🌧 Drizzle will linger over Bitcoin, Uniswap and Litecoin in the next 24 hours, signaling slightly bearish market conditions, while rain will fall over Ether, Binance Coin, Cardano and Avalanche in the next 24 hours. Rain indicates bearish market conditions.

🌥 Over a one-week time horizon, Avalanche will profit from a timid sun shining over it, translating into slightly bullish market conditions. Binance Coin, Solana and Ripple’s XRP will face drizzle, according to ATTMO.

The trading signals available at 7:00 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 as a September rate cut is nearly confirmed

The cryptocurrency trend was positive over the past 24 hours, following the release of the June Federal Reserve meeting minutes, which confirmed that most participants supported a rate cut at its upcoming meeting on Sept 18.

With the benchmark US interest rate at a 23-year high, a potential rate cut would make riskier assets such as cryptocurrencies more attractive to investors to hold as these tend to generate higher returns.

Friday’s speech to be held by Jerome Powell, the Chair of the Fed, is set to “reinforce this dovish outlook, likely boosting risk assets like stocks and Bitcoin… We anticipate that this recent [Bitcoin] rally could extend slightly but will likely encounter resistance around the $65,000 level. Achieving a more substantial surge would require a significant policy shift or major news event,” 10xResearch said in its daily note.

The price of Bitcoin rose 2.4 percent to $60,784 over the past 24 hours, trading between $59,000 and $61,813 over this time period, Trading View’s Bitcoin chart shows.

Harris will promote emerging technologies, including crypto

Kamala Harris, the Democratic presidential candidate, will support measures promoting the emerging technologies and the growth of crypto assets, Bloomberg reports, citing one of her campaign advisors.

Her chances of winning in November have dropped to 46 percent since the independent presidential candidate Robert Kennedy Jr., announced that he leans toward endorsing the Republican candidate, Donald Trump. The odds of a Republican victory have risen to 53 percent, the betting site Polymarket shows.

BlackRock now the largest digital asset manager, overtaking Grayscale for the first time

BlackRock, the world’s largest asset manager, is now also the largest digital asset manager in terms of on-chain reserves, data from Arkham shows.

“BlackRock’s [exchange traded funds] ETFs IBIT and ETHA have just overtaken Grayscale’s ETFs GBTC, BTC Mini, ETHE and ETH Mini in on-chain holdings,” Arkham said.

On Friday, BlackRock held $21.22 billion in net value while Grayscale, which held the pole position for years, held $21.20 billion. BlackRock's $IBIT and $ETHA ETFs, with fees set at 0.25 percent, attract investors as its competitor Grayscale charges 1.5 percent and 2.5 percent respectively for its $GBTC and $ETHE ETFs.

“On its own, iShares Ethereum ETF [$ETHA] = top 7 ETF launch,” the co-founder of the ETF Institute, Nate Geraci, noted. The price of ETH strengthened 1 percent to $2,620 over the past 24 hours.

Binance faces new lawsuit in the US

Three crypto investors have filed a lawsuit against Binance in a Seattle district court, accusing them of facilitating money laundering of stolen crypto assets, Binance.com reports. Last year, the world’s largest crypto exchange reached a $4.3 billion settlement with the US Department of Justice, US Treasury and other administrations for violations of US money laundering rules in a separate lawsuit.

Separately, the exchange’s CEO, Richard Teng, told CoinDesk in an interview that compliance spending increased by 36 percent last year compared to 2022. He also told Bloomberg that Binance plans to hire an additional 1,000 people this year, mostly in compliance roles. He added that Binance’s strong financial shape does not require it to consider any fundraising or initial public offering (IPO).

The price of Binance Coin rose 1 percent to $570 over the past 24 hours.

Cardano’s delayed Chang Hard Fork scheduled for Aug 27

The Chang hardfork update, originally announced by Cardano for the end of July, is scheduled for Aug 27, the Cardano Feed said. This update will not only make the Cardano blockchain platform more efficient, enabling it to support larger decentralized applications (dApps), but also improve the deployment of smart contracts and its security protocols.

The price of Cardano rose 5.1 percent to $0.37 over the past 24 hours.

Germany seizes millions in raids on illegal crypto ATMs

Germany seized around €25 million on Tuesday when it carried out a coordinated nationwide raid on unlicensed crypto automated teller machines (ATMs) at 35 locations with the support of the police and the German central bank.

“The 13 confiscated devices operated without the required BaFin license and pose a risk of money laundering,” the German financial supervisory authority BaFin said.

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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.