Drizzle will linger over Bitcoin, Ripple’s XRP and Litecoin in the next 24 hours, signaling slightly bearish market conditions. As for Ether and Dogecoin, they will face stormy trading conditions, clearly bearish trading conditions. Polkadot bucks the negative trend with a strong sun ahead, signaling bullish market conditions, and buy opportunities. Over a one-week time horizon, Ether will see improving trading potential, with drizzle ahead.
Cryptocurrencies extend gains
The cryptocurrency trend was positive over the past 24 hours as the odds of a Republican victory in November soared following the botched assassination attempt on Donald Trump and announcement of his pro-crypto running mate, JD Vance. The odds of a Republican victory reached 71 percent on Monday, compared to a Democratic victory at a mere 18 percent, according to the betting firm Polymarket.
“FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump's near assassination Saturday, and it hasn't slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear,” the crypto intelligence firm Santiment said.
The founders of Tron, Justin Sun, and of Tesla, Elon Musk, have both publicly endorsed Trump since the failed attack. Trump is viewed as far more pro-crypto than his opponent, the Democrat Joe Biden.
The price of Bitcoin rose 1.4 percent to $63,698 over the past 24 hours, and is now up more than 11 percent over the past week, Trading View’s Bitcoin chart shows.
Bitcoin re-endorsed by Blackrock CEO
Larry Fink, the CEO of the world’s largest asset manager Blackrock, re-endorsed Bitcoin in an interview with CNBC on Monday.
“I believe Bitcoin is legitimate… I believe you’re going to see that as one of the asset classes we look at. I look at it as digital gold,” Fink told the TV channel.
Blackrock manages the world’s largest spot Bitcoin exchange traded fund (ETF) $IBIT with $18.4 billion in assets under management. Net inflows into crypto ETFs and other financial products reached $1.4 billion last week, CoinShares weekly report shows.
“Year-to-date (YTD) inflows [reached] a record US$17.8bn, far surpassing the 2021 inflows of US$10.6bn,” CoinShares said. “Regionally, the US led with US$1.3bn for the week, although the positive sentiment was seen across all other countries, most notable being Switzerland (a record this year for inflows), Hong Kong and Canada.”
Downward pressure ahead as Genesis starts sending Bitcoins to Coinbase?
The trustees of bankrupt Mt Gox transferred more than 47,000 Bitcoin (worth almost $3 billion at today’s price) to an unmarked crypto address earlier this morning, data from Arkham Intelligence shows. As for Genesis Trading, it transferred 600 Bitcoin (worth $38 million at today’s price) to the crypto exchange Coinbase on Monday. The defunct crypto exchange still holds $2.5 billion worth of crypto assets, out of which $2 billion in Bitcoin and roughly $400 million in Ether, according to Arkham Intelligence.
The gradual sale of these large stakes may weigh on the price of Bitcoin and Ether in the coming days and weeks, just as the sale of $2 billion of Bitcoin seized by the German government did over the past couple of weeks.
Listing of 8 spot ETH ETFs expected on July 23
The deadline for returning the final S-1 registration forms for the eight-spot Ether ETF has been set for July 17 by the Securities and Exchange Commission (SEC).
“SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH,” conditional on no last-minute hurdles, Bloomberg’s ETF analyst Eric Balchunas, said.
Meanwhile, Reuters reports that Blackrock, Franklin Templeton and VanEck have obtained “preliminary approval” for their spot Ether ETFs. Such ETFs hold an equivalent amount of the underlying asset, contrarily to future ETFs that track futures contracts of the underlying asset rather than the asset itself.
The price of Ether rose 2.3 percent to $3,437 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.