☀️ A strong sun will shine over Bitcoin, Litecoin, Dogecoin and Polkadot in the next 24 hours, signaling bullish market conditions. Solana, Avalanche and Cardano will profit from a timider sun, indicating slightly bullish market conditions. As for Ether, Uniswap and Binance Coin, they will face drizzle or slightly bearish market conditions.

🌥 Over a one-week time horizon, Ether and Avalanche will profit from a timid sun shining over them.

The trading signals available at 7:45 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 rebound in line with Wall Street on rate cut hopes

The cryptocurrency market saw a clear upswing over the past 24 hours, buoyed by optimism on Wall Street, as major indices near their all-time highs. This positive momentum is largely driven by expectations of an interest rate cut by the Federal Reserve in September, with three-quarters of analysts predicting a 25-basis point reduction.

The price of Bitcoin rallied 4.3 percent to $61,037 over the past 24 hours, trading at a week high, Trading View’s Bitcoin chart shows. Meanwhile, the Japanese company Metaplanet announced it has acquired another 57.273 Bitcoin for ¥500 million ($3.4 million). It now holds more than 360 Bitcoin.

Ether’s gas fees at a 5-year low

Ether’s gas fees are currently hovering around 2.97 gwei, a five-year low, data from ycharts show. Low gas fees means that less Ether is burned, increasing the token’s supply.

“Despite demand drivers like [the launch of nine] spot ETH ETFs [in the US end-May], this growing supply could dampen potential price increases in the near term,” Kaiko Research writes.

The price of ETH rose 2.1 percent to $2,684 over the past 24 hours.

Record outflows from Solana ETPs last week

Solana saw record outflows, $39 million, from its exchange traded products (ETPs) last week, as it faced “a sharp decline in trading volumes of memecoins, on which it heavily relies,” CoinShares reports.

As such, total weekly trading volumes of crypto investment products dropped nearly halved compared to the previous week, as recent macro data indicates that the Federal Reserve won't cut interest rates by 50 basis points on September 18.

The price of Solana rose by 3.5 percent to $147.4 over the past 24 hours.

Tron pushes Avalanche out of cryptocurrency top 10

Tron, the eight-largest cryptocurrency, has managed to overtake Cardano in terms of market cap and push Avalanche out of the cryptocurrency top 10. The price of Tron rose by 6.7 percent to $0.14 over the past 24 hours.

Avalanche to unlock almost $10 million tokens today

Avalanche, the 11-th largest cryptocurrency will unlock $9.5 million tokens worth $200 million at today’s price during the day. 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 strengthened 6.1 percent to $21.9 over the past 24 hours.

Bitwise expands in Europe through acquisition of ETC Group

The US asset manager Bitwise has bought the London-based ETP issuer ETC Group with $1 billion in assets under management (AuM) for an undisclosed amount. This move brings Bitwise’s total AuM to more than $4.5 billion.

“This acquisition allows us to serve European investors, to offer clients global insight, and to expand the product suite with innovative ETPs,” Bitwise’s CEO Hunter Horsley said.

“The new company will manage a combined amount of ~55,000 $BTC which will rank it as the 5th biggest global #Bitcoin ETP provider in the world!,” noted the Head of Research at ETC Group, André Dragosch.

Bitwise’s spot Bitcoin exchange traded fund (ETF), BITB, with $2 billion in AuM ranks as the fifth-largest ETF of this kind listed in the US, trailing behind those offered by BlackRock, Grayscale, Fidelity, and the joint venture of Ark Invest & 21Shares. Its spot Ether ETF, ETHW, also ranks fifth with AuM of roughly $300 million.

Tether to launch its stablecoin on the Aptos blockchain to cut costs

Tether, the issuer of the world’s largest stablecoin, will soon launch USDT on the Aptos network. USDT’s market cap has risen to $115 billion from $21 billion at the beginning of 2021, Glassnode data shows.

“USDT’s integration on the Aptos blockchain will also bring the advantage of extremely low gas fees, costing only a fraction of a penny. This feature will significantly reduce the cost of transactions, making it economically viable for a broader range of use cases, from microtransactions to large-scale enterprise operations,” Tether said.

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.