🌥 A timid sun will shine over Bitcoin, Ripple’s XRP, Cardano and Avalanche in the next 24 hours, indicating slightly bullish market conditions, while a strong sun ☀️ (a clearly bullish trend) should drive the prices of Ether and Dogecoin higher, according to ATTMO.

🌧️ Over a one-week time horizon, rain will fall over Bitcoin, translating into a bearish trend, while Ether will continue to profit from the strong sun.

The trading signals available at 7:00 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 trade mixed as US core inflation rose – Bitcoin fell below $60,000

The cryptocurrency trend was mixed over the past 24 hours, following the release of rising US core inflation figures and ahead of tomorrow’s press conference by the Chinese finance minister. Investors hope he will announce a significant stimulus package to reinvigorate the country’s slowing economic growth. The anticipated trillions of renminbi in new support are expected to be invested, with parts of it injected into crypto and other risk assets.

The price of Bitcoin fell to a three-week low, testing its $59,000 support level, before recouping some of its losses. This morning it was down 0.2 percent at $60,764 over the past 24 hours, Trading View’s Bitcoin chart shows.

Strong interest for crypto ETFs

Nearly half of the investors polled, 45 percent, express interest in buying crypto exchange traded funds (ETFs), a study carried out by Charles Schwab shows. Meanwhile, 55 percent plan to buy US equity ETFs.

“#1 for Millennials? Crypto. Crypto was #2 for all investors,” notes the co-founder of the ETF institute, Nate Geraci.

Another study, this one carried out by PWC, shows that almost half of the polled hedge funds have invested in crypto, up from 29 percent in 2023.

Ripple Labs now expands its crypto custody services to banks in a move to diversify

Ripple Labs has launched new functionalities to its crypto custody offering to banks.

“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on, " said Aaron Slettehaugh, the company’s SVP of Product. “With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.”

The price of XRP, Ripple Labs’ cryptocurrency, rose 1.3 percent to $0.53 over the past 24 hours.

SEC charges crypto liquidity provider & reaffirms Solana & Polygon are securities

The Securities and Exchange Commission (SEC) charged the crypto liquidity provider Cumberland DRW with operating as an unregistered dealer and its filing reaffirmed that Polygon, Solana and other cryptocurrencies are securities. The US regulator has slammed similar lawsuits against Binance, Kraken, Coinbase, Ripple Labs and other crypto players.

The price of Solana put on 1.1 percent to $141 and that of Polygon added 0.8 percent to $0.37.

Meanwhile, one of the SEC’s five commissioners, Mark Uyeda, admitted that the regulator’s stance against crypto “has been a disaster for the whole industry” when appearing on Fox Business. “We’ve been sending this policy through enforcement and we’ve done nothing to provide guidance on it. As a result, this has been achieved by the courts.”

Ripple Labs to file a cross-appeal, challenging SEC’s $125 million fine

Ripple Labs will file a cross-appeal challenging a $125 million fine imposed by a court earlier this year for its violations of securities laws when selling XRP tokens to institutional investors.

“Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without there being essential rights and obligations found in a contract,” the Chief Legal Officer at Ripple, Stuart Alderoty, said.

Earlier this month, the SEC filed an appeal against this fine, which it judges far too lenient. The regulator had requested that a $2 billion fine be imposed by the court.

Separately, the crypto exchange Bitnomial also sued the SEC and its commissions for overextending its power over digital assets when it claimed that the planned XRP futures contracts are a security and coming under its jurisdiction, Fox News report, Eleanor Terrett, said.

“Bitnomial says it filed for an $XRP futures contract with its primary regulator the [Commodity Futures Trading Commission] @CFTC in August, which resulted in the @SECGov threatening that the exchange would be in violation of federal securities laws as the agency considers XRP futures to be “security futures,” she said.

Bitnomial argues that the XRP futures should be solely come under the jurisdiction of the CFTC as it is a futures product, and a court has previously rules these are not securities. 

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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.