A bullish sun shines over a large part of the global cryptoverse, including Bitcoin, Ether, Dogecoin and Polkadot in the next 24 hours and over the coming week, ATTMO shows. This signals upside potential.

Binance Coin, Uniswap and Avalanche buck this positive trend and face bearish clouds over the coming day and week, indicating downside pressure. Litecoin and Cardano face mixed trading conditions, with a bullish sun shining over them in the next 24 hours before bearish clouds sweep over them.

Cryptocurrencies & stocks rebound following weak US job data

The cryptocurrency trend was positive over the weekend as Friday's US jobs report indicated that the world's largest economy is losing momentum. This in turn paves the way for rate cuts sooner rather than later – a factor supporting riskier assets such as cryptocurrencies and stocks. The benchmark MSCI World stock index rose to a three-month high on the news.

Reassuring comments made by two of the world’s largest asset managers also reassured: “Fidelity says pension funds are beginning to explore Bitcoin and crypto. US Pension funds have more than $10 trillion dollars in AUM. Giga Bullish!” the crypto profile Lark Davis said.

Fidelity's competitor BlackRock echoed this view, with Robert Mitchnick, its Head of Digital Assets stating “a re-initiation of the discussion around Bitcoin,” which then goes into the topic of allocation to Bitcoin and how to think about it from a portfolio construction perspective in an interview with Coinbase.

Trading View’s Bitcoin chart shows that it rebound from a low at $58,900 on Friday to above $64,000 on Monday morning.

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Inflows into the US Bitcoin ETFs resume

On Friday, the outflows from GBTC, Grayscale’s Bitcoin trust that was converted into an exchange traded fund (ETF) in January, ceased after 78 consecutive trading days, data from Sosovalue shows. The ETF saw inflows of $63 million on May 3. It’s worth noting that GBTC has recorded outflows of $17 billion since January 11 given the fund is more expensive to hold than those launched by its competitors. The other 10 spot Bitcoin ETFs also reported inflows on Friday.

Meanwhile, the French bank BNP Paribas holds 1,030 $IBIT (Blackrock’s spot Bitcoin ETF) worth roughly $36,500 at today’s price, a regulatory filing shows. In Hong Kong, the asset manager Yong Rong reported it holds $38 million in $IBIT in its quarterly filing, Bitcoin Archive reports. Analysts expect a growing number of institutional investors including banks to venture into crypto through the Bitcoin ETFs approved in the US.

The price of Bitcoin rose 1.2 percent to $64,177 over the past 24 hours.

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Australia next in line to tap to approve crypto ETFs amid growing interest?

Australia is poised to approved spot crypto ETFs during the course of 2024, following the interest for the spot Bitcoin ETFs approved in the US earlier this year and the spot Bitcoin and ETH ETFs launched in Hong Kong last week, Bloomberg reports. These ETFs would be traded on the Australian Securities Exchange (ASX), according to the news agency.

US Congressmen press SEC to approve options on spot Bitcoin ETFs

Two Republican Congressmen, Mike Flood and Wiley Nickel, urged the Securities and Exchange Commission (SEC) to approve options trading on spot Bitcoin ETFs, as they already are for futures Bitcoin ETFs.

“We write to ensure that the SEC does not continue to discriminate against spot Bitcoin exchange traded products (ETPs)… A spot Bitcoin ETP is indistinguishable from a Bitcoin futures ETP. Thus, the SEC’s current posture is untenable moving forward,” they wrote in a letter to the SEC.

Block follows in MicroStrategy’s footsteps

Block, the fintech company formerly known as the Square, announced it will be investing 10 percent of its gross profit from Bitcoin products into Bitcoin purchases. “Aligned with the company’s purpose, Block believes that Bitcoin is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and control their own financial future,” the company said.

MicroStrategy has since August 2020 adopted a similar strategy, holding Bitcoin as its primary treasury reserve asset. The company has since then amassed 214,400 Bitcoins, valued at $13.7 billion at today’s price.

Michael Saylor, MicroStrategy’s CEO, expects the SEC to reject the spot Ether ETF applications on its table later this month and cannot imagine any other cryptocurrencies to get such funds approved in the future. “#Bitcoin - There is No Second Best,” he said.

The price of Ether added 1.4 percent to $3,141 over the past 24 hours.

Cardano ­– Bitcoin Cash merger in the making?

The founder of Cardano, Charles Hoskinson, fueled speculation about the potential merger of the cryptocurrencies Cardano and Bitcoin Cash after launching a “hypothetical poll” on X asking: “Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?”

On Monday, more than two-thirds of the 13,700 people who had responded to this poll were in favor. The price of Cardano put on 0.2 percent over the past 24 hours, while that of Bitcoin Cash rose 1.4 percent.

Polkadot’s ecosystem thrives & set to be boosted by new collaboration

The ecosystem of Polkadot saw its daily active addresses nearly treble over the past six months to an all-time high of more than half a million, Messari reports. Another piece of news likely to boost Polkadot is the announcement that the crypto data provider Moralis will introduce support for its Moonbeam Network across the application programming interface (API) suite of Moralis. Moonbeam is the main destination for multi-chain applications on Polkadot.

“We couldn’t be happier to launch support for the Moonbeam network. With Moonbeam and Moralis, you get the best of both worlds: an amazing platform to develop dApps on and world-class APIs streamlining the entire process,” the CEO of Moralis, Ivan Liljeqvist said.

The price of Polkadot rose 2.3 percent over the past 24 hours.

Coinbase faces another lawsuit

Coinbase faces an additional lawsuit, this time in California. A group of investors have filed a class action claiming that the largest crypto exchange in the US sold unregistered securities and operates as an unregistered securities broker.

The SEC charged Coinbase with similar allegations last June. Coinbase’s attempts to get the case dismissed failed earlier this year.

MoonPay clients now able to buy crypto assets through PayPal

MoonPay’s users residing in the US can now buy more than 110 crypto assets using their PayPal account.

“When using PayPal, users can fund their cryptocurrency purchases by using their PayPal Balance, direct bank withdrawal, or debit card – all without manually inputting the necessary information. MoonPay users also benefit from the safety of PayPal, which never shares full financial information for a transaction,” the digital payment giant said.

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.