03 Nov
bearish neutral

Cloudy trading conditions ahead for the global crypto market in the next 24 hours, indicating a slightly bearish market with downside risk. Uniswap and Chainlink buck this negative trend and have some upside potential, ATTMO shows.

Over a one-week horizon, tropical trading conditions will prevail over Bitcoin. This translates into a very bullish market. Other altcoins, including Ethereum, Cardano, Binance Coin and Dogecoin will also see a bullish sun shining over them, signaling upside potential.

However, Litecoin, Ripple’s XRP and Avalanche will face bearish clouds over this longer time horizon, showing downside risk ahead.

Crypto assets drop due to profit taking

The cryptocurrency trend was negative over the past 24 hours after a stellar performance over the past couple of weeks.

The price of Bitcoin dropped 1.8 percent over the past 24 hours, trading around 34,500 US dollars, while the price of Ether shed 2.1 percent. The two largest cryptocurrencies have risen 26 percent and 9.8 percent respectively over the past months.

MicroStrategy, the listed company with the largest Bitcoin holding, raised its holding to 158,400 Bitcoins during the third quarter. “You can never have too much Bitcoin. We are big Bitcoin bulls. Our thesis is that they are digital property without the risks and liabilities of commercial real estate, of big tech,” the company’s founder and executive chairman, Michael Saylor, told CNBC.

Fidelity’s Director of Global Macro, Jurrien Timmer, echoed his views and wrote he views Bitcoin as “a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold.”

“Bitcoin is volatile, but its scarcity and adoption curve create the potential for it to be a high-powered hedge against monetary shenanigans. I think of it as exponential gold,” Timmer added.

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FTX founder found guilty on all charges

Meanwhile on Thursday in New York, the founder of FTX was found guilty on all seven charges against him during the ongoing trial. Sam Bankman-Fried may spend the rest of his life in jail. The sentence will be announced on March 28.

Ripple’s XRP cleared by Dubai’s regulator

The Dubai Financial Services Authority (DFSA) has approved Ripple Lab’s cryptocurrency XRP for use within its financial center.

“XRP joins BTC, ETH and LTC as the assets previously approved under the DFSA’s virtual assets regime. XRP now stands to benefit from legal and regulatory clarity in the DIFC, and will be available for use by institutions located in the DIFC to accelerate faster, more efficient global value exchange,” Ripple said.

Dubai has been Ripple’s headquarters in the Middle East since 2020 due to its innovation-friendly regulations and status as a financial hub in the region. A fifth of Ripple’s clients are based in the region.

XRP fell 1.4 percent over the past 24 hours.

Coinbase post Q3 loss, now offers crypto futures to retail clients

Coinbase’s third-quarter net loss shrank to 2 million dollars, compared to a 97 million dollar loss the previous quarter and a 545 million loss a year ago, the largest crypto exchange operating in the US declared. Transaction revenues were roughly 105 million dollars in October (when crypto markets rallied), it added. This is in line with the previous months, given the third quarter’s transaction revenue stood at 289 million dollars.

Separately Coinbase announced it now offers regulated crypto futures contracts to its clients, at a 1/100th of a Bitcoin or a tenth of an Ethereum. “These futures contracts are specifically sized for retail traders… Futures provide traders with the ability to hedge their risk, diversify their portfolios, trade with leverage, and speculate on which way the market will go,” the crypto exchange said.

SEC orders PayPal to file documents for its stablecoin

The Securities and Exchange Commission (SEC) has filed a subpoena – an order to produce documents – to the digital payments giant PayPal tied to its stablecoin PYUSD, launched early August. PayPal fully cooperates with the US regulator.

The market cap of PYUSD was 159 million dollars earlier today, data from CoinGecko shows. By comparison, the market value of the largest stablecoin, Tether (USDT) is 85 billion dollars.

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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.