🌧 Drizzle will linger over Bitcoin, Binance Coin and Cardano in the next 24 hours, signaling slightly bearish market conditions, while rain­ will fall over Ripple’s XRP (a bearish trend).

☀️ However, a strong sun will shine over Ether, Polygon and Polkadot, indicating bullish conditions.

 🌧 Over a one-week time horizon, drizzle will linger over Bitcoin, Binance Coin and XRP, while rain will fall over Ether, Solana, Cardano and other altcoins. Only Polygon will profit from a strong sun ☀️ over this longer time horizon.

The trading signals available at 7:05 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 following US inflation data as rate cut now seems confirmed

The cryptocurrency trend was positive over the past 24 hours, supported by yesterday’s release of weaker-than-expected inflation data. This development has led investors to price in a 25-basis point rate cut by the Federal Reserve next week. Some even speculate on a potential 50 basis point reduction. The benchmark US interest rate currently lies at a 23-year high, making riskier assets such as crypto less interesting to hold given their risk premium.

“The US Presidential debate, combined with a positive CPI report, has led to falling crypto markets doing a complete 180,” the crypto intelligence firm Santiment commented.

The price of Bitcoin rallied 3.6 percent to $58,264 over the past 24 hours to a one-week high, Trading View’s Bitcoin chart shows.

Majority of leading asset managers offer crypto ETFs

Seven out of the top 10 issuers of exchange traded funds (ETFs) now offer crypto-related ETFs. Vanguard, JPMorgan and Dimensional are still opting out.

“Think matter of time for JPM. I expect Vanguard & Dimensional to continue holding out… Though can envision scenario where new Vanguard CEO has change of heart,” the co-founder of the ETF Institute, Nate Geraci, noted.

The 12 spot Bitcoin ETFs listed in the US today manage $52 billion in assets under management or 5 percent of the total Bitcoin market capitalization, data from Sosovalue shows.

Number of Bitcoin non-zero addresses exceed 53 million

The number of Bitcoin addresses with non-zero balances now exceeds 53 million, according to 21st Capital. They have been adding 5 million addresses or more each year since 2020.

“Bitcoin adoption continues relentlessly and steadily despite what is going on with the price. We are still early,” the co-founder of 21st Capital, Sina G, noted.

Solana’s active addresses hit new record

The number of active addresses on the Solana blockchain reached an all-time high of 5.5 million on Sept 10, SolanaFloor reports. The price of Solana put on 2.6 percent to $135 over the past 24 hours.

“Solana’s 5.5M wallets accounts for roughly half of the total of active addresses on major networks, recorded at approximately 11M,” SolanaFloor said.

India, Nigeria & Indonesia top the crypto adoption ranking

India, Nigeria & Indonesia come ahead of the US, which ranks fourth, in the crypto adopting ranking included in the 2024 Geography of Cryptocurrency Report released by Chainanalysis. Six out of the nine countries at the top of its index are located in Central & Southern Asia and Oceania or Sub-Saharan Africa.

US crypto lobby urges Congress to classify NFTs as consumer products

The Digital Chamber, a trade association and lobby organization for digital assets, urges the US Congress to classify non fungible tokens (NFTs) as consumer products rather than securities, as the Securities and Exchange Commission (SEC) has indicated they may be. The US regulator warned the NFT marketplace OpenSea about pending charges last month creating great uncertainty among the thousands of individuals creating NFTs.

“These items should be classified as consumer goods, not securities. TDC is advocating for legislative clarity that reflects this distinction,” TDC said. “Congress must act now to ensure that this burgeoning industry remains within the US, for the benefit of the US economy, and not move overseas to more favorable regulatory environments.”

UK considers treating crypto assets as personal property

The UK Ministry of Justice has introduced a new bill that would treat crypto assets such as Bitcoin and NFTs as personal property. This move would end the existing legal uncertainties.

“It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in crypto assets and bring clarity to complex property cases,” the country’s Justice Minister, Heidi Alexander, said.

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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.