A bullish sun is set to shine over a large part of the global crypto market in the next 24 hours. However, a couple of altcoins, such as Ripple’s XRP, Binance Coin and Uniswap will face cloudier, bearish trading conditions, according to ATTMO.
Over a one-week horizon, the mixed trading conditions will continue to prevail, with Bitcoin, Cardano and Avalanche set to continue to benefit from bullish sun. A cloudier, bearish front is likely to pass over Ether, Uniswap, XRP and Binance Coin over this longer time period.
The cryptocurrency trend was positive over the past 24 hours, as bond yields edged lower to a multiweek low and stock markets rebounded. The price of Bitcoin added 1.6 percent over the past 24 hours.
The world’s largest crypto currency was supported by pro-crypto winds. In Argentina, the pro-crypto Presidential candidate, Javier Milei, won the elections overnight, while a German member of parliament, Joana Cotar, announced she wants to make Bitcoin legal tender in Europe’s largest economy and ban the planned digital euro.
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WisdomTree, one of the 12 asset managers that has applied for a spot Bitcoin exchange traded fund (ETF) with the Securities and Exchange Commission (SEC) has filed amendments to its application to allay concerns raised by the US regulator.
Other asset managers, including BlackRock and Fidelity, have already refiled their applications to the SEC, which is viewed as a positive sign. Analysts expect the twelve applications to be approved in one go – to avoid competitive disadvantages – by Jan 10 when the deadline for the first among them lapses.
Meanwhile, there are rumors that the SEC’s Trading & Markets is “engaged w/ exchanges this week on spot bitcoin ETF 19b-4s, is advising them they'd like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple wks. This isn't unexpected but good sign nonetheless,” according to Bloomberg’s Eric Balchunas.
“Cash creates makes sense IMO [in my opinion] bc broker dealers can’t deal in bitcoin, so doing cash creates puts onus on issuers to transact in bitcoin and keeps broker dealers from having to use unregistered subsidiaries or third-party firms to deal w the BTC. Less limitations for them overall,” he added.
Market experts view this kind of feedback as an indication that the spot Bitcoin ETFs will be approved.
On Friday, Fidelity followed in the footsteps of its competitor BlackRock, when it filed an application for a spot Ether ETF just two days after BlackRock did. Spot ETFs hold the actual underlying asset, contrary to futures ETFs that provide exposure to it through futures contracts predicting the asset’s future price.
“Approval of a Spot ETH exchange traded products (ETP) would represent a major win for the protection of U.S. investors in the crypto asset space,“ Fidelity said in its filing.
“At a -24% discount to Bitcoin, Ethereum is starting to look attractive, especially as we notice Ethereum’s turnover increasing relative to Bitcoin, with the Bitcoin dominance also appearing to have peaked out,” the Head of Research and Strategy at Matrixport, Markus Thielen, said.
The price of Ether gained 2 percent over the past 24 hours.
Over the weekend, the founder of Cardano, Charles Hoskinson, reached out to Sam Altman through the social media platform X after he got fired from Open AI.
“Sam, @sama, since you have some free time now. If you are interested in doing a decentralized LLM, then hit me up. Would be a fun Cardano Partnerchain,” Hoskinson said.
The dismissal of the founder and CEO of Open AI on Nov 17 took the markets by surprise. Cardano, the 8th largest crypto currency, put on 2.6 percent over the past 24 hours.
Last week, news related to two leading US banks – Citigroup and JP Morgan – supported Avalanche.
“Citi has tested the use of blockchain infrastructure to price and execute simulated FX trades on Avalanche Evergreen Subnets.This Proof of Concept from @Citi is part of Project Guardian, a collaboration by the Monetary Authority of Singapore (MAS) & the financial industry,” Avalanche said.
The 13th largest crypto currency also announced that JP Morgan’s Onyx will leverage Avalanche’s Evergreen Subnet. Onyx is the US bank’s blockchain platform.
Avalanche rallied 5.4 percent over the past 24 hours, and 23 percent over the past week.
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF) said central bank digital currencies (CBDCs) have the potential to replace cash.
“CBDCs can replace cash which is costly to distribute in island economies. They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts,” Georgieva said at the Singapore Fintech Festival according to Bitcoin.com.
Last week, 40 jurisdictions including the US, Germany, France, Switzerland, South Africa and the UK agreed to implement the OECD’s Crypto-Asset Reporting Framework (CARF), which is a tax transparency standard. The Cayman islands, Guernsey and Jersey have also signed the CARF.
“The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes,” the 40 signatories of CARF said in a joint statement.
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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.