🌧️ Drizzle will linger over Bitcoin, Solana and Ripple’s XRP in the next 24 hours, signaling slightly bearish market conditions, while Uniswap, Binance Coin and Polygon will face rain or bearish market conditions. Ether and Avalanche will benefit from a timid sun, indicating slightly bullish market conditions.

⛅ Over a one-week time horizon, Ether will continue to profit this timid sun, while a stronger the sun will shine over Solana and Ripple’s XRP and Binance Coin. This signals bullish market conditions.

The trading signals available at 07:45 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 strengthen as lower than expected PPI data fuel rate cut hopes

The cryptocurrency trend was positive over the past 24 hours as US macro data pointed toward lower inflation. The US July producer price index (PPI) rose less than expected to 2.2 percent, compared to 2.7 percent in June.

The likelihood of a 50 basis point rate cut by the US Federal Reserve in September as a result increased to 54.5 percent from 50 percent on Monday, according to CME Group’s FedWatch tracker. All eyes are now on the afternoon’s release of US inflation data, which analysts expect to have dropped to 2.9 percent in July. Core inflation, which excludes food and energy, is seen at 3.2 percent.

The price of Bitcoin rose by 3 percent to $61,000 over the past 24 hours on the news, Trading View’s Bitcoin chart shows.

“For Bitcoin to break above the $60,000 to $61,000 resistance zone, a lower CPI — while likely — won't be enough on its own. A strong stablecoin inflow is essential to make the breakout sustainable,” the crypto intelligence firm 10xResearch notes in its daily report.
“A sustained rally would likely require real money buying through stablecoins, more favorable U.S. political developments (Harris-Trump debate on Sept 10), or a Fed that moves ahead of the anticipated rate-cutting cycle (on Sept 18). However, this is challenging since the market has already priced in 1.5% cuts by the end of next year.”

“Above $56K, the first resistance is $60-61K. If that breaks, we'll be next to the [all-time high] ATH and you can buy the dip if you're a trader. On the other hand, if CPI comes out in a bad manner, breaking $56K targets $48K,” the founder and CEO of MN Trading, Michaël van de Poppe, said.

Venture capital firm DRW holds $150 million in spot ETH ETFs

DRW Venture Capital holds $150 million in spot ETH exchange traded funds (ETFs), a regulatory filing to the Securities and Exchange Commission (SEC) shows.

The nine Ether ETFs that started trading in the US on July 23 have experienced a cumulative net outflow of $401 million since their debut, a figure impacted by $2.3 billion in outflows from Grayscale’s ETHE ETF which then was converted from a trust into an ETF. On the other hand, BlackRock’s Ether ETF, ETHA, has recorded inflows exceeding $900 million in less than three weeks.

“Pretty much a lock to hit $1bil this week IMO. As mentioned previously, ETHA already top 6 launch of 2024 (4 of 5 others are spot btc ETFs),” the co-founder of the ETF Institute Nate Geraci said.

Separately, the crypto site @growthepie reports that the number of Ether Layer 2 transactions reached a record of 12.42 million on Monday. “Scalability is improving rapidly. User activity is at its peak. #ETH’s growth potential is stronger than ever,” the Head of Research at OnChainHQ, Leon Waidmann, noted.

The price of Ether put on 2.9 percent to $2,741 over the past 24 hours. 

SEC scrutinizes venture capital firms links to Uniswap

Andreessen Horowitz, Union Square Ventures and other venture capital firms have received a letter from the SEC regarding their investments in Uniswap Labs, CryptoNews reports. There are fears that the US regulator considers that its Uniswap protocol violates securities laws in place.

The price of Uniswap strengthened 3.4 percent to $6.41 over the past 24 hours.

Another crypto exchange leaves Nigeria following tougher rules

OKX, the world’s third-largest crypto exchange in terms of trading volume, has decided to leave Nigeria as of the end of the month, the Block reports. Other leading decentralized exchanges, including Binance and KuCoin, have already left the West African nation.

Oversubscription of Marathon Digital’s $250 million bond offering

The $250 million bond offering announced by Marathon Digital Holdings (MARA) on Monday morning was oversubscribed, the company said in a statement. MARA, the world’s largest Bitcoin miner, will primarily use these funds to acquire additional Bitcoin.

MARA already holds more than 17,000 Bitcoin valued at more than $189 million at today’s price, data from CoinGecko shows. Its share price rose by 2.5 percent to $15.49 yesterday.

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.