17 Nov
bearish neutral

Cloudy, bearish trading conditions lie ahead for the global crypto market, signaling a downside risk. However, some smaller altcoins such as Cardano, Polygon and Chainlink will benefit from sunnier, bullish trading conditions, according to ATTMO.

Over a one-week horizon, the forecast is mixed with bullish signals for Bitcoin, Avalanche and Dogecoin, while cloudy bearish signals prevail over Ether, Litecoin, Ripple’s XRP and Cardano.

Crypto currencies drop as investors cash in their profits

The cryptocurrency trend was negative over the past 24 hours as investors cashed in some of the past weeks’ profits. The price of Bitcoin dropped 2.9 percent over the past 24 hours, trading around 36,400 US dollars, while the price of Ether fell 3.6 percent to 1,988 dollars. 

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Over 2/3 of the Bitcoin supply remained inactive throughout the past 12 months

Seventy percent of the Bitcoin supply has not been traded over the past 12 months, according to data from Glassnode seen by CryptoSlate. Just over 40 percent of its supply has not been traded for more than three years and 30 percent for more than five years.

This limited liquidity is partially behind Bitcoin’s recent price rally. Bitcoin has put on more than 25 percent over the past month and 120 percent since the beginning of the year.

BlackRock files S-1 application for its spot Ether ETF

Yesterday, BlackRock registered its application for its spot Ether exchange traded fund (ETF) with the Securities and Exchange Commission (SEC). It will be called iShares Ethereum Trust and contrary to futures Ether ETFs it will directly hold the crypto currency.

“BlackRock's initiative to file for a spot Ethereum ETF represents yet another pivotal moment in the integration of traditional finance with digital assets. This development could significantly influence Ethereum's market dynamics and the wider altcoin ecosystem,” Glassnode wrote in a research note.

Ether has also gained more than 25 percent over the past month and 66 percent since the beginning of the year.

Tether moves into Bitcoin mining

Tether (USDT) will invest half a billion dollars in the next months in Bitcoin miner, the CEO of the issuer of the world’s largest stablecoin, Paolo Ardoino told Bloomberg in an interview. Tether plans to either acquire stakes in existing Bitcoin miners or build its own mining facilities in Uruguay, Paraguay and El Salvador, he added.

Tether’s market cap now exceeds 87 billion dollars and dominates the stablecoin market, with a market share of 68 percent. 

Singapore grants in-principle licenses to three stablecoin issuers & wholesale CBDC to be tested

The Monetary Authority of Singapore (MAS) has granted an in-principle approval to three stablecoins, one pegged to the Singapore dollar (StraitsX SGD Issuance) and the two other to the US dollar (StraitsX USD Issuance and Paxos Digital Singapore), the Managing Director of MAS, Ravi Menon, said during a speech held at the Singapore FinTech Festival. Stablecoins are the third-largest category of crypto assets behind Bitcoin and Ether.

Menon also announced that MAS will pilot the “live” issuance of wholesale central bank digital currencies (CBDCs) that instantaneously settle payments across commercial banks.

“MAS will soon partner the local banks to pilot the use of wholesale CBDCs as a common settlement asset in domestic payments….Clearing and settlement thus occur in a single step, on the same infrastructure, unlike the current system in which clearing, and settlement take place on different systems, and settlement occurs with a lag,” he added.

CoinShares secures option to buy Valkyrie’s funds

CoinShares, Europe’s leading digital asset investment company, has secured an option to acquire the funds of Valkyrie, a US asset manager. This option runs from now until March 31.

“This would Bring CoinShares into US with a splash. They're currently a European crypto ETF issuer,” noted Bloomberg’s ETF analyst James Seyffart.

"The global ETF market is fragmented. The establishment of crypto spot ETPs in Europe since 2015, a development about to be mirrored in the U.S., is the perfect illustration. This disparity in market evolution presents both challenges and significant opportunities. The option to acquire Valkyrie is accelerating our expansion into the U.S. market and the deployment of our digital asset management expertise globally, the CEO of CoinShares, Jean-Marie Mognetti said.

The spot Bitcoin ETF application filed by Valkyrie to the SEC will be named CoinShares during the option period and thereafter, if CoinShares goes ahead with the deal. This will depend on regulatory approvals, consents and more, according to CoinShares.

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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.