ETHBTC Hits 14-month Lows, ICE Rebrands to WAGMI
Market Update
- Equity markets are flat today in anticipation of the Fed’s interest rate decision and revised dot plot announcement this afternoon.BTC is down 0.5% today, continuing to range between $26.9k and $27.4k for the last week. ETH is underperforming, down 1.5% in USD, and reaching 14 month lows against BTC. The ETHBTC pair has broken the 0.06 level, trading at 0.59 at writing. This follows notable on-chain transfers from whales depositing $60 million into exchanges, including founder Vitalik Buterin sending $493k in ETH to Kraken. Another large holder deposited $50m in ETH, which according to Lookonchain is part of the entities $423m holdings acquired during Ethereum’s ICO at 31 cents. XRP is outperforming the top 10, gaining 1.5% over the last day after XRP based DeXfi announced upcoming updates for several new DeFi capabilities, including a native AMM.
- Infamous Avalanche developer Daniele Sestagalli is back with a project called WAGMI, an acronym for "we are gonna make it." It's a rebranding of Popsicle Finance, offering DeFi applications on nine blockchains. ICE 0.94% tokens from Popsicle Finance can now be exchanged for WAGMI tokens, with ICE surging 70% in the last 24 hours. WAGMI has a $2 million market cap. Sestagalli's previous projects, like Wonderland and Abracadabra, were influential in the crypto space during the last bull run in 2021, reaching a peak market cap of over $6 bn. Despite a $25 million hack in mid-2021, Popsicle Finance's ICE reached a $660m MC. After recent price action, the project now sits at ~$21m MC. Specifics of the WAGMI project remain undisclosed, but Sestagalli is optimistic about its growth potential, echoing the success of his earlier ventures.
- The creator of Bitcoin Ordinals, Casey Rodarmor, has proposed changing the numbering system used for inscriptions within the protocol. Bitcoin Ordinals, which allow inscriptions into satoshis (the smallest denomination of Bitcoin), have been active since the protocol's launch in January 2023, contributing significantly to Bitcoin network activity. Instead of scrapping the numbering system entirely, Rodarmor suggests making it "permanently unstable" to simplify the project's codebase and facilitate future protocol changes. This means that unique inscription numbers assigned to NFTs on the Bitcoin network will be deprioritized and subject to minor fluctuations, typically around 1%. While this proposal garnered support from some, concerns were raised about users who had invested in specific numbers. However, it was noted that those who value specific inscription numbers can still sort collectibles by their timestamps.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Monero looks to be readying for a breakout given the recent basing pattern which has developed near the lows of its broader one-year range. Daily charts show a pattern of lower highs and similar lows since Spring 2023 which has successfully held on three different pullbacks this year. Given that XMR has begun to show consolidation in a constructive technical manner in recent weeks, it looks right to bet on an upside breakout this Fall which could carry XMR back to the highs of its intermediate-term consolidation. Movement above $149.33 would be the technical trigger for gains up to resistance at $160-$164 which looks to be important. The act of exceeding $164 should allow for a larger rally back to $172, then $188 which both look important as resistance. Overall, the risk/reward looks attractive at current levels, with only a decline back under $132 changing the technical picture and postponing the thoughts of an upward trajectory for XMR.
Daily Important Metrics
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All metrics as of September 20, 2023 12:41 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $530B | $530B | ↑ 0.09% | ↑ 3,197,919,638% | |
 ETH | $196B | $196B | ↓ -1.02% | ↑ 16,341,091,137% | ↑ 13,143,171,499% |
 ADA | $8.9B | $8.9B | ↓ -0.25% | ↑ 3,623,182,983,147% | ↑ 3,619,985,063,509% |
 DOGE | $8.8B | $8.8B | ↓ -0.81% | ↑ 12,528,517,795,962% | ↑ 12,525,319,876,324% |
 SOL | $8.3B | $8.3B | ↑ 0.80% | ↑ 83,827,229,371% | ↑ 80,629,309,733% |
 DOT | $5.2B | $5.2B | ↓ -0.18% | ↑ 119,251,327,165% | ↑ 116,053,407,527% |
 MATIC | $5.0B | $5.0B | ↑ 0.08% | ↑ 662,581,284,092% | ↑ 659,383,364,454% |
 LINK | $3.9B | $3.9B | ↑ 1.51% | ↑ 69,370,794,767% | ↑ 66,172,875,129% |
 NEAR | $1.0B | $1.0B | ↓ -0.98% | ↑ 82,152,848,252% | ↑ 78,954,928,614% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -19% | $19.61 | ↓ -1.18% | ↑ 136% | ↓ -3,197,919,501% |
| BITW | ↓ -45% | $12.34 | ↑ 0.82% | ↑ 130% | ↓ -3,197,919,508% |
| ETHE | ↓ -26% | $11.45 | ↓ -2.05% | ↑ 141% | ↓ -3,197,919,497% |
| BTCC | ↓ -0.12% | $4.97 | ↑ 0.00% | ↑ 64% | ↓ -3,197,919,574% |
News
QUICK BITS
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MARKET DATA
CoinDesk The recent decline in the ETH/BTC ratio continues a trend that began more than a year ago. |
CryptoSlate South Koreans reported approximately 131 trillion won (around $99 billion) in overseas crypto assets, including Bitcoin (BTC), for this year, according to the c... |
THOUGHTS AND OPINIONS
Coin Telegraph Bitcoin Ordinals creator proposes to change inscription numbering system Casey Rodarmor, the creator of Bitcoin Ordinals, clarified that the inscription numbers would only be changed, but not... |
HACKS, EXPLOITS, AND SCAMS
Coin Telegraph DeFi protocol Balancer frontend is under attack, $238K crypto stolen The platform notified its community on Sept. 19 at 11:49 pm UTC, urging users to not interact with Balancer's protocol... |
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