Sunny trading conditions will prevail over Bitcoin, Ether and Avalanche in the next 24 hours, signaling attractive buy opportunities.

Over a one-week time horizon, this strong sun will shine over Solana, Ripple’s XRP, Binance Coin, Polkadot and Dogecoin, while Uniswap will face storms or clearly bearish trading conditions.

Cryptocurrencies fell sharply as likelihood of aggressive rate cut wanes

 The cryptocurrency trend was negative across the board over the past 24 hours as US inflation data came in higher than expected, slashing hopes of aggressive rate cuts. The likelihood of a 50-basis-point rate cut by the US Federal Reserve at its September meeting has disappeared, according to CME Group’s FedWatch tracker. A week ago, a 69 percent anticipated a double cut.

 Now, 65 percent forecast the US central bank will keep its key rate unchanged at a 23 percent high on Sept 18. Thismeans that riskier assets such as cryptocurrencies are less attractive to hold.

 The price of Bitcoin fell as low as $58,160 over the past 24 hours, and traded 4.5 percent lower at $58.318 over the past 24 hours, Trading View’s Bitcoin chart  shows.

 All eyes are on the upcoming US retail sales figures, set to be released this afternoon. Analysts expect a 0.3 percent month-on-month increase for July. A higher figure could put additional pressure on cryptocurrencies.

Marathon Digital buys an additional $249 million worth of Bitcoin

 Marathon Digital Holdings (MARA) acquired an additional 4,144 Bitcoin worth $249 million with the proceeds of the $300 million bond issued earlier this week, the company said in a statement. These were bough at an average price of roughly $59,500.

MARA, the world’s largest Bitcoin miner, now holds more than 25,000 Bitcoins. This represents about a 10th of the Bitcoin holding of MicroStrategy, the publicly listed company with the largest Bitcoin reserve globally.

 Democrats make a “concerted effort” to learn about crypto – Circle CEO

 “There is a concerted effort both from the (Biden) administration and the [Kamala] Harris [presidential] campaign to really get to know the issues, the players, the industry, the policy issues,” the CEO and co-founder of Circle, Jeremy Allaire told CNBC. Circle is the issuer of the second-largest stablecoin USDC with a market cap of $33 billion.

 “What the industry is looking for is clear statements, potentially from the existing White House and from Harris as far as her economic policy agenda,” Allaire added.

 The decentralized prediction platform Polymarket currently indicates that the odds of a Democratic victory in the upcoming Nov 5’s presidential election have risen to 53 percent while those of a Republican victory have dropped to 45 percent.

 “The upcoming election will essentially determine which party controls the Securities and Exchange Commission, and that can have a real impact on ETFs,” Vedder Price’s ETF attorney Jeremy I. Senderowicz is quoted as saying by The News Crypto.