🌞 A strong sun will shine over Bitcoin and Solana in the next 24 hours, indicating a bullish trend with buy signals, while Ether, Binance Coin, and Cardano may face stormy and rainy conditions and potential downtrends during the same time period. ⛈️

The trading signals available at 9:45 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 drop as Fed signals a rate cut is on its way in September

The cryptocurrency trend was negative over the past 24 hours after the Federal Reserve hinted at a potential a rate cut in September. The US central bank kept its benchmark rate unchanged at a 23-year high. This means that less risky assets such as bonds generate relatively high returns.

“In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective,” the Fed said, adding, “The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance.”

Analysts expect a 25-basis point rate cut at the Fed’s next meeting on Sept 18. Interest rate cuts mean that riskier assets such as stocks and crypto assets become more attractive to hold.

“Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe $70K BTC is imminent,” the crypto research firm Santiment said.

The price of Bitcoin dropped 3 percent to $64,258 over the past 24 hours, Trading View’s Bitcoin chart shows.

Upside risk ahead for Bitcoin?

“As crypto investors, we spend a lot of time focused on downside risk. We’re all acutely aware that, at any moment, an event might occur that will drive prices sharply lower. It’s fairly common for people to say that bitcoin ‘could go to zero.’ I think we have to accept that there is now an equal risk to the upside,” Bitwise’s CIO, Matt Hougan, writes in his weekly note following the world’s largest Bitcoin conference held in Nashville last weekend.

“If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin,” he concludes.

Grayscale’s mini Bitcoin trust ETF attracts $2 billion on its first trading day

The mini Bitcoin trust exchange traded fund (ETF) launched by Grayscale yesterday, attracted almost $2 billion on its first trading day. Its 0.15 percent fee makes it the cheapest Bitcoin ETF offered in the US.

“Imp to recognize how crazy cheap 15bps is - about 10x cheaper than spot ETFs in other countries and other vehicles,” Bloomberg’s ETF analyst Eric Balchunas noted.

Interest for spot ETH ETFs on the rise

Inflows into BlackRock’s newly launched spot Ether exchange traded fund (ETF) with tracker $ETHA, exceeded those into its spot Bitcoin ETF ($IBIT) on Tuesday, data from Sosovalue shows. BlackRock is the world’s largest asset manager, managing $22.5 billion in $IBIT, which now is the largest Bitcoin ETF, and $ 614 million in $ETHA.

The price of Ether dropped 4.54% over the past 24 hours, trading at $3,175 at the time of writing.

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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.