTC hit its all-time high,” Kaiko Research writes in its weekly report.

The price of Bitcoin rose 2.8 percent to $56,640 over the past 24 hours, after having hit a one-month low on Friday, Trading View’s Bitcoin chart shows.

“The bounce from 52.5k is definitely encouraging. So, have we seen the bottom? Although we can't be certain, some institutions seem to think so, as they take this opportunity to add to their bullish bets in Dec and Mar,” the Singapore-based crypto firm QCP Capital reports.

Bitcoin seen at $90,000 with Republican win, down at $30,000 with Democratic win

A Republican presidential victory in November could push the Bitcoin’s price to as high as $80,000, or even $90,000, in 2024, the wealth manager Bernstein said in a market analysis seen by Decrypt. In contrast, a Democratic victory could drive Bitcoin down to $40,000, or even $30,000, amid concerns of continued regulatory headwinds in the US.

Outflows from crypto investment products exceeded $700 million last week

Crypto investment products experienced outflows of $725 million last week, amid heightened market volatility. This was the largest outflow since March, CoinShares said in its weekly report. Bitcoin investment products saw outflows exceeding $640 million, Ether of roughly $100 million, while Solana recorded inflows of $6 million.

The price of ETH rose 1.5 percent to $2,342 and that of Solana added 3.3 percent to $133 over the past 24 hours.

Binance obtains another license in Asia

Tokocrypto, a unit of the world’s largest crypto exchange Binance, has obtained a physical crypto asset trader (PFAK) license from the Indonesian regulator. It will as of now be allowed to operate as a physical crypto asset trader on behalf of its 4.5 million user base.

“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region,” the CEO of Binance, Richard Teng, said.

Binance already holds licenses in the following countries in the Asia Pacific region: Australia, India, Japan, New Zealand and Thailand. The price of Binance Coin rose 1.8 percent to $515 over the past 24 hours.

Crypto fraud surged in 2023, with losses exceeding $5.6 billion – FBI report

The number of crypto-related complaints soared to 69,000 last year, with these complaints contributing to over half of the total financial losses, despite making up just 10 percent of all financial fraud reports, according to the Cryptocurrency Fraud Report 2023 released by the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3). The crypto-related losses are estimated above $5.6 billion, a 45 percent increase compared to 2022.

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.