Tropical trading conditions will prevail over Bitcoin over the next 24 hours, indicating clearly bullish market conditions and attractive buy opportunities. ☀️ However, most altcoins covered by ATTMO including Ether, Binance Coin, Litecoin, Solana and Cardano will face drizzle or slightly bearish market conditions.

Over a one-week time horizon, this drizzle will also linger over Bitcoin. Ether will profit from a timid sun or slightly bullish market conditions over this medium-term time horizon. 🌧️ 

The trading signals available at 8:25 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies bounce back after recent crash

Cryptocurrencies extended their gains over the past 24 hours in line with Wall Street, following the crash witnessed on Sunday and Monday.

“The crowd played a massive part in crypto rebounding over the past 30 hours. Bitcoin's rapid bounce back to $57K came immediately after social media proclaimed we were about to see $40K-$45K BTC again,” the crypto intelligence firm Santiment said.

The price of Bitcoin rose 1.5 percent to $56,737 over the past 24 hours, after having risen as high as $57,192, Trading View’s Bitcoin chart shows.

“We do not advocate for HODLing, mainly because neither Bitcoin nor Ethereum is exhibiting the steady, high Sharpe ratio uptrends that US stock market investors have enjoyed with minimal effort,” 10xResearch said in its daily note, forecasting further declines in the price of Bitcoin.

HODLing means buy and hold on indefinitely in crypto slang, while a high Sharpe ratio implies more attractive financial returns of an investment.

“To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low $40,000s,” the crypto analytics firm underlined.

Crypto asset investment products saw outflows exceeding half a billion dollars last week

Outflows from crypto asset investment products exceeded half a billion dollars last week, CoinShares reports. Bitcoin products saw outflows totaling $400 million, the first following five weeks of inflows. Ether products saw outflows totaling $146 million, bringing the net outflows since the ETH ETF launches in the US on July 23 to $ 430 million.

The price of Ether fell 0.5 percent to $2,503 over the past 24 hours.

The US posted outflows of $531 million, while Canada and Switzerland saw inflows of $17 million and $28 million respectively.

ETH ETF options application filed to the SEC by BlackRock

The Securities and Exchange Commission (SEC) has obtained an application requesting options on the spot ETH ETFs from BlackRock, Bloomberg’s ETF analyst James Seyffart reports. The US regulator will have until April 2025 to rule on the matter, according to him.

Binance sees record inflows on market turmoil & fined $87 million for tax evasion

“Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics. This marks one of the highest net inflow days of 2024, indicating strong investor confidence,” the CEO of the world’s largest crypto exchange, Richard Teng, said.

“Yesterday also saw one of the highest trading volumes on Binance year-to-date. We are now witnessing a rebound in major token prices, with current market trends validating this,” he added.

Separately, Binance was fined $87 million by the Indian Directorate General of GST Intelligence (DGGI) in Ahmedabad for tax evasion, Bitcoin.com reports. It is the first time a crypto firm faced such scrutiny, according to the online news outlet.

The price of Binance Coin rose 2 percent to $494 over the past 24 hours.

Democratic VP pick seen as less pro-crypto than opponent

The nomination of Tim Walz as the running mate of the Democratic presidential candidate Kamala Harris is a cold shower for the crypto industry. Minnesota’s governor calls for stricter regulations to secure the financial system and protect consumers from potential crypto fraud and abuse, CryptoSlate reports.

Walz’s main rival for the vice-presidential post, Pennsylvania Governor Josh Shapiro, had earlier shown support for the Bitcoin mining industry and would have been preferred by the US crypto community.

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.