A strong bullish sun shines over the global crypto market in the next 24 hours, indicating upside potential. Binance Coin bucks this positive trend with cloudy bearish trading conditions ahead, ATTMO indicates.
Bullish trading conditions will also prevail over a one-week horizon, with additional upside potential for altcoins as well as both major cryptocurrencies – Bitcoin and Ether. However, bearish clouds will be appearing over Ripple’s XRP, Avalanche, Polkadot and Uniswap over this longer time horizon.
The cryptocurrency trend was positive over the past 24 hours with the price of Bitcoin reaching a two-year high at 41,737 US dollars earlier today. It is still roughly 40 percent below its all-time high reached in November 2021. The price of gold also rose, reaching an all-time high at 2,111.39 per ounce.
Matrixport Research expectsthe ongoing bull market to continueand reiteratedits forecast: “Bitcoin is expected to be $63,140 by April 2024 and $125,000 by the end of 2024. Earlier Matrixport pointed out that the fifth Bitcoin bull market officially begin on June 22, 2023.”
The price of Bitcoinrallied 5 percent to 41,406 dollars over the past 24 hours, triggering short liquidations exceeding 50 million dollars by 9:30 CET.
The ongoing rally is driven by two main factors. Firstly, by hopes that the Federal Reserve will start cutting its benchmark rates in 2024. This makes riskier assets such as crypto tokens more interesting to hold. Secondly, by expectations that the Securities and Exchange Commission’s (SEC)will approve the spot Bitcoin exchange traded fund (ETF) applications on its table in early January. The time window for approving them is small: between Jan 5 and Jan 10, according to DeFi Research.
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The US regulator is not just scrutinizing 13 spot Bitcoin applications right now. It is also busy analyzing those filed by BlackRock and Fidelity for an equivalent spot Ether ETF. Interested third parties have 21 days to file their comments after the publication of the application in the Federal Register.
The price of Ether added 4.1 percent over the past 24 hours.
The US House Financial Services Committee intends to pass two crypto-related bills early next year, namely the Clarity for Payment Stablecoin Act and the Financial Innovation and Technology for the 21st Century Act (FIT), the vice-chairman of the committee French Hill told CNBC.
”We want a fit-for-purpose regulatory framework, and I think that the failure is the [Commodity Futures Trading Commission]CFTC, and the SEC actually don’t have the tools to look at this new form of ownership and individual action, whether on the investment side or the innovation side, and so we’re giving them those tools,” Hill said.
The sales of non-fungible tokens (NFTs) surged by 129 percent in November compared to the previous month, Bitcoin.com reports. Interestingly, NTFs created on the Bitcoin blockchain exceeded those on the Ether blockchain.
Crypto investors were impacted by a surge in blockchain security incidents that took place in November, the blockchain security firm Beosin’s monthly report shows. Losses soared to more than 356 million dollars compared to 52 million dollars a month earlier.
The main incidents involved two companies owned by Justin Sun, the founder of the crypto currency TRON: Poloniex and HTX, with losses amounting to 126 million dollars and 110 million dollars respectively.
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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.