Bullish sun shines over the global crypto market in the next 24 hours, indicating additional upside for crypto currencies.

Over a one-week horizon, the forecast is mixed with a bullish sun continuing to shine over most crypto tokens. However, a cloudier bearish trend will linger over Ripple’s XRP, Litecoin and Binance Coin.

Crypto assets rally as delay of spot Bitcoin ETF approvals is averted

The cryptocurrency trend was clearly positive over the past 24 hours, with Bitcoin rallying 5.3 percent nearly reaching it’s year-high during Wednesday. Today, Bitcoin trades around 37,750 US dollars.

Cryptocurrencies took off as the US Senate passed the required stopgap funding bill that will avert a government shutdown until Jan 19. By then deadline faced by the Securities and Exchange Commission (SEC) to rule on the applications for a dozen spot Bitcoin exchange traded funds (ETFs) will have lapsed.

Analysts expect the SEC to approve them in one go, a decision likely to trigger inflows estimated at several billion dollars in the first few weeks of their issuance. This would support the price of Bitcoin.

“These expected approvals may take Bitcoin “further into the mainstream, putting it within reach of millions of investors in broker-dealer, RIA [registered investment advisor] and tax-advantaged account structures. In the long run … spot bitcoin ETFs could add billions of dollars to the total crypto market cap as well as spark new potential investments for the asset class,” the Head of Institutional Research at Coinbase, David Duong, is quoted as saying by Bitcoin.com.

Additionally, the volatility on the market has forced traders to liquidate long and short positions of Bitcoin worth roughly 200 million dollars over the past 48 hours, data from CoinGlass shows. 

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Judge rejects Binance’s & SEC’s request for confidentiality during ongoing court case

The judge in charge of the ongoing court case involving Binance and the SEC rejected the joint motion for a protective order filed by the two parties on Tuesday, CryptoSlate reports. This motion aimed at keeping the disclosures of the parties confidential. However, the judge has indicated she may approve a revised motion for protective order.

Binance Coin put 3.7 percent over the past 24 hours.

Solana outperforms as ARK Invest’s CEO lauds its performance

Solana, the sixth-largest crypto currency, soared 11 percent to 65.54 dollars after the CEO of ARK Invest, Cathie Wood, told CNBC that “Solana is doing a really good job. Ether was faster and cheaper than bitcoin [back] in the day – that’s how we got ether. Solana is even faster and [more] cost-effective than ether.“

Avalanche soars as JP Morgan embraces its Evergreen Subnet

Avalanche, the 13th largest crypto currency, rallied 26 percent over the past 24 hours on news that JP Morgan’s Onyx will leverage Avalanche’s Evergreen Subnet. Onyx is the US bank’s blockchain platform.

“This initiative fundamentally aligns with @AvaLabs’s mission to provide the tools and tech to digitize and tokenize the world’s assets, while harnessing the speed, scalability, and customizability of Avalanche,” the Avalanche Foundation said.

Avalanche, the 11th-largest crypto currency, soared 26 percent to 23.77 dollars.

Tether takes market share on the back of USDC

Tether (USDT), the world’s largest stablecoin, has seen its market cap climb to above 87 billion dollars over the past weeks and now has a market dominance exceeding 68 percent, data from CoinGecko shows. USDT has mainly been taking market shares from the second largest stablecoin, USDC.

Commerzbank granted crypto custody license in Germany

Yesterday, Commerzbank obtained the first crypto custody license granted by the German regulator Bundesanstalt  für Finanzdienstleistungsaufsicht (BaFin). This license will enable Germany’s fourth-largest bank in terms of assets to build up a broad range of digital asset services, with particular emphasis on crypto assets.

“The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology,” Commerzbank said. 

US Congress members criticize planned crypto tax rules

The planned digital tax reporting requirements will threaten the digital asset US ecosystem, nine members of the US Congress wrote in a letter sent to the US Treasury.

“The breadth of the proposed regulations and the unworkable definitions raise serious concerns for the digital asset ecosystem,” the letter signed by nine members of the US Congress said.

They argue that the definition of broker remains too broad. The definition of digital asset fails to consider or differentiate the uses or attributes of different types of digital assets. They also complain that the period to comment upon the proposed changes and want it extended to Dec 31, 2023.

“Finally, the implementation period for this proposal isinsufficient. This proposal is very complex and will have profound and far-reaching implicationsfor the digital asset ecosystem. The implementation period must also be extended,” they wrote.

US Congress members want details about Hamas crypto fundraising efforts from Biden

More than 50 members of the US Congress have sent a letter to President Biden requesting an inquiry into the size, scope and duration of Hamas’ digital asset fundraising campaign following reports it had access to digital wallets with more than 130 million dollars.

“It’s critical for Congress to understand the true extent of the use of digital assets for illicit purposes. In light of conflicting reports regarding Hamas’ fundraising efforts through digital assets, we are commencing a bipartisan fact-finding mission,” the Chairman Patrick McHenry of the House Financial Services Committee said.

“Open, transparent blockchain technology should easily provide an open book of Hamas’s terror financing with digital assets, as compared to traditional, more opaque, methods of financing,” said Republican Tom Emmer.

They request a response by Nov 29.

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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.