Lykke Trading Platform on Nostr: Daily Synopsis: 03-07-2023 The crypto summer is here to stay, with sunny trading ...

Daily Synopsis: 03-07-2023

The crypto summer is here to stay, with sunny trading conditions reigning, ATTMO’s short-term and one-week forecast shows. This signals that a slightly bullish market with upside potential is likely. 
Ripple’s XRP bucks this positive trend, with rainy trading conditions ahead. This translates to a bear market with a downward trend.


Cryptos edge higher spurred by release of strong H1 results
The cryptocurrency trend was positive over the past 24 hours, with investors shrugging off a Wall Street Journal report that the spot Bitcoin exchange traded fund (ETF) applications filed by a series of asset managers would all be rejected by the US regulator. The Securities and Exchange Commission (SEC) reportedly told Nasdaq and the Chicago board options exchange (Cboe) that the filed applications are not clear and comprehensive. 
The SEC has until now consistently rejected any spot Bitcoin ETF applications alleging market manipulation and potential fraud would be possible. The mood among investors changed when BlackRock, which is the world’s largest asset manager, filed its application. Why? Because the regulator until now only has blocked one out of more than 500 of its ETF applications. 
The price of Bitcoin percent rose 0.5 percent over the past 24 hours, while that of Ether added 1.6 percent. The combined market capitalization of these two cryptocurrencies makes up of two thirds the crypto space. 
Market players are increasingly concerned by the SEC’s foot on the brake when it comes to crypto assets. “The rest of the world is moving to adopt crypto – from the EU and other parts of Europe to regional powers like Brazil, Japan, and Australia, to diversifying economies like the UAE. And of course, China via Hong Kong. What is it going to take for the US to step up?” says Omid Malekan, a blockchain expert
Key date in SEC vs Coinbase case moved forward to July 13
The SEC will next week, on July 13, present its response to Coinbase’s defense.
The largest US crypto exchange claims that a significant number of the altcoins mentioned in the SEC’s case against it are beyond the scope of the commission’s jurisdiction. Among these altcoins, Solana, Polygon, and Cardano put on 1.5 percent, 2 percent and 1 percent respectively on the news.
Meanwhile, the fintech Revolut announced these three cryptocurrencies won’t be available for purchase on the US market with immediate effect, fearing the consequences of the SEC's lawsuit. Competitors Robinhood and Bakkt have already taken similar measures.
Crypto markets set to be slow ahead of US Independence Day
Trading is expected to be slow today, with few macro indicators and second-quarter results released during the day. Furthermore, US markets will close early ahead of the July 4 celebrations of the nation’s independence. The following day, the release of the Federal Reserve’s minutes from its June meeting will be scrutinized to obtain information on the ongoing discussion of the pace of signaled rate hikes. 
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.