Sunny trading conditions lie ahead for the global crypto market in the next 24 hours. This means that a slightly bullish market with upside potential is likely. Only Binance Coin faces cloudy bearish conditions, according to ATTMO.

Over a one-week horizon, the sun will prevail over parts of the crypto sphere. Ripple’s XRP, Cardano, Dogecoin, Polkadot and Uniswap will, however, face a bearish cloudy trend. 

Cryptos traded mixed, with Bitcoin at an 18-month high

The cryptocurrency trend was mixed over the past 24 hours. The price of Bitcoin was up 1.1 percent over the past 24 hours, trading around 35,300 US dollars. This level has not been reached since May 2022.

“Next week’s US CPI data could set off another rally in Bitcoin if inflation declines again. A break above $36,000 could cause Bitcoin to rally to our next technical resistance level at $40,000 and potentially rise to $45,000 by the end of 2023,” said Markus Thielen, Matrixport’s Head of Research and Strategy. 

US inflation figures will be released next Tuesday and are forecast to have dropped to 0.1 percent month-on-month in October compared to 0.4 percent in September. Whether this is enough to start cutting interest rates may be hinted by Federal Reserve Chairman Jerome Powell when he opens the Division of Research and Statistics Centennial Conference later today. Watch his speech live at 15:15 CET here.

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Spot Bitcoin ETFs could be the end of Bitcoin

The yet to be approved spot Bitcoin exchange traded funds (ETFs) likely to be issued by leading asset managers may kill Bitcoin, BitMEX founder Arthur Hayes told Blockworks. “If the BlackRock ETF gets too big, it could actually kill Bitcoin because it’s just a bunch of immovable Bitcoin that’s just sitting there.”

Analysts expect that inflows into these ETFs could reach 10 billion dollars within the first weeks of their approvals and rise to 50 if not 100 billion dollars in the following years.

“The same institutional entities could launch Bitcoin mining ETFs… BlackRock is [already] the largest shareholder of some of the largest mining operations,” which could increase their control over the Bitcoin network, Hayes warned.

XRP falls ahead of the Ripple Swell conference

Ripple Lab’s cryptocurrency XRP has rallied 16 percent over the past week ahead of the kickoff of its Ripple Swell conference. There is speculation that the company might unveil IPO plans during the conference held today and tomorrow in Dubai. The world’s fifth-largest cryptocurrency fell 1.9 percent over the past 24 hours.

Chainlink listed on Hong Kong’s HashKey Exchange as of Friday

Chainlink will be available for professional investors on Hong Kong’s HashKey Exchange as Friday, the Hong Kong crypto exchange said. User deposits and withdrawals are already open. The world’s 12th-largest cryptocurrency put on 2.9 percent over the past 24 hours.

Depegging of fiat-pegged stablecoins increases

The depegging of a stablecoin occurs when its value falls below a 3 percent margin from its standard 1 dollar, 1 euro or other currency mark. So far this year more than 600 such events have happened with high-value fiat-pegged stablecoins and 1,914 such events in total, Moody’s Analytics said according to Bitcoin.com. Last year the amount of depegging events was a total of 707.

A good example is the fall of the second-largest fiat-pegged stablecoin USDC, triggered by the collapse of Silicon Valley Bank in March.

Meanwhile, Fed member Michael Barr said he was concerned by the advent of stablecoins issued by private sector entities such as PayPal’s newly launched PYUSD which is pegged to the US dollar.

“They are creating a form of private money. Private money needs to be well regulated. It can cause significant risk in the financial system… There is a very strong interest in having strong federal regulations of stablecoin that make sure the Federal Reserve can approve, regulate and enforce stablecoin issuers,” Barr said at the Crypto Council for Innovation.

SEC has trouble hiring crypto experts, as they refuse to sell their crypto coins

The Securities and Exchange Commission’s (SEC) strict policies deter crypto experts to work for the regulator, the report entitled The Inspector General’s Statement on the SEC’s Management and Performance Challenges shows. The US regulator seeks to employ numerous crypto experts but prohibit them to hold crypto assets if they take on a job at the SEC.

“Candidates are often unwilling to divest their crypto assets to work for the SEC,” according to the SEC’s report.

Gold-backed NFT launched by SwissGold Crypto

SwissGold Crypto has launched a non fungible token (NFT) backed by gold bars on the Ethereum blockchain. It is pegged 1:1 to the gold value of the underlying gold bar. These gold NFTs are available from 1 g up to 1 kilo and even 400 oz which is equivalent to 12.4 kilos, SwissGold ‘s website shows.

“These NFTs are backed by physical gold bars and can be purchased for as low as $60 for a 1-gram gold bar,” the Zug-base crypto issuer said.

The NFTs come without storage feed and token holders can redeem them at any time for the physical gold bars they represent.

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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.