🌧 Drizzle will linger over Bitcoin, Ripple’s XRP, Dogecoin and many other altcoins covered by ATTMO in the next 24 hours, signaling slightly bearish market conditions. 

🌥 A timid sun will shine over Ether, Polkadot and Cardano, signaling slightly bullish market conditions. 

☀️ Avalanche will profit from strong sun or bullish market conditions.

🌧 Over a one-week time horizon, drizzle will linger over Bitcoin and Litecoin, translating into slightly bearish market conditions. 

🌥 However, Ether, Polygon and Avalanche will benefit from a timid sun, while ☀️ Cardano will profit from tropical trading conditions.

The trading signals available at 7:15 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 rebound ahead of US ISM data

The cryptocurrency trend was positive over the past 24 hours ahead of the release of US production data. The target rate probabilities of a 50 point rate cut at the Federal Reserve’s up-coming meeting on Sept 18, boosts interest for risk assets such as crypto.

“Bitcoin has shown signs of life as the S&P 500 is paused for Labor Day. Signs of crypto growth without reliance on equities is a promising hint of the sector's strength. Combined with growing trader bearishness and FUD, there are promising signs an upcoming rebound is near,” Santiment said. 

The price of Bitcoin put on 2.9 percent to $59,252 over the past 24 hours, Trading View’s Bitcoin chart shows.

“We expect BTC to find strong support around 54k which is the level it bounced from in July before touching 70k,” the Singapore-based crypto firm QCP Capital reports.

Meanwhile, crypto investment products recorded $305 million in outflows last week, according to CoinShares’ weekly report. “The negative sentiment was focussed on Bitcoin, seeing US$319m in outflows… Ethereum saw US$5.7m outflows.”

Bitcoin web searches dip as price trades below $60,000

The number of searches for Bitcoin has significantly dropped since the beginning of the year when Google Trends data obtained a score of 57 out of 100, compared to 32 in September, Bitcoin.com reports. Bitcoin’s price has dropped more than 20 percent since it reached an all-time high mid-March, but it still up 40 percent since the beginning of 2024.

Metaplanet teams up with Japan’s SBI for Bitcoin trading & custody

Metaplanet, a Japanese company mirroring MicroStrategy’s Bitcoin treasury strategy, will join forces with SBI Group for Bitcoin trading, custody and management with immediate effect.

“This collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy. A key element of this partnership is access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize Bitcoin as collateral for financing,” the company said.

Metaplanet held 360 Bitcoin yesterday, valued at almost $22 million, CoinGecko data shows.

Mathematician predicts “death” of Ether

Ether finds itself in the midst of a “death spiral,” generating just $200,000 in daily fee revenue, equating to a mere $73 million annually, according to the mathematician Fred Krueger.

“That $73 Million is not even sufficient to buy back all the inflation that naturally comes to ETH validators,” Krueger said, as Ether’s daily revenue dropped to a year low.

Its daily revenue is down more than 90 percent since the beginning of the year, according to Artemis data. Meanwhile, Ether’s market cap is a whopping $300 billion.

“You can see that this ‘fee income’ model will never, ever, ever come close to justifying this number. A number closer to $3 billion might be more appropriate. And you could even argue that that is generous,” he added.

The price of ETH put on 3.2 percent to $2,516 over the past 24 hours, but is down 34 percent over the past six months.

Hearing of Binance executive adjourned until tomorrow

The hearing of Tigran Gambaryan, the Binance executive detained by the Nigerian authorities for more than six months, was yesterday adjourned until tomorrow, DL News reports. His bail application will then be raised.

Gambaryan is accused of money laundering by the Nigerian authorities, just as his employer is.

The price of Binance Coin added 2.7 percent to $534 over the past 24 hours.

Solana’s memecoin protocol hits $100 million in revenue in record time

Pump.fun, the memecoin protocol launched by Solana in January, has already reaped $100 million in revenue. This makes it the fastest-growing protocol in terms of revenue growth in the cryptosphere, Decrypt reports citing Ryan Watkins, the co-founder of Syncracy Capital.

The price of Solana rose 5.3 percent to $135 over the past 24 hours.

Sun proposes sharing SunPump’s protocol revenue with the community

The founder of Tron, Justin Sun, announced a plan to share the protocol revenue of Tron’s SunPump to the community through liquidity donations.

“This is an initial proposal, and we intend to submit it for community discussion. Once the final vote is passed, it will be officially implemented,” Sun said.

Tron, the eight-largest cryptocurrency, has attracted attention since the deployment of its SunPump memecoin generators mid-August. Several thousand memecoins have since been created. Its share price was down 1.4 percent over the past 24 hours, but up 22 percent over the past month.

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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.