🌧️ Rain will fall over Bitcoin, Avalanche and Litecoin in the next 24 hours, signaling bearish market conditions, according to ATTMO. Meanwhile, stormy trading conditions will prevail over Ether and Polkadot, indicating a clearly bearish trend. Only Ripple’s XRP will profit from a timid sun or slightly bullish market conditions.

🌧️ Over a one-week time horizon, drizzle will linger over both Bitcoin and Ether, signaling slightly bearish market conditions.

The trading signals available at 07:25 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Wall Street rally boosts cryptocurrencies amid investor optimism over US job data

Cryptocurrencies posted a sharp rebound over the past 24 hours, as investor confidence was bolstered by better-than-expected US jobless claims figures. Seasonally adjusted weekly jobless claims dropped to 233,000, lower than the estimated 240,000.

This renewed optimism in the cryptosphere mirrored that on Wall Street, where the S&P 500 surged by 2.3 percent, marking its largest single-day gain since November 2022, while the Nasdaq rose by 2.9 percent, CNBC reported.

“If the U.S. economy avoids recession and remains on a path to a ‘soft landing,’ Grayscale Research expects token valuations to rebound and Bitcoin to retest its all-time high price later this year,” Grayscale Investments said in a research note. “The undisciplined approach to monetary and fiscal policy is one reason why some investors choose to invest in Bitcoin; a period of economic weakness could therefore reinforce the longer-term Bitcoin investment thesis.”

The price of Bitcoin rallied 7.3 percent to $60,934 over the past 24 hours, Trading View’s Bitcoin chart shows. Its price still hasn’t recouped all the losses incurred during the crash witnessed on Sunday and Monday and is down 5.5 percent over the past week. As for the price of ETH, it surged 10 percent in the past 24 hours, reaching $2,670, but remains down 16 percent over the past week.

“The macroeconomic conditions necessary for a significant upside price spike are currently absent… From a seasonal perspective, Q3 is typically the most volatile and challenging quarter for trading,” 10xResearch warned in its daily newsletter.

Solana ETF approved in Brazil

Brazil’s Securities and Exchange Commission (CVM) has approved the listing of a spot Solana exchange traded fund (ETF) issued by Hashdex, Cointelegraph reported. Today, there are only two similar Solana ETFs trading, one on the SIX Swiss exchange and the other on the German Deutsche Börse.

The price of Solana rose 2.6 percent to $157 over the past 24 hours.

Binance lists TON & recovers $73 million in stolen user funds

Binance listed Toncoin (TON) and introduced four spot trading pairs on Thursday (TON/BTC, TON/USDT, TON/FDUSD and TON/TRY). TRY is the currency code for the Turkish lira.

The listing of Toncoin sparked interest in the market, with the price of Toncoin up 11 percent at $6.32 over the past 24 hours, while the price of Binance added 5.2 percent to $510.6.

Separately, the world’s largest crypto exchange announced it by July 31 had secured over $73 million in stolen user funds from external parties. As a comparison, Binance last year recovered $55 million.

“Through proactive efforts, we've recovered lost digital funds, with ~80% related to external exploits,” Binance said.

Coinbase rallies on relief over Ripple’s SEC settlement

The share price of Coinbase rose 7.5 percent to $192.32 on Thursday, as investors sighed in relief over the $125 million settlement of Ripple Labs with the Securities and Exchange Commission (SEC) on Wednesday. The US regulator had initially sought a $2 billion fine in court.

Crypto-friendly bank charged for failing to meet anti-money laundering rules

Customers Bancorp, a bank known for its crypto-friendly stance, was charged by the US Federal Reserve Board for significant deficiencies in managing risk and adhering to anti-money laundering rules.

The bank has 60 days to “submit a written plan to the Reserve Bank to strengthen board oversight of the management and operations of the Organization’s compliance with the Bank Secrecy Act and Anti-Money Laundering (BSA/AML) Requirements and Office of Foreign Assets Control (OFAC) Regulations,” the regulator said.

Putin signs bill allowing Bitcoin mining

Russia’s President, Vladimir Putin, signed a bill allowing Bitcoin mining in Russia. Only Russian legal entities and registered individual entrepreneurs will be authorized to engage in mining activities, the Russian news agency Tass reported. The bill will enter into force ten days after its official publication.

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.