Mixed trading conditions ahead on the global crypto market, with bullish sun shining on Bitcoin, Cardano, Avalanche and Polkadot in the next 24 hours. Cloudier bearish trading conditions will prevail over Ether, Ripple’s XRP, Binance Coin and Dogecoin, according to ATTMO.

Over a one-week horizon, the sun will shine over crypto currencies such as Bitcoin, Ether and Binance Coin. However, bearish clouds will linger over Litecoin, XRP and Cardano.

Crypto prices remain unchanged 

The cryptocurrency trend remained unchanged over the past 24 hours as investors await the latest US inflation figures later during the day. Higher-than-expected figures are likely to weigh on the market, as it would signal that US interest rates will be kept at a 22-year high or even raised. Higher interest rates make crypto assets less interesting to hold.

The price of Bitcoin was unchanged over the past 24 hours, trading around 36,700 dollars. Over the past three months, the largest crypto currency has been boosted by the expected approval of a dozen spot Bitcoin exchange traded funds (ETFs) by early 2024. Bitcoin is up 26 percent since mid-August.

”Digital asset investment products saw inflows totalling US$293m last week, bringing this 7-week run of inflows past the US$1bn mark. Bitcoin ETP trading volumes made up as much as 19.5% of total Bitcoin trading volumes, suggesting ETP investors are participating much more in this rally compared to 2020/21,” CoinShares noted in its weekly report.

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Approval of Ether spot ETF will protect US investors

The approval of the spot Ether ETF application filed by BlackRock would represent a major win for the protection of US investors, said Nasdaq, which will list this ETF conditional on its approval.

“To this point, the lack of an ETP [exchange traded product] that holds spot ETH exposes US investor assets to significant risk because investors that would otherwise seek crypto asset exposure through a spot ETH ETP are forced to find alternative exposure through generally riskier means,” Nasdaq extrapolates.

Ether has benefited from the attention this ETF filing has attracted and “saw its largest inflows since August 2022 of US$49m, with the last 2 weeks signifying a real turn around in sentiment,” CoinShares wrote in its weekly report. Ether traded unchanged at 2,064 dollars over the past 24 hours.

BlackRock denies it registered a XRP Trust entity in Delaware

Less than a week after having filed an Ether Trust in Delaware, rumors that BlackRock filed a similar trust for Ripple’s XRP emerged on Monday. XRP soared more than 10 percent, but erased all gains when BlackRock denied this was the case. XRP traded unchanged at 0.664 dollars over the past 24 hours.

Separately, the US judge in charge of the lawsuit the Securities and Exchange Commission filed against Ripple, set Feb 12 as the date by which the two parties must have completed remedies-related discovery. The SEC then has until March 23 to file its brief regarding these remedies and Ripple until April 12 to file any potential opposition. The SEC then has until April 29 to reply to this.

Separately, the US judge in charge of the lawsuit the Securities and Exchange Commission filed against Ripple, set Feb 12 as the date by which the two parties must have completed remedies-related discovery. The SEC then has until March 23 to file its brief regarding these remedies and Ripple until April 12 to file any potential opposition. The SEC then has until April 29 to reply to this.

Cboe to launch margined Bitcoin & Ether futures

The largest US options exchange, the Chicago Board Options Exchange (Cboe), will launch margined Bitcoin & Ether futures on Jan 11. These financial products will enable investors to inject less collateral compared to traditional futures. This should in turn boost both the liquidity and interest of investors.

“With this launch, Cboe Digital will become the first U.S. regulated crypto native combined exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform,” Cboe said in a press release.

These margin futures will be backed by 11 crypto and TradFi players; B2C2, BlockFills, CQG, Cumberland DRW, Jump Trading Group, Marex, StoneX Financial, Talos, tastytrade, Trading Technologies and Wedbush.

FTX bankruptcy team sues Bybit

The team taking care of FTX’s bankruptcy has sued Bybit, accusing it of having withdrawn roughly 1 billion dollars from FTX just before it went bankrupt, CNBC reports. Bybit, headquartered in Dubai, is the fifth largest crypto exchange, according to Coinranking.

FTX’s former legal head opens crypto exchange

The former legal counsel of FTX, Can Sun, will together with a handful of former FTX colleagues set up a new crypto exchange in Dubai, Wall Street Journal reports. It will be called Trek Labs.

Sun was among the key witnesses during the trial against Sam Bankman-Fried, the founder and former CEO of FTX, that ended earlier this month. The jury found Bankman-Fried guilty on all seven charges. The sentence will fall on March 28.

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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.

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