☀️ A strong sun will shine over Bitcoin, Ripple’s XRP and Polygon in the next 24 hours, signaling bullish market conditions, while drizzle will linger 🌧 over Ether, Avalanche and Polkadot, signaling slightly bearish market conditions. ☀️ Tropical or clearly bullish market conditions will prevail over Litecoin.

☀️ Over a one-week time horizon, a strong sun will shine over both Bitcoin and Ether, while 🌧 Litecoin and Polkadot will face rain or bearish market conditions.

The trading signals available at 7:35 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies in volatile trading over the weekend, with Bitcoin down at $53,800

Cryptocurrency markets experienced a sharp downturn on Friday and Saturday, following the release of US job figures on Friday afternoon. These hinted at a potential economic slowdown, if not an outright recession. Riskier assets were hit the hardest, with the Nasdaq recording its worst weekly performance since January 2022. Cryptocurrencies then recouped some of their losses on Sunday.

The volatility in both the crypto and stock markets triggered liquidations of mostly long positions on crypto exchanges, totaling $290 million on Friday. The turbulence extended to crypto-related assets, with the share price of Marathon Digital, the largest Bitcoin miner, down 3.4 percent and that of Coinbase, the largest US crypto exchange, down 7.8 percent.

The price of Bitcoin was down at $53,800 over the weekend, but rebounded and traded up 0.7 percent at $54,828 over the past 24 hours, Trading View’s Bitcoin chart shows.

Crypto assets face three major uncertainty factors in the coming weeks

This week, investors await the release of the latest US inflation data on Wednesday, which in turn will impact the rate decision of the country’s central bank the following week. Weak August inflation data will boost the likelihood of an eagerly awaited 50 basis point rate cut on Sept 18.

The first live debate between the two US presidential candidates on Tuesday, ahead of November’s election, will also attract attention. Right now, the Republican candidate Donald Trump leads with 5 percent at 52 percent on the betting site Polymarket ahead of the 47 percent of the Democrat candidate Kamala Harris. The uncertainty surrounding the future political winds in the US also weighs on crypto assets.

Outflows from spot Bitcoin ETFs continue

Outflows from the 12 spot Bitcoin ETFs listed in the US continued for the eighth consecutive trading day on Friday.

“With total inflows [since their listing in January] now at $17 billion, Bitcoin Spot ETF investors are currently sitting on nearly $2 billion in losses. It will be a tough sell to attract additional risk capital when facing a $2 billion shortfall,” the crypto consultancy 10xResearch said.

Bearish trend set to continue; Bitcoin only “cheap” at $30,000

New Bitcoin addresses peaked in November 2023 and sharply declined as of April. “When the amount of Bitcoin held by short-term holders began to decrease in April, while long-term holders took advantage of high prices to exit, it suggested that a cycle top had been reached. As unrealized losses started to climb, Bitcoin became increasingly susceptible to a downward correction. For Bitcoin to become ‘cheap’ again, based on this data, prices would likely need to fall into the $30,000 range,” 10xResearch warns.

Asset managers list and delist Ether-based financial products

VanEck announced it would close and liquidate its Ethereum futures ETF (EFUT) by mid-September, based on its past performance, liquidity and investor interest. However, the asset manager’s spot ETH ETF will continue to be listed on the Chicago Board Options Exchange (CBOE). This ETF currently manages roughly $570 million in assets.

Meanwhile, the Australian asset manager Monochrome filed for the country’s first spot Ether exchange traded fund (ETF) to  CBOE Australia. The listing of this new ETF is expected by the end of the month.

The price of ETH was unchanged at $2,298 percent over the past 24 hours.

Binance obtains full license by the Kazakh authorities

Last week, Binance became the first fully regulated digital asset trading facility (DATF) in Kazakhstan following an external financial audit, ISO certifications of its IT systems and more. The license was granted by the Astana Financial Services Authority (AFSA).

“We look forward to maintaining the highest standards of trust, security & regulatory compliance in the region,” the CEO of the world’s largest crypto exchange Richard Teng said.

“Binance Kazakhstan will be authorized to operate a virtual assets trading facility, engage in principal investment dealings, and offer custody services for virtual assets,” Binance said.

The price of Binance Coin put on 1.2 percent to $504 over the past 24 hours.

CZ reportedly banned from any future operational role in Binance

Changpeng Zhao (CZ), the former CEO of Binance, has been banned from holding any future operational or management role within Binance, not just for the previously reported three years, Richard Teng, told Axios. CZ nevertheless remains Binance’s largest shareholder and retains his shareholder rights.

CZ currently serves a four-month prison sentence for money laundering and is set to be released from a Californian prison by the end of this month. He ranks 88th in Bloomberg’s billionaire index, with an estimated fortune exceeding $22 billion.

Ripple’s co-founder backs Kamala Harris, along with 87 other corporate leaders

Chris Larsen, Ripple Labs’ co-founder, and the crypto entrepreneur Mark Cuban are among the 88 corporate leaders that have signed a letter publicly backing Kamala Harris, the Democrat’s presidential candidate, according to CNBC which has seen the letter.

“The best way to support the continued strength, security, and reliability of our democracy and economy” is by electing Harris president, the signatories write.

The price of XRP declined 0.2 percent to $0.53 over the past 24 hours.

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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.