A bullish sun shines over Bitcoin, Ether and Binance Coin in the next 24 hours and over a one-week horizon, signaling upward potential. As for Ripple’s XRP, Avalanche and Polkadot, they will face bearish clouds, rain or even a storm, indicating downside risk over the short and medium term.
The outlook is mixed for Cardano, Dogecoin, Uniswap and Polygon which face clouds in the coming 24 hours, but sun and upside potential over a one-week horizon.
Cryptocurrencies rose sharply on Friday and over the weekend, with the price of Bitcoin surging close to its cycle high reached mid-January. This in turn triggered a massive wave of liquidations, wiping out millions of dollars.
Continued inflows into the nine spot Bitcoin exchange traded funds (ETFs) approved a month ago, the Chinese New Year on Saturday, as well as Bitcoin’s halving in April are all factors behind this rally.
“More inflow from institutions signals more market strength. I think seeing $53,000-57,000 pre-halving has a likely chance,” said Michaël van de Poppe, the founder and CEO of MN Trading.
Inflows into the nine spot Bitcoin ETFs approach 10 billion US dollars exactly one month after their launch in the US, data from BitMEX Research shows and Bitcoin’s halving is scheduled to happen as of April 17.
The price of Bitcoin was up 0.3 percent at 48,300 dollars over the past 24 hours, compared to 46,300 dollars on Friday.
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A factor that may impact the price of cryptocurrencies over the coming days is the release of the latest US inflation figures tomorrow. Analysts expect the inflation rate, excluding both food and energy, to remain well above the Federal Reserve’s 2 percent target: at 3.8 percent in January, compared to 3.9 percent in December.
An inflation rate confirmed at this level or above this expected figure will signal that the Fed won’t cut its rate in March as some investors had hoped for. The Fed’s next rate decision will be announced on March 20.
The National Basketball Association (NBA), a US basketball league, has been sued in the US for its role in promoting Voyager Digital Holdings, which went bankrupt in 2022. Investors have lost an estimated 4.2 billion dollars.
The plaintiffs allege the NBA “deliberately decided to embrace the risks of working with crypto exchanges such as Voyager, Coinbase and FTX and accepted billions in promotional compensation as it faced empty arenas and the loss of billions in television revenues due to COVID-19,“ Coin Telegraph reports.
Roughly 74 billion dollars in credit card transaction fees, or 600 dollars per American household, could have been saved in the US in 2022, if blockchain technology had been used, according to Coinbase’s report The State of Crypto.
“Merchants spent more than $126 billion on fees to process credit card transactions. By using blockchain technology instead, they could have paid next to nothing,” Coinbase said, adding the processing time is next to instant compared to one to six business days for traditional transfers.
Coinbase is the largest crypto exchange operating in the US. Globally its market share is 7 percent, making it the fifth-largest exchange, data from CoinGecko shows.
The third-largest crypto exchange, OKX, will launch an exchange and wallet service in Argentina. The country’s newly elected President, Javier Milei, is known to be crypto friendly.
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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.