A timid sun shines over Bitcoin, Ether, Binance Coin and Ripple’s XRP in the next 24 hours signaling slightly bullish market conditions. This implies possible buy opportunities.
Rain or drizzle lingers over Solana, Uniswap and Dogecoin in the next 24 hours, signaling slightly bearish or bearish market conditions. This implies potential sell opportunities.
Over a one-week time horizon, Bitcoin faces drizzle and Ether will continue to profit from the timid sun, ATTMO shows.
The trading signals available at 7:00 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 sharply ahead of US inflation figures
The cryptocurrency trend was negative over the past 24 hours on nervousness ahead of tomorrow’s release of US inflation figures and the Federal Reserve’s rate decision. No one expects the US central bank to cut its rates then.
US interest rates are currently set at 5.25 percent, a 23-year high, making less risky assets more interesting to hold than riskier ones such as cryptos. Investors will be looking for cues on whether a rate cut still is a possibility in September. The latest inflation-related figures have dashed these hopes.
The price of Bitcoin fell 2.5 percent to 67,932 over the past 24 hours. This is the lowest level in more than three weeks, Trading View’s Bitcoin chart shows.
19-day streak of inflows into spot Bitcoin ETFs broken
The 19-day streak of inflows into the 11 spot Bitcoin exchange traded funds (ETFs) in the US was broken on Monday, a sign of the above-mentioned inflation jitters. However, last week saw $2 billion inflows into crypto investment products, CoinShares’ weekly report shows.
Ether saw its best week of inflows since March, totaling $69 million. This is possibly in reaction to the surprise decision of the Securities and Exchange Commission (SEC) to allow eight spot ETH ETFs on May 23. These ETFs are not yet trading, as their registration statements still need to be approved by the US regulator.
The price of Ether fell 2.7 percent to $3,609 over the past 24 hours.
Adopt innovation or risk obsolescence, Binance CEO warns
Incumbent players must adapt to blockchain and Web3 in order to survive, the CEO of Binance, Richard Teng, said as the exchange reached 200 millions client over the weekend.
“As blockchain and Web3 technologies continue to evolve, incumbents must recognize the potential for disruption and act swiftly to integrate these innovations into their processes,” Teng warned. “Many of today’s incumbents have chosen to proactively adapt to the wave of blockchain-led disruption rather than ignore or fight it,” he added, citing BlackRock, Fidelity, JP Morgan and IBM as examples.
The price of Binance Coin lost 7 percent to $621 over the past 24 hours.
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.