A bullish sun shines over the global crypto market, including Bitcoin and Ether, in the next 24 hours and over a one-week time horizon, signaling upside potential. Only Avalanche and Dogecoin face bearish clouds in the 24 hours ahead, ATTMO forecasts show. This translates into downward pressure ahead. The sun will, however, break through the clouds and shine over Avalanche and Dogecoin over a one-week time horizon.

Cryptocurrencies rise ahead of key US macro data – memecoins rally

The cryptocurrency trend was positive over the past 24 hours ahead of the release of key US macroeconomic data today and tomorrow. Analysts expect the US inflation rate to have slowed down to 0.3 percent in April compared to the previous month when it is released tomorrow. Today, the focus will be on the release of the US April producer price index (PPI).

The release of higher-than-expected figures is likely to put pressure on both cryptocurrencies and stocks, as this would indicate a further delay in the long-awaited rate cuts.

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Memecoin trading volumes shoot up as RoaringKitty reappears on X

Trading volumes on the memecoin segment of the cryptosphere rose by 34 percent on Monday, following a meme post of the crypto profile Keith Gill on the social media platform X over the weekend. Associated with the videogame retailer GameStop, Gill is better known as RoaringKitty.

“#Gamestop's +74% surge has caused #crypto traders to take part in massive #memecoin pumps Monday,” the crypto intelligence firm Santiment said.

The price of the memecoin RoaringKitty rallied more than 795 percent over the past 24 hours and that of the memecoin GME, which shares its ticker with that of GameStop, soared 325 percent.

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Investors continue to buy crypto funds

Last week, inflows into digital investment products totaled $130 million, rising for the first time in five weeks, according to CoinShares’ weekly report. The US is behind the bulk of these inflows.

Additional financial institutions disclose their Bitcoin ETF holdings

As the deadline for filing their quarterly reports looms, another slew of financial institutions disclosed their holdings in the spot Bitcoin exchange traded funds (ETFs) launched in the US mid-January. The hedge fund Bracebridge Capital holds roughly $86 million in BlackRock’s $IBIT ETF, Rubric Capital $59 million and Symmetry Investments $52 million, heyapollo reports.

Bitcoin is up 48 percent since the beginning of the year, TradingView’s Bitcoin chart shows. Over the past 24 hours, the price of Bitcoin rose 2.6 percent to $62,617.

Uniswap founder urges Democrats to take crypto question seriously

The Democrats need to take crypto seriously in the ongoing presidential campaign, the founder of Uniswap, Hayden Adams, said.

“Hillary [Clinton] campaigning in red [Republican] states instead of swing states level miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war - both in terms of voters and money… Not much time for Biden to save it,” Adams said.

The price of Uniswap rose 1.1 percent over the past 24 hours.

El Salvador’s Bitcoin holdings now publicly available

El Salvador’s National Bitcoin Office (ONBTC) has launched a website which shows the country’s Bitcoin holdings. Earlier today, the Central American country held 5,749.76 Bitcoins in its treasury reserves, 31 Bitcoins more than a month ago.

Only two countries in the world, El Salvador and Central African Republic (CAR), allow cryptocurrencies as legal tender. 

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.