🌧️ Rain will fall over Bitcoin, Ether, Avalanche and Polygon in the next 24 hours, signaling a bearish trading trend. Meanwhile, drizzle, slightly bearish market conditions, will linger over Binance Coin, Solana and Ripple’s XRP.

⛅ Over a one-week horizon, Ether should profit from a timid sun or slightly bullish market conditions, while Bitcoin will be subject to drizzle.

The trading signals available at 08:00 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 rise ahead of US inflation-related data

The cryptocurrency trend was clearly positive over the past 24 hours ahead of today’s release of the US producer price index and Wednesday’s release of US inflation figures. The annual US inflation is forecast to have dropped to 2.9 percent in July compared to 3 percent in June strengthening expectations of a rate cut by the US Federal Reserve next month. Core inflation, which excludes food and energy, is seen at 3.2 percent.

“In anticipation of a drop in inflation, we are witnessing short covering in both Bitcoin and Ethereum, the latter being the largest underperformer since the Ethereum Merge in September 2022… Enjoy this short-covering rally while it lasts… a Bitcoin rally this week seems probable, though the upside gains may be modest,” the crypto intelligence firm 10xResearch wrote in its daily report.

Bitcoin generally rallies when inflation decreases and declines when it rises. The market anticipates that the US central bank will cut its benchmark rate by 25 or even 50-basis points when it meets up in September, now that inflation slowly but surely approaches its 2 percent target.

The price of Bitcoin rose 1.4 percent to $59,302 over the past 24 hours, Trading View’s Bitcoin chart shows. Its price has been oscillating between $58,000 and $62,000 since Aug 8.

Ether-based financial products profited most from last week’s crash

Digital assets involving Ether attracted most inflows ($155 million) among digital asset products last week, weekly data from CoinShares shows. “This brings its year-to-date inflows to $862m, the highest since 2021, largely driven by the recent launch of US spot-based ETFs.”

The price of ETH added 4.3 percent to $2,661 over the past 24 hours.

Binance executive’s health deteriorates in Nigerian jail

The health of the Binance executive detained in a Nigerian jail since the end of February is deteriorating, Reuters reports, citing his wife. "His [Tigran Gambaryan’s] health is in a shockingly bad condition and getting worse by the day." Gambaryan faces severe conditions, including contracting malaria in custody, Binance said last month.

Gambaryan, who faces money laundering charges, has had his trial adjourned until Oct 11.

The price of Binance Coin rose 2.4 percent to $519 over the past 24 hours.

Marathon Digital to raise $250 million to buy additional Bitcoin

Marathon Digital Holdings (MARA) will raise $250 million to primarily acquire additional Bitcoin. The world’s largest Bitcoin miner will issue a convertible bond due 2031, it said in a press release.

MARA already holds more than 17,000 Bitcoin valued at more than $189 million at today’s price, data from CoinGecko shows. Its share price fell by 11 percent to $15.11 yesterday.

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.