Mixed trading conditions on the global crypto market in the next 24 hours, with Bitcoin, Avalanche and Polkadot facing a cloudy bearish trend while Ether, Litecoin, Ripple’s XRP and Cardano face bullish sun with upside potential.

Over a one-week horizon, sun is forecasted to shine over most of the crypto universe, indicating that a bullish trend is likely, according to ATTMO. Polkadot bucks this positive trend with a cloudy forecast.

Cryptos edge lower over the weekend on profit taking

The cryptocurrency trend was slightly negative over the past 24 hours contrary to stock markets which rebounded in the US and Asia.

Crypto investors continued to cash in their profits after the strong gains recorded over the past couple of weeks. This rally was triggered by signals that the Securities and Exchange Commission’s (SEC) would eventually approve the dozen spot Bitcoin exchange traded funds (ETFs) filed by leading asset managers several months ago.

The price of Bitcoin dropped 0.6 percent over the past 24 hours to roughly 34,900 US dollars, while the price of Ether fell 0.3 percent to roughly 1,900 dollars. The combined market capitalization of the two cryptocurrencies makes up two thirds of the crypto space.

The SEC’s approvals may happen earlier than most market players think, Valkyrie’s Chief Investment Officer Steven McClurg told etf.com. Another round of comments on these applications is likely in the coming weeks, followed by their approval by the end of November.

“A late November approval likely means a February launch,” McClurg is quoted as saying. He expects inflows of roughly 10 billion dollars within the first two months of the launch of the ETFs and around 50 billion dollars over the first five years.

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XRP rallied ahead of its Dubai conference

Ripple Lab’s two-day event, to be held Nov 8-9 in Dubai triggered a rally in favor of its cryptocurrency XRP. XRP gained 8.9 percent over the past 24 hours and has risen 30 percent over the past month.

Competing altcoins Solana and Cardano had also soared ahead of their respective conferences held earlier this fall.

More than 80 speakers and 600 participants are expected to gather at Ripple Swell 2023, according to the event’s website. Topics to be discussed include trends, regulation, the future of crypto, central bank digital currencies (CBDCs), payments and financial inclusion.

Interest for stablecoins rebounded in Q3

Stablecoins number of daily active addresses (DAA) rose to 416,000 during the third quarter, clearly beating those of decentralized finance (DeFi), social, gaming and non fungible tokens (NFTs) Quicknode data shows. “It is the only category that has shown growth in Q3 2023.”

Stablecoins also overtook and outpaced DeFi transactions during the past quarter.

“USDT (Tether) outpaced other stablecoins regarding market cap, active addresses, and transactions. USDC still surpasses USDT in regards to volume in Q3; however, the gap has been significantly closed since Q1 — mainly following the collapse of Silicon Valley Bank and USDC de-pegging (about $0.03 off the peg),” Quicknode said.

The market capitalization of Tether is roughly 85 billion dollars and that of USDC 25 billion dollars.

Hong Kong considers allowing spot crypto ETFs

Hong Kong’s Securities and Futures Commission (SFC) considers approving spot crypto Exchange Traded Funds (ETFs) for retail investors.

“We welcome proposals using innovative technology that boosts efficiency and customer experience. We’re happy to give it a try as long as new risks are addressed. Our approach is consistent regardless of the asset,” SEC’s Head Julia Leung told Bloomberg.

In Europe, the first spot Bitcoins ETFs were listed in August, while applications for a dozen ETFs are currently being processed by the regulator in the US. The SEC deadline is early January, when the applications are predicted to be approved (or rejected) in one go.

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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.