🌧️ Drizzle will linger over Bitcoin and Binance Coin in the next 24 hours, indicating slightly bearish market conditions, while rain will fall over Ether, Solana, Avalanche and Polkadot, signaling bearish market conditions.

 ☀️ However, a strong sun or bullish market conditions will shine over Cardano. Over a one-week time horizon, this strong sun will also shine over Bitcoin and Ether.

The trading signals available at 7:30 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 fall sharply on disappointing US macro data

Cryptocurrencies fell on Thursday, as weak US macroeconomic data triggered recession fears among investors. Stock markets fell sharply, exerting pressure on the price of Bitcoin, which in turn lead to liquidations exceeding $290 million. Crypto assets then reverted their losses early on Friday.

Another factor weighing on crypto assets are increasing doubt about a pro-crypto Republican victory following the comments made by the Republican presidential candidate Donald Trump about his Democratic opponent Kamela Harris’ race. Harris’ odds of a victory in November rose by 5 percent to 43 percent, while those of Trump declined 4 percent to 55 percent, Polymarket data shows.

The price of Bitcoin touched a two-week low at $62,356 over the past 24 hours, before trading up 0.9 percent at $64,528 on Friday morning, Trading View’s Bitcoin chart shows. Its price is up 53 percent so far this year, while the S&P 500 index is up 15 percent and the Nasdaq index is up 12 percent.

MicroStrategy to raise another $2 billion for Bitcoin acquisitions

MicroStrategy, the listed company holding most Bitcoin, will raise another $2 billion by issuing shares, the company said as it released its second-quarter earnings. It bought an additional 12,222 Bitcoins for $805 million during the second quarter, now holding a total of 226,500 Bitcoin. The unrealized gain on MicroStrategy’s Bitcoin holding is valued at $6.3 billion at today’s price. 

Republican senator introduces strategic Bitcoin treasury reserve bill

US Senator Cynthia Lummis formally introduced a bill aiming at establishing a strategic Bitcoin treasury reserve in the US. She had announced her plans over the weekend at the Bitcoin Conference 2024. This Bitcoin reserve would be equivalent to the country’s existing gold reserve.

This bill would establish “a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government,” and “implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States,” Lummis said.

Terraform Labs co-founder to be extradited to his native South Korea

The Montenegro Appellate Court upheld an earlier ruling that the co-founder of Terraform Labs, Do Kwon, be extradited to South Korea and not the US, which wants him sentenced there, Bloomberg reports. The ruling is not appealable.

Terraform Labs was behind the stablecoin TerraUSD and cryptocurrency Luna that both collapsed in May 2022 and caused $40 billion in market losses.

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.