15 Nov
bearish neutral

Clouds lie ahead for the global crypto market, including Bitcoin and Ether, in the next 24 hours, according to ATTMO. This translates into a slightly bearish market with downside risk. Other altcoin, such as Cardano, Dogecoin, Polygon and Chainlink face bullish sun.

Over a one-week horizon, the bullish sun will return and shine over both Bitcoin and Ether. Cloudier bearish trading conditions will, however, prevail, over Ripple’s XRP, Cardano, Binance Coin and Polkadot over this longer time horizon.

Crypto currencies drop despite US inflation data signaling a cycle peak

Cryptocurrencies dropped over the past 24 hours despite the latest US inflation data indicating that the peak of the interest rate cycle has been reached. Analysts now expect rate cuts to happen earlier next year than previously expected. This may boost the interest for crypto assets, as investors tend to favor assets with a potential of higher returns.

“The result would be an ongoing rally in risk-on assets – such as tech stocks and crypto. But bonds would also rally, turbocharging lower-quality tech stocks and second/third-tier crypto coins – a taste we have seen during the last two weeks,” said the Head of Research and Strategy at Matrixport, Markus Thielen.

The price of Bitcoin lost 2.6 percent over the past 24 hours to 35,758 US dollars, while the price of Ether fell 3.6 percent to 1,990 dollars. However, the two largest crypto currencies have outperformed other assets since the beginning of the year, being up 115 percent and 66 percent respectively. This triggers asset managers to expand their range of crypto-related exchange traded products (ETPs).

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ARK partners with 21Shares to launch 5 new crypto-focused ETFs

ARK Invest will launch five new crypto-focused exchange traded funds (ETF) together with 21 Shares, the CEO of ARK Invest, Cathie Wood told CNBC in an interview. These will be traded on the Chicago Board Options Exchange (Cboe) BZK Exchange.

“The ETF suite uses crypto-specific insights alongside traditional indicators. [It] aims to deliver long-term capital appreciation through strategic investments in Bitcoin and Ethereum futures contracts, and the application of blockchain technologies,” 21Shares said.

ARK Invest’s CEO is renowned for her six ARK ETFs, generating returns above 100 percent in 2020, a year when the benchmark S&P 500 index rose by 16 percent. 21Shares offers the world’s largest selection of crypto-related ETPs.

Binance & SEC agree on disclosure rules during ongoing court case

Yesterday, a US court approved the treatment and disclosure of some of the confidential information pertinent to the ongoing court proceedings agreed upon by Binance and the Securities and Exchange Commission (SEC). This authorization stems from a joint motion for a protective order.

The SEC sued Binance back in June for alleged violations of securities laws, for misleading investors, corrupting trading volumes and much more. (Read more about ongoing crypto-related court cases here.)

Separately, Binance was subject to a second multimillion scam in less than a week’s time.

“It appears someone had 27M USDT stolen yesterday. USDT was quickly swapped for ETH, then transferred to a number of services (FixedFloat, ChangeNow, etc), and bridged to Bitcoin via THORChain. Update: The victims address is connected to the Binance deployer,” the X:er @ZachXBT wrote.

Earlier this week, CZ, the CEO of the world’s largest crypto exchange, admitted that Binance clients were kidnapped while on a business trip in Montenegro and forced to empty their crypto wallets, resulting in a total loss of roughly 12.5 million dollars. Roughly 11.8 million dollars were frozen in time.

Binance Coin put on 0.4 percent over the past 24 hours.

SEC’s crack down on US financial markets is highly lucrative

The SEC’s ongoing crack down on the US financial markets, and the crypto universe in particular, turns out to be highly lucrative for the US government. The regulator obtained orders for roughly 5 billion dollars in financial remedies in its fiscal year ending in Sept 2023, including fines imposed on non-crypto companies. This is the second-highest amount ever.

“In fiscal year 2023, the Division recommended enforcement actions addressing a range of alleged misconduct in the crypto asset securities space, including billion-dollar crypto fraud schemes, unregistered crypto asset offerings, platforms, and intermediaries, and illegal celebrity touting,“ the US regulator said.

“In fiscal year 2023, the Division’s investigations resulted in litigated charges alleging massive crypto frauds, including charges against Terraform Labs and its founder Do Kwon; Richard Heart and three entities that he controls, Hex, PulseChain, and PulseX; FTX CEO Samuel Bankman-Fried, and other FTX executives,” it added.

Solana rallies as liquidations exceed $13 million

The bankrupt crypto exchange FTX has over the past days moved more than 250,000 Solana tokens to the US crypto exchange Kraken, Lookonchain reported. “Currently, FTX’s public addresses on #Solana only have 3,408 $SOL ($185K) left,” it added.

Solana, the seventh-largest crypto currency, rallied 7.3 percent on the news, with traders being forced to liquidate short and long positions exceeding 13 million dollars over the past 24 hours. Solana has skyrocketed 505 percent so far this year.

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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.