🌧️ Drizzle will linger over Bitcoin and Dogecoin in the next 24 hours, signaling slightly bearish market conditions. However, tropical trading conditions will prevail over Ether, indicating clearly bullish market conditions. A strong sun will shine over Solana, Cardano and Binance Coin, while rain will fall over Uniswap and Avalanche.

⛈️ Over a one-week time horizon, Bitcoin will face stormy trading conditions or a clearly bearish trend, while Ether will profit from a timid sun or a slightly bullish trend.

The trading signals available at  9:25 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 dive, with Bitcoin down at 5-month low & Ether at 19-month low

The cryptocurrency trend was sharply negative over the past 24 hours, triggered by the declines witnessed on Nasdaq last week. Cryptocurrencies lost $270 billion worth of value on Sunday, CNBC reports. The crash resulted in the liquidation of nearly $700 million in Bitcoin, Ether and other crypto assets on Sunday, data from Sosovalue show.

Nasdaq’s poor performance was due to the release of disappointing second-quarter results and weaker-than-expected outlooks made by leading tech companies, as well as the publication of US macro data pointing toward a potential recession.

“Historically, the likelihood of a recession in 2025 is high, and the stock market typically anticipates such downturns well in advance,” the crypto research firm 10xResearch, said in its daily report released on Friday. “Since mid-March, we have cautioned that downside risk could emerge due to slowing stablecoin growth and relatively weak exchange traded fund (ETF) inflows, driven primarily by arbitrage positions.”

Another factor affecting cryptocurrency prices is the start of the distribution of approximately $4 billion in digital assets by Genesis Global to its creditors last Friday. Creditors will receive on average 64 percent recoveries on an in-kind, coin by coin, basis, the bankrupt crypto lender said.

The price of Bitcoin fell by more than 17 percent to $50,678 over the past 24 hours, Trading View’s Bitcoin chart shows. Its price fell to a level not seen since February 2024. The price of ETH plunged by more than 20 percent to $2,308 over the past 24 hours to a 19-month low.

Bitcoin miners experience losses at this price level

“ETF investors bought the dip when prices fell below $60,000 in July, despite the average ETF holder experiencing losses. This $60,000 level is also the threshold where Bitcoin mining becomes unprofitable for the industry, leading to significant price declines due to miners' high beta,” 10xResearch said earlier today.

The stock price of Marathon Digital Holdings, the largest listed Bitcoin miner, fell by 5.3 percent to $17.19 on Friday. It holds 17,230 Bitcoin, making the company the second-largest holder of Bitcoin among publicly listed companies, behind MicroStrategy, which holds 226,331 Bitcoin. This stake is still worth $11.5 billion at Bitcoin’s current price.

The CEO of MicroStrategy Michael Saylor remains positive, tweeting “Believe in #Bitcoin” amid the crash on Sunday.

Crash set to continue as US market opens

“Discussions about buying have spiked, but not as much as you may think on such a dramatic drop. Expect for the bigger reaction to come as the US wakes up for their Monday morning shock. Emotional selloffs will only accelerate the timing of crypto's rebound,” the crypto intelligence firm Santiment said.

Bloomberg’s ETF analyst, Eric Balchunas, played down the crash stating: “Your only supposed to get 8-9% a year from us stocks so when you are up double that in middle of summer you prob gonna have (and should expect) a correction. Is it any more complicated than that?”

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.