🌥  A timid sun will shine over Bitcoin, Ether and most other altcoins covered by ATTMO in the next 24 hours, indicating slightly bullish market conditions. ☀️ Binance Coin and Ripple’s XRP will profit from a strong sun indicating a bullish trend.

🌥  Over a one-week time horizon, drizzle or a slightly bearish trend will affect Bitcoin and Binance Coin, while a timid sun will continue to shine over Ether and most other altcoins.

The trading signals available at 6:45 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 slump, with Bitcoin under pressure ahead of US inflation data

The cryptocurrency trend was negative over the past 24 hours, with Bitcoin trading at a one-week low, triggering liquidations of mostly long positions totaling more than $150 million.

The price of Bitcoin fell 2.5 percent to $60,886 over the past 24 hours, Trading View’s Bitcoin chart shows. Bitcoin has been fluctuating between $60,000 and $70,000 since the end of March, with a few drops below this range.

“More than 200 days have been spent within this range for #Bitcoin,” said the founder and CEO of MN Trading, Michaël van de Poppe.

Investors now eagerly wait for the release of the latest US inflation figures later today, set to give cues on the potential size of the rate cuts anticipated later this year. The Fed is expected to cut its benchmark interest rate by 25 basis points when meeting up in November and December, CME FedWatch shows.

Bitcoin could still reach $80,000 in 2024 – Bitwise CIO

Bitcoin could still climb to $80,000 and surpass its all-time high reached in March, the CIO of Bitwise, Matt Hougan, forecasts. This would, however, be conditional on additional rate cuts by the Federal Reserve in the US and stimulus measures by the Chinese government.

“If it gets both, I suspect we will get our Q4 rally. If we don’t, I think the disappointment could weigh on the market,“ Hougan said in his weekly commentary, underlining that no major hacks, lawsuits, or influx of new coins, also remains key to kick off a crypto rally.

The outcome of the US elections isn’t crucial as “to thrive, bitcoin doesn’t need politicians. It just needs them to get out of the way. And barring a Democratic sweep of both houses of Congress and the White House, I suspect they will, with the Democrats taking a more neutral approach to the industry,” Hougan added.

Ether staking on the rise despite its subdued price development

The interest for Ether staking has risen more than 5 percent so far this year, with almost 29 percent of its total supply now being staked compared to the beginning of the year, Bitcoin.com reports basing itself on data from IntoTheBlock. Over 15 percent of this staked ETH has been locked for at least three years, reflecting strong investor confidence in Ethereum’s long-term potential, it added.

The price of ETH fell 2 percent to $2,397 over the past 24 hours but is up 4.5 percent so far this year. Bitcoin is up 45 percent since January 1.

VanEck launches venture fund focusing on crypto, AI & fintech

The asset manager VanEck will launch a $30 million early-stage venture capital fund called VanEck Ventures. Former executives from Circle Ventures will head the fund, which will invest at the “intersection of fintech, crypto, and artificial intelligence.”

“Let’s be honest: crypto is at a crossroads… Despite shaky sentiment and regulatory migraines, we’re not backing down. We believe this technology will reshape the financial system and beyond. That's why we're launching VanEck Ventures,” VanEck said.

Its current target is to make around 25 to 35 investments annually, each averaging approximately $1 million.
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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.