🌧 Rain will fall over Bitcoin and Avalanche in the next 24 hours, signaling bearish market conditions, while Ether, Ripple’s XRP and Binance Coin will profit from a timid sun or slightly bullish market conditions. Both Bitcoin and Ether will face strong winds, indicating high volatility.

☀️ Tropical trading conditions will prevail over Dogecoin, indicating clearly bullish market conditions. 

🌧 Over a one-week time horizon, Ether, Solana, Uniswap and Dogecoin will face rain, while Avalanche, XRP and Binance Coin will face drizzle.

The trading signals available at 7:15 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 rose over the weekend, with Bitcoin breaking above $62,000

The cryptocurrency trend was positive over the weekend, with Bitcoin managing to break through the $62,000 threshold, for the first time since the mini crash witnessed early August.

“BTC finally got the recovery that we've been waiting for. It seems Powell's speech at Jackson Hole was the catalyst it needed to breakout of the 58k-62k range,” the Singapore-based crypto firm QCP Capital said. Powell confirmed that rate cuts are on their way as of September. “BTC is back comfortably in the familiar 61k to 70k range, selling supply is slowly depleting and spot ETF saw net inflows in 10 of the last 12 days.”

Liquidity inflows, which reached a year-high last week at $61.9 billion also supported the prices of crypto assets. “This surge includes a significant uptick in stablecoin minting, signaling increased fiat-to-crypto conversions,” 10xResearch said in its daily note.

The endorsement of Donald Trump by the independent US presidential candidate Robert F. Kennedy over the weekend also supported crypto assets to a limited extent. The two US presidential candidates are currently tied in the ongoing election campaign.

The price of Bitcoin has risen more than 6 percent since Friday, and traded 0.31 percent lower at $63,967 over the past 24 hours on Monday morning, Trading View’s Bitcoin chart shows. 

Muted response to Ether ETFs one month after their initial listing

Since their listing on July 23, the nine spot Ethereum exchange-traded funds (ETFs) in the US have seen limited investor interest. Cumulative total net outflows add up to almost $465 million, data from Sosovalue shows.

The outflows are due to those out of Grayscale’s incumbent Ether Trust that was converted into an ETF ($ETHE) in July. With its fee being ten times higher than that of competitors (2.5 percent), ETHE has experienced total outflows of $2.5 billion over the past month. Meanwhile, BlackRock’s ETHA ETF has attracted $1 billion in assets and Fidelity’s FETH almost $400 million.

The price of Ether fell 0.8 percent to $2,747 over the past 24 hours.

Binance’s founder to reportedly be released from US jail end- September

Changpeng Zhao, known as CZ, will be released from jail on Sept 28, according to Decrypt. He was recently transferred from a minimum-security prison in California to residential reentry program designed to help inmates to transition back into society. CZ ranks 56th on Bloomberg’s Billionaire Index, with an estimated fortune of $30 billion.

The founder of Binance was sentenced to a four-month prison sentence earlier this year after having pleaded guilty of money laundering.

Various US authorities filed charges against both CZ and Binance in 2023. A $4.3 billion settlement followed in November last year, forcing CZ to step down as CEO.

The price of Binance Coin shed 2.3 percent to $567 over the past 24 hours.

Brazil approves a second spot Solana ETF

The Brazilian regulator, Comissão de Valores Mobiliários (CMV), has approved a second spot Solana ETF, Bitcoin.com reports. Such ETFs are not approved in the US, though several asset managers have filed applications. Earlier this month, the Securities and Exchange Commission (SEC) rejected two such applications, arguing that Solana is a security.

The price of Solana rose 0.6 percent to $160 over the past 24 hours.

Toncoin plunges on arrest of Telegram founder

Toncoin (TON), the seventh-largest cryptocurrencies, plunged following the arrest of Telegram’s founder Pavel Durov in France on Saturday. He is charged with terrorism, money laundering, fraud, concealment and more by the French authorities.

“Telegram abides by EU laws, including the Digital Services Act — its moderation is within industry standards and constantly improving. ✈️ Telegram's CEO Pavel Durov has nothing to hide and travels frequently in Europe. 😵‍💫 It is absurd to claim that a platform or its owner are responsible for abuse of that platform,” Telegram said following the arrest.

Toncoin was developed by the Telegram under Durov’s leadership. Following a lawsuit initiated by the SEC in 2019, Telegram distanced itself from the TON project.

“Today more than ever, we see the need for freedom of speech and decentralization - two causes championed by @durov and core tenets of the TON ethos. We are confident that the TON and TG communities will emerge from this with greater strength,” Ton Ventures said.

The price of Toncoin fell as much as 22 percent on the news and traded 0.3 percent lower at $5.74 over the past 24 hours.

Tether proactively froze $5 million stolen USDT

Tether, the issuer of the largest stablecoin USDT, helped the US Department of Justice to seize almost $5 million in USDT that had been stolen through fraud.

“The seized funds, associated with a sophisticated money laundering operation, mark a significant victory in the ongoing battle against cyber-enabled fraud,” Tether said.

Tether added that it has to date assisted more than 145 enforcement agencies across 40 jurisdictions, redistributed more than $108.8 million in USDT to their rightful owners and law enforcement, and voluntarily blocked over 1,900 wallets connected to illegal activities.

Court case against Kraken continues in the US, fine looms in Australia

Last Friday, a federal court in California ruled that none of the tokens trading on Kraken are securities, but that agreements around tokens could be. The SEC’s ongoing lawsuit against Kraken, the third-largest centralized crypto exchange, thus continues.

“The SEC unqualifiedly lost on this ‘tokens are securities’ theory and will not be permitted to rely on it going forward. Instead, it will need to prove, for every alleged transaction on Kraken, that the Howey Test factors are satisfied. They aren’t, and we look forward to proving this in discovery. Kraken will fight and Kraken will win,” the Chief Legal Officer of Kraken, Marco Santori, said.

The Howey Test determines whether a transaction qualifies an investment contract, which if confirmed, requires regulation.

In Australia, the securities regulator ruled that the operator of Kraken in the country, Bit Trade, “failed to meet design and distribution obligations when offering a margin trading product to Australian customers,” Bitcoin.com reports. The regulator will seek financial penalties against Bit Trade. 

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.