Mixed trading conditions lie ahead for the global crypto market in the next 24 hours, with Bitcoin, Litecoin, Cardano and Avalanche facing bearish clouds, signaling downward pressure. A bullish sun, however, shines over Ethereum, Ripple’s XRP and Polygon, indicating a potential upside.

Over a one-week horizon, this bullish sun will also shine over Bitcoin, Litecoin and Polkadot. Bearish clouds will linger over Binance Coin, Uniswap, Cardano and Avalanche.

Cryptocurrencies trade mixed – unlikely approval of ETH ETFs weighs

Cryptocurrencies traded mixed over the past 24 hours, as investors are awaiting news that could give a clear direction to the cryptoverse following Bitcoin’s halving a week ago. Its price has since then risen 3.2 percent, Trading View’s Bitcoin chart shows.

Yesterday, the 71-day streak of consecutive inflows into BlackRock’s spot Bitcoin exchange traded fund (ETF) $IBIT ended. Its ETF has nevertheless managed to attract a staggering $17.7 billion in assets under management since its launch in January. The price of Bitcoin was unchanged at $64,345 over the past 24 hours.

But it’s actually the second-largest crypto token that attracts most attention for the moment, as the deadline of the Securities and Exchange Commission (SEC) to make decisions on the applications submitted for spot Ether exchange traded funds (ETFs) approaches.

“#Ethereum is the top trending topic in #cryptocurrency, as traders are discussing the latest reports regarding the #SEC's alleged plans to reject the proposals for spot #EthereumETF's in May,” Santiment said.

The price of Ether fell 0.5 percent to $3,142 over the past 24 hours.

Consensys sues SEC for uncertainties regarding ETH’s status

Consensys has sued the SEC at a Texas court, Forbes reports. The Texas-based company notably asks the court to rule whether Ether is a commodity, as the cryptoverse claims, falling under the jurisdiction of the Commodity Futures Trading Commission (CFTC) or a security, falling under the SEC, as the regulator claims.

“The SEC’s unlawful seizure of authority over ETH would spell disaster for the Ethereum network, and for Consensys. Every holder of ETH, including Consensys, would fear violating the securities laws if he or she were to transfer ETH on the network,” Forbes cites the complaint as stating. “This would bring use of the Ethereum blockchain in the United States to a halt, crippling one of the internet’s greatest innovations.”

FTX’s Solana stake continues to be auctioned off

The bankruptcy estate of FTX is auctioning off the remainder of the crypto exchange’s Solana stake. Pantera Capital acquired 2,000 Solana tokens at a discounted price, Bloomberg reports.

The institutional asset manager focusing on blockchain technology seeks to raise $1 billion to launch a new crypto fund, which would cover the entire industry from startup equity to early-stage and liquid tokens, it adds. The price of Solana fell 2.8 percent over the past 24 hours.

Stablecoins trading volumes reached ATH in March

The trading volume of stablecoins on centralized crypto exchanges rose by 98 percent to $2.2 trillion in March, CC Data reports, which notes this is an all-time high. Tether’s USDT account for more than three-quarters of the volume. The increase has been triggered by the geopolitical tensions in the Middle East and the inflation fears in the US, which are likely to delay rate cuts by the Federal Reserve.

EU adopts tougher KYC rules for crypto players

The European Parliament has adopted a package of laws aiming at combating money laundering. It includes tougher know your client (KYC) rules for obliged entities including crypto players. They will also have to report suspicious activities to the relevant authorities.

Crypto adoption rate soars in the Middle East & North Africa

More and more investors discover crypto in the Middle East and North Africa, the crypto exchange Bitget reports. Users in these two regions grew by more than 1,400 percent between November and April 10, Bitcoin.com reports. Bitget has thus expanded its customer support to include Arabic speakers.

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.