SEC Appeals Ripple Labs Case, y00ts Migrates to Ethereum
Market Update
- Inflation ticked up in July but modest price increases likely deter Fed from raising rates in September. CPI rose 3.2% YoY (vs. 3% in June), while core CPI rose by 4.7% (vs. 4.8% in June). Monthly figures painted a rosier picture, with both core CPI and CPI rising a mild 0.2% in both months. Markets reacted positively on the news at open, with SPX and QQQ -0.07% both opening higher before retracing to +0.3% from yesterday's close. Digital asset markets are down slightly on the day, with BTC (-0.6%) retracing since poking above $30k yesterday and ETH declining by 0.3% to $1,850. In the past day, RPL appreciated by 7.5% in the top 100. The decentralized Ethereum staking protocol secured a strategic investment from Coinbase Ventures and currently operates over 3.1k nodes with more than 780k ETH staked.
- SEC to seek an interlocutory appeal in Ripple Labs case. This appeal focuses on the ruling that some of Ripple's sales of XRP tokens (termed "programmatic") were not in violation of securities laws due to a blind bid process, while ruling other direct sales to institutional investors were securities. An interlocutory review, according to the SEC, would efficiently advance the litigation's termination by eliminating the potential need for two remedies phases and trials. Ripple, which was charged by the SEC in 2020 for raising $1.3 billion through unregistered security sales, could also appeal Torres' ruling. The process of appeal is expected to unfold over the coming weeks, with Ripple required to respond by August 16, 2023, and the SEC proposing to file an opening brief on August 18.
- DeLabs' NFT Projects y00ts Migrate to Ethereum Mainnet. y00ts is migrating from the Polygon network to the Ethereum mainnet, joining its more prominent DeGods collection. The migration news was announced along with the reveal of DeGods' "Season 3" content. DeGods and y00ts previously moved from Solana to Ethereum and Polygon, respectively. DeLabs will return a $3 million grant to Polygon Labs, which supported their move from Solana. Polygon Labs plans to use $1 million of the returned funds to support "Polygon-native builders and creators." The market reacted positively to the news, with the floor price of the project on the OpenSea marketplace increasing from 1.7 ETH to about 2.09 ETH, later settling at 2 ETH.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
ICE 0.94% 25% rally today gives some technical conviction that its one-month pullback is likely complete. Daily ICE 0.94% charts show the ongoing consolidation which has been ongoing since April 2023, roughly four months ago. Rally attempts into early July made a lower high than April before nearly completely retracing its bounce back to $0.85 which proved to be a nearly exact 50% absolute retracement from 7/3 highs. This week's progress, thanks to Thursday's (8/10) lift could help ICE form a positive weekly close after its last four straight weekly losses. Volume is spiking sharply on Thursday which helps to add credibility this big rise and price remains near the highs of today's range. Overall, a rally back to $1.45 looks to be underway which likely carries ICE higher over the next few weeks. Exceeding $1.45 would suggest a much larger intermediate-term rally is underway, which at present is difficult to forecast without technical improvement. Eventual upside targets lie near $.2.10 and above that allows for a rally which eventually should reach $9.75-$10. Overall, this high-volume rally is bullish, making ICE look technically attractive for gains in the weeks to come.
Daily Important Metrics
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All metrics as of August 10, 2023 12:26 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $572B | $29,392 | ↓ -1.09% | ↑ 77% | |
 ETH | $222B | $1,849 | ↓ -0.10% | ↑ 54% | ↓ -23% |
 ADA | $10B | $0.2971 | ↓ -0.33% | ↑ 20% | ↓ -57% |
 SOL | $9.9B | $24.41 | ↓ -0.51% | ↑ 147% | ↑ 69% |
 MATIC | $6.4B | $0.6887 | ↑ 0.27% | ↓ -9.64% | ↓ -87% |
 DOT | $6.1B | $5.00 | ↓ -0.93% | ↑ 15% | ↓ -62% |
 LINK | $4.1B | $7.65 | ↓ -0.96% | ↑ 38% | ↓ -40% |
 NEAR | $1.3B | $1.33 | ↓ -1.15% | ↑ 4.56% | ↓ -73% |
 DOGE | $0.0000 | $0.0001 | ↑ 0.00% | ↓ -100% | ↓ -177% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -26% | $19.85 | ↑ 0.92% | ↑ 139% | ↑ 62% |
| BITW | ↓ -49% | $12.63 | ↓ -1.02% | ↑ 135% | ↑ 58% |
| ETHE | ↓ -35% | $11.52 | ↓ -1.71% | ↑ 142% | ↑ 65% |
| BTCC | ↑ 0.43% | $5.39 | ↓ -0.37% | ↑ 78% | ↑ 0.46% |
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