Mixed trading conditions ahead for the global crypto market in the next 24 hours. A sunny bullish sky lies ahead for Bitcoin and Ripple’s XRP, according to ATTMO, while other altcoins will face cloudier, bearish trading conditions.

Over a one-week horizon, the sun should shine over most of the crypto universe with Bitcoin, Ether, Litecoin, Cardano and Binance Coin likely to profit from bullish trading conditions. XRP and Avalanche won’t profit from this positive trend and are set to face a bearish trend. 

Crypto currencies edge lower on profit taking

The cryptocurrency trend was negative over the past 24 hours as investors cashed in parts of the past week’s gains. The price of Bitcoin fell 0.7 percent over the past 24 hours to 36,681 US dollars, after having reached a cycle high last week, nudging the 38,000-dollar threshold on hopes of the approval of a dozen spot Bitcoin exchange traded funds (ETF) in the US early next year.

“By January 2024, we anticipate the SEC to approve a Bitcoin ETF, with trading expected to commence by February or March,” the Head of Research and Strategy at Matrixport, Markus Thielen, said.

Meanwhile, a Bitcoin ETF token ($BTCETF) will be issued on Nov 15, according to the token’s Singapore-based issuer called Bitcoin ETF. BCTETF is an ERC-20 token that can be staked and has been created to tap into the opportunity of the expected approval of spot Bitcoin ETFs. 

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US inflation figures may trigger new Bitcoin rally

“This week’s U.S. CPI data could trigger another rally in Bitcoin if inflation declines again. We anticipate Bitcoin attempting to break out from its recent $34,000-$35,000 trading range. A break above $36,000 could propel Bitcoin toward our next technical resistance level at $40,000, potentially reaching $45,000 by the end of 2023,” Thielen forecast.

Inflation is set to drop to 0.1 percent month-on-month in October, compared to 0.4 percent the previous month when released tomorrow Tuesday, according to analysts’ expectations. It’s however seen unchanged at 0.3 percent when increases in food and energy prices are included.

MicroStrategy’s Bitcoin strategy pays off

For the moment, MicroStrategy clearly benefits from its Bitcoin strategy. On Nov 2, the company held 158,400 Bitcoins, making it the largest holder of Bitcoin of any listed company. The unrealized average gain on this stake is 23 percent, adding up to a 1.2 billion profit on Nov 9, CryptoSlate reports.

Increasing interest in Ether … and in other altcoins

The focus on Bitcoin has diminished over the past days after BlackRock filed applications for an Ethereum Trust Fund as well as a spot Ethereum ETF last week. The price of Ether rose 8 percent over the past week, outperforming Bitcoin’s weekly rise of 5.5 percent.

Ether is likely to fall back to 1,840 dollars by year end and may be trading at 5,824 dollars by 2025, Bitcoin.com reports citing a panel of 31 crypto analysts. Earlier today, Ether traded at 2,040 dollars.

“Regulatory uncertainty and a challenging macroeconomic environment are likely to cause ether’s drop [in the short term]. Growth is [currently] limited by high rates in TradFi. In case of reaching a soft landing by US authorities, ETH price will increase dramatically, but not until the middle of next year,” they said.

“#Bitcoin is entering the first Bull Phase and #Altcoins are entering their first Bull Phase too… What we're looking at here is the phase where we will see altcoins accelerate. The first ones have been shining massively, with Chainlink, Solana and Injective Protocol. What does that mean? It means that we're most likely not going to see the prices of 2-months ago back again. Perhaps even ever.,” said Michaël van de Poppe, the CEO and founder of MN Trading.

Avalanche and Solana both rallied 45 percent over the past week, partially driven by a wave of liquidations on the options market. Another altcoin, Cardano, also rose 10 percent over the past seven days. Its founder Charles Hoskinson announced the company would be interested to partner with the crypto exchange Kraken for the development of its layer-2-blockchain network.

Kidnapped Binance clients forced to empty their crypto wallets

Clients of the crypto exchange Binance were kidnapped while on a business trip in Montenegro, the CEO of Binance, CZ said. The executives were forced to empty their crypto wallets, resulting in a total loss of roughly 12.5 million dollars. “We managed to freeze about $11.8m of the $12.5m stolen,” he said.

CFTC joins the SEC in cracking down on the US crypto universe

It is not only the Securities and Exchange Commission (SEC) that clamps down on the US crypto players. (Read more about these lawsuits here.) So does the Commodity Futures Trading Commission (CFTC), as shown by data from the US regulator.

“In FY 2023, the CFTC’s Division of Enforcement (DOE) filed 96 enforcement actions [47 action involving cryptos] charging fraud, manipulation, and other significant violations in diverse markets, including digital assets and swaps markets, resulting in over $4.3 billion in penalties, restitution and disgorgement,” a record number, the Chair of the CFTC, Rostin Behnam said.

Crypto fever grips France

Nearly a 10th of the French population owns crypto assets, according to the French market supervisor AMF. Only 2 percent own ETFs, while 7 percent own stocks. Half of these investors have entered the markets since 2020.

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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.