🌧 Drizzle will linger over Bitcoin, Ether and Dogecoin in the next 24 hours, signaling slightly bearish market conditions. However, a strong sun, indicating bullish market conditions, will shine over altcoins such as Avalanche, Uniswap, Litecoin and Polkadot.

🌥 Over a one-week time horizon, Ether and Avalanche will profit from a timid sun shining over them, while Dogecoin, Ripple’s XRP and Solana will profit from a strong sun.

The trading signals available at 7:15 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 trade mixed as recession fear subside

The cryptocurrency trend was mixed over the past 24 hours, as the recession fears that had put pressure on the financial markets earlier this month slowly but surely subside. But there are other headwinds that linger ahead.

“The persistent overhang from token unlocks [see Avalanche below] leads venture capital funds and early investors to cash out, creating significant selling pressure and eroding market capitalization. With monthly unlocks ranging from $2 billion to $5 billion, this supply influx far outweighs the modest inflows we're seeing from exchange traded funds (ETFs) or stablecoins, making it difficult for the market to absorb the selling pressure,” 10xResearch warns in its daily market report.

The price of Bitcoin fell 1.5 percent to $58,150 over the past 24 hours, and oscillated between $56,800 and $61,200 over the past week, Trading View’s Bitcoin chart shows.

Last week, Bitcoin reached a new milestone when 94 percent of its total 21 million coins had been mined, CryptoSlate reports, citing Glassnode data.

Ethereum & NFTs in Trump’s crypto wallet

The Republican presidential candidate Donald Trump holds a crypto wallet with ETH worth between $1 to $5 million, according to a disclosure made. He also earned licensing fees from his non fungible token (NFT) collection of Trump-related tokens exceeding $7 million.

The price of Ether rose 1.2 percent to $2,637 over the past 24 hours.

Delay of Cardano’s Chang hardfork update

The Chang hardfork update announced by Cardano for the end of July is delayed by weeks, data from Cardanoscan shows. 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 dipped 0.2 percent to $0.33 over the past 24 hours.

Avalanche to unlock almost $10 million tokens tomorrow

Tomorrow, Avalanche, the 11-th largest cryptocurrency will unlock $9.5 million tokens worth $200 million at today’s price. Roughly half of these tokens will go to the Avalanche team, and a fifth each to strategic partners and the foundation, Mitrade reports.

The price of Avalanche put on 0.5 percent to $20.77 over the past 24 hours.

97 percent of all meme coins have already failed – Chainplay

More than 97 percent of all the memecoins that have ever existed have already failed, the study “State of Memecoin 2024” released by Chainplay shows. Their average lifespan is a mere year and approximately 2,000 memecoins are delisted every month, it notes.

And beware, more than half of the memecoin projects are malicious and a third of memecoin investors have lost money to scams.

Dogecoin, the seventh-largest cryptocurrency with a market cap of $15 billion, and Pepe Coin with a market cap of $3 billion, are among the few memecoins that have survived. The price of Dogecoin dropped 0.8 percent to $0.1 and that of Pepe coin lost 0.7 percent to $ 0.0₅7 over the past 24 hours.

World’s third-largest pension fund invests more than $80 million in crypto-related assets

South Korea’s National Pension Service (NPS) holds MicroStrategy and Coinbase shares worth more than $80 million, according to a regulatory filing. MicroStrategy is the publicly listed company holding most Bitcoins (worth more than $13.2 billion at today’s price), while Coinbase is the largest crypto exchange in the US.

Dubai allows employees to be paid in crypto assets

Last week, Dubai’s Court of First Instance issued a landmark ruling allowing wages to be paid out in crypto assets, CryptoSlate reports.

Stolen crypto funds surge so far in 2024 – Chainanalysis

The amount of stolen crypto funds has almost doubled from $857 million to $1.58 billion so far this year, Chainanalysis said.

“The average amount of cryptocurrency stolen per heist increased by almost 80%.

Part of this is attributable to the rise in the price of bitcoin (BTC), which accounted for 40% of the total transaction volume associated with these heists. Crypto thieves also appear to be returning to their roots by targeting centralized exchanges with greater frequency rather than prioritizing DeFi protocols,” the crypto research firm said in its mid-year update.

The Lykke Exchange is among the centralized exchanges affected by recent cyberattacks. In June, hackers stole $22.8 million. All impacted Lykke clients will in due time see their funds returned at a 1:1 ratio, based on the value at the time of the security breach. (E.g. If you had 1 BTC in your portfolio, you will hold 1 BTC when the exchange reopens.)
If you have any feedback or tips that you would like to share to improve this report, please send an email to input@lykke.com.

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.