Mixed trading conditions lie ahead for the global crypto market in the next 24 hours, with Ether, Cardano and Litecoin benefiting from bullish sun. This signals upside potential. Bitcoin, Ripple’s XRP, Avalanche and Binance Coin face bearish clouds. This indicates downward pressure.

Over a one-week horizon, Ether, Polkadot and Polygon should continue to profit from the bullish sun. The sun should also shine over Bitcoin and Dogecoin. Bearish clouds will continue to linger over XRP, Avalanche and Binance Coin.

The trading signals available at 8:00 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 mixed, with ETH continuing to outperform on ETF approvals

The cryptocurrency trend was mixed over the past 24 hours, with Ether continuing to outperform following the approval of eight spot Ether exchange traded funds (ETFs) by the Securities and Exchange Commission (SEC) on Friday.

These ETFs will start trading before November 4’s presidential elections in the US, CryptoSlate reports JPMorgan as forecasting. The eight applications still require the activation of their S-1 registration statements ahead of a listing.

Bloomberg’s ETF analyst Eric Balchunas is more optimistic: “The imp part is over. Now just logistics. My guess is there’s only one round of comments on the S-1s. And during btc one round took two weeks ish. So, I this mid-June is certainly poss. Just a guess tho. We will see.”

10x Research expects the Ether ETFs to start trading in either June or July: “The market could cause ETH prices to rise significantly into the actual date when those ETFs start trading. The ETF issuers did not expect the SEC to approve these products and, hence, still need sufficient capital on day 1.”

The price of Ether was up 3.4 percent over the past 24 hours and rose 25 percent over the past week.

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Bitcoin consolidates gains, as inflows into Bitcoin ETFs continue

The 11 spot Bitcoin ETFs have posted inflows over the past two weeks, data from Soso Value shows. BlackRock’s $IBIT ETF managed $13.4 billion on Friday and is set to overtake that of Grayscale Investments in terms of assets under management in the coming days.

“We are bullish on Bitcoin, and we expect that Bitcoin will make new all-time highs as inflation is no longer a concern,” crypto intelligence firm 10xResearch said in its daily note.

The price of Bitcoin fell 0.4 percent over the past 24 hours. Its price has risen 3 percent over the past week, Trading View’s Bitcoin chart shows.

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FTX’s bankruptcy estate sell last Solana stake

The bankruptcy estate of the crypto exchange FTX has sold the last batch of Solana tokens at heavily discounted price, Bloomberg reports. Pantera Capital and Figure Markets were among the buyers of this $2.6 billion stake, sold at approximately $102 per Solana.
The price of Solana fell 0.3 percent to $165 over the past 24 hours.

Bitcoin & Ether ETFs pave the way for crypto basket ETFs

The approval of both Bitcoin and Ether ETFs by the US regulator under 2024 paves the way for other crypto ETFs, reports the Block, citing the investment bank TD Cowen. A spot Solana ETF is cited as a top candidate, followed by a spot XRP ETF. The next step would be an ETF, offering a basket of crypto tokens.

Trump aims for US Bitcoin & crypto leadership

The US Republican presidential candidate Donald Trump reiterated his strong support for the crypto sector during a campaign rally at the Libertarian National Convention in Washington DC over the weekend:

“This is surreal. The leading Presidential candidate is explicitly saying he will make America the leader in bitcoin & crypto, while supporting the right to self-custody. All the critics were wrong. The government won’t ban it, they’re embracing it,” notes the crypto profile, Anthony Pompliano.

The meme coin MAGA, associated with Trump’s name and with his effigy as logo, rallied roughly 30 percent following his speech and is up 19 percent over the past 24 hours.

SEC likely to keep its Democratic majority until 2027

From a regulatory point of view, a potential pro-crypto Republican President as of early 2025 would not make a major difference to start with, given the SEC is set to keep its Democratic majority through 2027, according to TD Cowen.

"We expect the agency will continue to litigate against crypto trading platforms that trade tokens that the agency believes are unregistered securities," the investment bank is quoted as predicting by The Block.

The highly crypto skeptic US regulator has slapped more than 100 enforcement actions against crypto players over the past decade.

But in the longer term, a reelection of Trump could trigger “significant legislative and agency support, leading to long-lasting structural changes in crypto financial integration,” the asset manager Bernstein said.

US Chamber votes to limit Fed from issuing a digital dollar without its permission

The US House of Representatives voted in a favor a bill that will prohibit the country’s central bank to issue a digital dollar or a retail central bank digital currency (CBDC) without its formal authorization to do so. Republicans are concerned that a CBDC would enable the government’s control of its residents' finances.

“There is a widening gap between the US and G7 banks, including the Bank of England and the Bank of Japan,” data from the Atlantic Council shows.

Extradition saga of Terraform’s founder continues – retrial next

A Montenegrin court has reversed the court ruling that would have sent the founder of Terraform Labs, Do Kwon, to a South Korean prison and sent back the case for retrial, Bitcoin.com reports. The collapse of the stablecoin TerraUSD and the cryptocurrency Luna caused losses exceeding $40 billion in May 2022. Both South Korea and US want him extradited to them.

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.