☀️ A strong sun will shine over Bitcoin, Ether and Litecoin in the next 24 hours, signaling bullish market conditions, while tropical trading conditions will prevail over Binance Coin, indicating clearly bullish market conditions and attractive buy opportunities. 

Rain will fall over Avalanche and Cardano in the next 24 hours, signaling bearish market conditions.

🌥 Over a one-week time horizon, the forecast is mixed with Avalanche set to profit from some timid sun and rain falling over Uniswap and Litecoin.

The trading signals available at 7:30 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 fall in line with Wall Street ahead of Jackson Hole speech

The cryptocurrency trend was negative over the past 24 hours, partially driven by concerns about the future role of Gary Gensler, the staunchly anti-crypto Chairman of the Securities and Exchange Commission (SEC). Rumors are circulating that he would be appointed as Treasury Secretary if the Democrats win the upcoming presidential election in November.

The decentralized prediction platform Polymarket currently indicates that the odds of a Democratic victory in the upcoming Nov 5’s presidential election have dropped to 47 percent while those of a Republican victory have risen to 52 percent compared to last week. The odds on the betting site PredictIt forecast the opposite outcome.

“Given [ex-president Barack] Obama's influence behind the scenes, [Kamala] Harris has a real chance of defeating [the Republican presidential candidate Donald] Trump. If she wins, her policies could significantly impact risk sentiment,” 10xResearch said in its daily note.

“US elections remains a key focus, with BTC skew favoring puts pre-election... The Democrats' platform lacks cryptocurrency support, while the Republicans pledge to end the ‘unlawful and un-American crypto crackdown’," the Singapore-based crypto firm QCP Research said.

The price of Bitcoin dropped 2.4 percent to $59,370 over the past 24 hours, Trading View’s Bitcoin chart shows. Analysts now await the release of the Federal Reserve’s minutes of its last meeting later during the day as well as the speech of its Chair, Jerome Powell, on Friday in Jackson Hole. Both of these events will provide insights into how quickly the US central bank may cut its benchmark rate, currently held at a 23-year high.

“The [Federal Open Market Committee’s] FOMC press conference on September 18 is expected to shape the outlook for Fed rate cuts for the rest of the year. If the labor market remains strong—indicated by the next jobs report on September 6 and the recent drop in jobless claims following Hurricane-related distortions—the Fed might signal a slower rate-cutting cycle than the market anticipates,” 10xResearch added. Rate cuts make riskier assets such as cryptocurrencies more interesting to hold, as they tend to generate higher returns.

Gold hits all-time high, but still trails Bitcoin’s 2024 performance

The price of gold reached an all-time high at $2,531.7 per ounce on Tuesday and has surged 22 percent since the beginning of the year. Bitcoin has risen 41 percent over the same period.

“Gold is finally getting rewarded for its big returns, $GLD took in $2b in last 6 wks, after going up 23% in past 6mo, crushing stocks. That said, it's still trailing bitcoin since ETF launch but not by much, maybe 500bps, gap closing quickly. Store of Value Smackdown in effect," Bloomberg’s ETF analyst, Eric Balchunas, noted.

Binance reports blocking $2.4 billion in potential user losses so far this year

Binance, the world’s largest crypto exchange, has blocked more than $2.4 billion in potential losses from fraud and scams between January and July.

“This achievement is the result of Binance’s comprehensive risk management measures, which help to effectively detect and flag suspicious transactions on the platform,” Binance said. “Suspicious transactions are most often flagged at the crypto withdrawal stage, when criminals attempt to funnel potential victims’ funds away from Binance’s security and risk control systems.”

The price of Binance Coin dropped 1.5 percent to $562 over the past 24 hours.

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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.