Bullish sun shines over most of the global crypto market, indicating a continued upward trend in the coming 24 hours. Cloudier bearish trading conditions linger over Ripple’s XRP, Avalanche and Binance Coin, signaling a downward trend, ATTMO shows.

Over a one-week horizon, the bullish sun will continue to dominate the crypto universe, though Litecoin and XRP may face cloudier conditions and a downward trend.

Crypto rally takes off again as Fed’s rate cycle appears to have peaked

Cryptocurrencies extended their gains over the past 24 hours as investors sighed in relief when the US Federal Reserve (Fed) signaled that its rate cycle may have peaked.

“We stand by our view that the July rate hike was the last for this cycle and continue to expect rate cuts to begin in the second quarter of next year, triggered by a slowdown in growth and continued declines in inflation,” SEB Research wrote in its morning comment.

The price of Bitcoin rallied 2.3 percent over the past 24 hours, now trading above 35,000 US dollars. This price level, which has not been reached since May of last year, triggered Bitcoin liquidations of short and long trades worth more than 41 million dollars on Wednesday.

The largest cryptocurrency has risen 113 percent since the beginning of the year, beating all other asset classes by far.

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Solana spikes supported by new staking protocol

Solana soared 12 percent over the past 24 hours and has put on 338 percent since the beginning of the year. Parts of the rally of the seventh-largest crypto coin is driven by its liquid staking protocol Marinade Finance. It offers an attractive annual percentage yield (APY) of 8.8 percent.

Ripple makes it clear that it didn’t settle with the SEC 

Following the Securities and Exchange Commission’s (SEC) decision to drop charges against Ripple Lab’s CEO Brad Garlinghouse and its Executive Chairman Chris Larsen last month, Ripple clarified there was no settlement involved whatsoever.

“There was no settlement involved, and there will be no trial against the individuals in April. The case will now move straight into the remedies stage in which the Court will decide which remedies to impose, if any, in light of the Court’s finding that certain institutional sales constituted sales of securities,” Ripple said in its quarterly update.

The company’s decentralized exchange XRP Ledger (DEX) has also seen its trading volumes soar during the third quarter to 219 million dollars, compared to 52 million dollars in the second quarter. XRP put on 0.8 percent over the past 24 hours.

Use of stablecoins soar in Brazil

The use of the stablecoins, including Tether’s USDT, USDC and BRZ (which is pegged to the Brazilian real), Bitcoin.com reports, citing figures from the Brazilian tax authorities. Stablecoin transactions now clearly exceed the trading volumes of Bitcoin in Brazil. Globally, stablecoins are the third-largest crypto assets behind Bitcoin and Ethereum.

PayPal granted UK crypto license

PayPal’s UK unit is since Tuesday a registered crypto asset firm in the UK, the register of the Financial Conduct Authority’s (FCA) shows. It had halted UK clients to buy crypto assets on Oct 1 ahead of the implementation of stricter marketing rules a week later, and at the time announced its crypto services in the UK will resume in early 2024

Crypto fraud led to losses exceeding $50 million in October

There were 23 security incidents in the crypto sphere last month, resulting in losses of roughly 52 million dollars, the blockchain security firm Beosin said in its monthly report.

Hacker attacks resulted in most losses, followed by rug pulls and phishing. The losses caused by these fraudsters are nevertheless 85 percent lower than in September.

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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.