A bullish sun shines over all crypto tokens covered by ATTMO in the next 24 hours, signaling upside potential. Over a one-week horizon, the trading forecast is mixed with Bitcoin, Ether, Litecoin, Avalanche and Binance Coin set to face bearish clouds, indicating downward pressure. Dogecoin, Cardano, Ripple’s XRP and Polygon should, however, continue to profit from the bullish sun.

Cryptocurrencies rebound following the week’s selloff & ahead of US job data

Cryptocurrencies rebounded over the past 24 hours after the selloff witnessed earlier this week. Investors now await the release of the US April job figures later today. The number of new jobs created is expected to have slowed down to 243,000 compared to March.

The price of Bitcoin rallied 3.8 percent to $59,568 over the past 24 hours.

“#Bitcoin's market value has rebounded to $59.3K, and the percentage of the network's available supply in profit is at 84.4%. This $BTC ratio is at its lowest level in 2 months. Lower levels generally justify more #bullish conditions,” the crypto intelligence firm Santiment said.

But not everyone is optimistic. Standard Chartered’s Head of Digital Assets Research, Geoffrey Kendrick, forecasts that the price of Bitcoin could drop to between $50,000 to $52,000, Bitcoin.com reports. The price of Bitcoin has ranged between $56,900 and $64,400 over the past week, Trading View’s Bitcoin chart shows.

Meanwhile research carried out by Fidelity Digital Assets shows that Bitcoin’s volatility is decreasing, even though the above trading ranges seem to contradict these findings.

Outflows from spot Bitcoin ETFs continue for 7th consecutive day

Outflows from the spot Bitcoin exchange traded funds (ETFs) launched in the US in January continued for a seventh consecutive day on Thursday. On Wednesday, these daily outflows reached a record high of $564 million, data from Sosovalue shows.

Inflows into the spot Bitcoin and Ether ETFs launched in Hong Kong on April 30 continued to disappoint. Only $12 million and $9 million were invested into these ETFs on their first two trading days, the crypto profile Wu Blockchain reports.

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Bitcoin could see new user case – AI

Artificial intelligence (AI) could be Bitcoin’s next big use, the CEO of Lightspark, David Marcus said. The world’s largest cryptocurrency could become AI’s default currency, Bitcoin.com quotes him as saying.

Coinbase implements Bitcoin’s lightning network services

The crypto exchange Coinbase has implemented Bitcoin’s lightning network. “Coinbase customers can (now) instantly send, receive, or pay with Bitcoin on Lightning directly from their Coinbase account,” it said. Read more about Bitcoin’s lightning network here.

The exchange also released its first quarter results yesterday, with higher-than-expected revenues, exceeding $1.6 billion.

Tether’s profit rises despite shrinking market share

The first quarter profit of Tether, the issuer of the largest stablecoin USDT, amounted to a $4.5 billion, although its market share fell to 69 percent. The beneficiaries from this trend are Circle’s USDC and First Digital’s FDUSD, which both are gaining market share.

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.