🌧 Rain will fall over Bitcoin, Polygon and Avalanche in the next 24 hours, signaling bearish market conditions, while Ether, Uniswap, Cardano, Ripple’s XRP and Litecoin will profit from a timid sun or slightly bullish market conditions.

☀️Tropical trading conditions will prevail over Binance Coin and Dogecoin, indicating a clearly bullish market trend ahead in the short term.

🌧 Over a one-week time horizon, rain will fall over Ether, Solana and Dogecoin, while a strong sun ☀️ will shine over XRP.

The trading signals available at 7:20 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 fall across the board

The cryptocurrency trend was negative across the board over the past 24 hours, as geopolitical tensions in the Middle East weigh on investor sentiment. Investors also eagerly await the release of Nvidia’s quarterly results tomorrow.

“The vols are indicating hesitation in the market. As front-end vols drift lower, it is likely that BTC spot will continue to chop around the 62k-67k range in the near term,” the Singapore-based crypto firm QCP Capital reports, adding that options currently are more skewed for puts than calls until October. This indicates a bearish sentiment ahead.

“Traders are possibly reducing exposure [to Bitcoin], possibly due to uncertainty,” the crypto intelligence firm Santiment echoed. Total Bitcoin open interest, all open options and futures positions that have not yet been closed, fell by as much as 7.5 percent over the past 24 hours, it added.

The price of Bitcoin fell 1.4 percent to $63,108 over the past 24 hours, Trading View’s Bitcoin chart shows.

Trump reiterates he wants remaining Bitcoin to be fully US made

“We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!,” the Republican’s presidential candidate Donald Trump said back in June.

Yesterday, Bloomberg reported that this plan could be “a problem” for Bitmain, the world’s largest maker of crypto mining equipment, which was founded in China just over a decade ago. The company has been forced to relocate abroad following China’s ban on cryptocurrency transaction and since September 2021.

Inflows into crypto investment products picked up last week

Digital asset investment products saw inflows of more than $500 million last week, the highest inflow in five weeks. As usual, Bitcoin attracted most assets ($543 million), while Ether recorded a weekly outflow of $36 million.

“Interestingly, the majority of those inflows were on Friday, following the dovish comments from Jerome Powell, indicating Bitcoins sensitivity to interest rate expectations,” CoinShares said in its weekly report.

The price of ETH dipped 2.2 percent to $2.692 over the past 24 hours.

Crypto profiles rally in support of Telegram’s jailed founder

Crypto profiles, including the founder of the cryptocurrency Tron, Justin Sun, are rallying in support of Pavel Durov, who was arrested in France over the weekend. Durov is the founder and CEO of the messaging service Telegram, whose team also developed Toncoin, the seventh-largest cryptocurrency in terms of market cap.

Durov’s arrest has shocked people around the world as he is accused of having failed to stop illegal content such as drug trafficking, fraud, promotion of terrorism and more on Telegram. However, the French President Emmanuel Macron underlined this arrest “is in no way a political decision,” adding that France is “deeply committed to freedom of expression.”

Sun had pledged $1 million to any decentralized autonomous organization (DAO), willing to lobby for Durov’s release.

“We should show the cryptocurrency industry's unity by organizing a #FreePavel DAO to help Telegram founder Pavel Durov legally gain freedom. I'll donate $1 million if it's created in a decentralized way with enough community support,” Sun said.

The price of Toncoin fell 7 percent to $5.38 over the past 24 hours, while the price of Tron shed 2.2 percent to $0.16 over the past 24 hours.

Health of jailed Binance executive deteriorates further

Tigran Gambaryan, Binance’s head of financial crime compliance who has been detained in Nigeria since the end of February, can no longer walk, has contracted malaria and pneumonia. He is accused of money laundering by the Nigerian authorities.

“[Gambaryan] is now in so much pain from a herniated disc in his back that he can no longer walk. As he is bed-bound, he is having to take blood thinners to avoid blood clots and the prison doctor has said that his muscles have atrophied,” his family told CryptoSlate. His trial has been brought forward to Sept 2 from Oct 11.

The price of Binance Coin dropped 3 percent to $556 over the past 24 hours.

Stablecoin market hit all-time high, nearing $171 billion

The global stablecoin market reached a record market cap on Monday. Tether’s USDT remains the dominant stablecoin with a market cap of $115 billion, way ahead of Circle’s USDC at $33 billion. As for PayPal’s PYUSD, launched just a year ago, its market cap approaches the $400 million threshold.

US state progresses toward launch of its own state-backed stablecoin

Wyoming, the landlocked US state east of Utah and Idaho, plans to launch its own stablecoin early next year. It will be called the Wyoming Stable Token.

“Adoption of a stablecoin … that’s transparent, that is fully backed by our short-term Treasurys [and] that’s dollar dependent,” Wyoming’s Governor, Mark Gordon, told CNBC at the Wyoming Blockchain Symposium in Jackson Hole.

“Wyoming and Bermuda have a shared interest in the digital finance industry, with Wyoming leading the US in digital asset legislation while Bermuda leads the world,” the Premier of Bermuda, David Burt, said during the Wyoming Blockchain Symposium held over the weekend.

US regulator charges a crypto lender

The Securities and Exchange Commission (SEC) charged Abra, a crypto lender, for offering and selling unregistered its retail crypto asset Abra Earn and operating as an unregistered investment company.

“As alleged, Abra sold nearly half a billion dollars of securities to U.S. investors, without complying with registration laws designed to ensure that investors have sufficient, accurate information to make informed decisions before they invest,” a SEC executive said.

Abra will have to pay a fine for an amount which not yet been determined.

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.