Altcoins Surge, Puma's Experiential NFT Sneakers

Market Update

  • After Ripple's victory over the SEC yesterday, token prices experienced a rapid increase, with XRP surging by 65% in the past 24 hours, making it the fourth largest token.BTC is up 1.1% while ETH gained 2.1%. Tokens alleged to be securities by the SEC, like MATIC, ADA, and SOL, have outperformed, with gains ranging from 20% to 30%. In addition, Coinbase's stock (COIN 1.37% ) saw a significant jump of 24% yesterday. The overall cryptocurrency market capitalization also rose by 3.1%, with gains primarily accruing to alts, a significant pivot from months of BTC outperformance. The total market cap of digital assets excluding ETH and BTC, jumped 10% from yesterday, rising from ~$330bn before the Ripple news broke to $364m at writing. Bitcoin dominance as a percent of all cryptocurrencies has fallen back to 50% after peaking at 52% last month, indicating investors are venturing out on the risk curve and bidding altcoins.
  • Yesterday, Ripple Labs achieved a partial victory in its legal battle against the US SEC. The SEC accused Ripple's XRP token sales of violating US securities laws by constituting a securities offering. The court ruled that institutional sales of XRP to hedge funds and venture capitalists were illegal. However, sales of XRP directly to retail investors on digital asset exchanges and transactions where tokens were used for services were not considered investment contracts in violation of the law. While some legal experts advised caution due to the split decision, noting that it creates additional uncertainty and may be subject to appeal, the industry responded positively. The decision was seen as potentially indicating that secondary market transactions in crypto assets are not securities and could strengthen arguments in other lawsuits, such as the SEC vs. Coinbase. Consequently, trading platforms, including Crypto.com, Kraken, and Coinbase, announced the relisting of XRP. This follows a period of XRP trading suspension on numerous US platforms since the SEC filed the lawsuit against Ripple Labs at the end of 2020.
  • PUMA, Roc Nation, and Legitimate, an NFT company, have joined forces to launch a sneaker collection called "Evolution of the Mixtape," commemorating 50 years of hip-hop. The collection includes three sneaker models: "Cassette Tape," "Playlist," and "Disc," each equipped with an NFC chip called the "LGT Tag" in the tongue. By scanning the chip, owners can access an exclusive digital platform curated by Roc Nation, featuring weekly mixtapes, behind-the-scenes content, and unreleased tracks from Roc Nation artists. This collaboration celebrates hip-hop culture while exploring the intersection of fashion, music, and technology. The incorporation of the NFC chip not only enhances customer engagement but also fosters brand loyalty by offering buyers new music experiences. This integration of physical and digital elements holds significance for both brands and consumers, bridging the gap between Web2 and Web3 and contributing to the evolving metaverse trend.

Daily Technical Strategy

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Mark L. Newton, CMT

Head of Technical Strategy

Despite Friday's minor pullback in Bitcoin, weekly BTC charts show this week still set to achieve the highest weekly close since Spring 2022. Thursday's breakout to $31471 occurred on the highest volume of the week and should help BTC start to accelerate in the next couple weeks to targets near $36-$37k. This range lies near weekly low closes from January 2022 along with representing the first 38.2% Fibonacci retracement of the entire one-year decline from November 2021 to November 2022. Momentum has improved on weekly charts given its progress from late June, and i expect that 10-15% gains are a possibility between now and end of July. Following a runup into this time, consolidation could be possible in August which would coincide with a key cycle that turns lower starting 8/1/23. Until that time, BTC is likely to be quite positive, and this week's bullish price action should serve as a technical catalyst for upside follow-through.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market cap $1.25T +$60B (+5.06%)
BTC Dominance
48.52% (-2.72%)
Stablecoins

Increase in circulating stablecoins is a Bullish signal

In Circulation $83B(+0.07%)
In Exchanges $13B(+0.93%)
BTC Metrics

A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage

# BTC in Exchanges 2.3M(0.13%)
Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate0.99 (0.81)
Binance1.00 (0.81)
Bitfinex2.22 (0.80)
Bitmex1.00 (0.95)
ByBit1.00 (0.48)
Deribit2.16 (2.11)
Huobi-0.81 (0.56)
Kraken2.07 (0.75)
Mean0.99 (0.81)
OKex0.31 (0.47)
Sentiment
Altcoins Surge, Puma's Experiential NFT Sneakers

BMI : 37 (0.00%)

Futures

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price$31,050 (-0.78%)
Spot Basis
$72.66 (0.23%)
Volume1.5M (69%)
Open Interest
330,938 (-0.42%)
Options all exchanges

Higher open interest change in a bull market is bullish for the sector

Volume31,417 (4.42%)
Open Interest299,499 (1.54%)
Volume Put/Call Ratio0.4874 (7.36%)
Open Interest Put/Call Ratio0.4472 (1.27%)

All metrics as of July 14, 2023 1:35 PM

All Funding rates are in bps

Crypto Prices

Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD
btc imageBTC
$600B $30,861 -0.44% 86%
btc imageETH
$236B $1,967 -0.81% 64% -22%
btc imageADA
$12B $0.3354 1.89% 36% -50%
btc imageSOL
$11B $27.30 5.48% 176% 90%
btc imageMATIC
$7.7B $0.8215 -2.51% 7.79% -79%
btc imageDOT
$6.9B $5.54 2.03% 27% -59%
btc imageLINK
$3.8B $7.02 4.69% 26% -60%
btc imageNEAR
$1.5B $1.57 9.90% 23% -63%
btc imageDOGE
$0.0000 $0.0001 -3.51% -100% -186%

Exchange Traded Products (ETPs)

Symbol Premium to Nav Last Price Daily Change Year to Date Relative to BTC YTD
GBTC -22% $20.63 -3.51% 149% 63%
BITW -49% $13.68 -2.13% 155% 69%
ETHE -35% $11.78 -2.32% 147% 61%
BTCC 0.01% $5.68 -2.24% 87% 1.17%

News

QUICK BITS

Decrypt.co

Kraken, Crypto.com Join Coinbase in Relisting XRP After Court Ruling

Though the judge’s decision didn’t relate to secondary sales, exchanges are signaling greater confidence in trading XRP.

CoinDesk

Hip-Hop Collab Teams PUMA, Roc Nation and Legitimate for Sneaker Release

The three models of sneakers celebrate the 50th anniversary of hip-hop and each one has an NFC chip owners can scan to claim an NFT and access exclusive music c...

CoinDesk

BlackRock CEO Larry Fink Talks Up Crypto Demand From Gold Investors

The CEO of $8.5 trillion asset manager BlackRock (BLK) said "more and more" gold investors have been asking about the role of crypto over the last five years.

THOUGHTS AND OPINIONS

CoinDesk

Ripple’s XRP Summary Judgment Positive for Coinbase, Price Target Raised to $120: Needham

The court’s decision should moderately de-risk the regulatory pressure on the crypto exchange’s stock, which is a significant overhang on the share price, the b...

HACKS, EXPLOITS, AND SCAMS

CryptoSlate

Multichain halts operations following CEO’s arrest; MULTI plunges 15%

Cross-chain protocol Multichain (MULTI) is ceasing operations because CEO Zhaojun and his sister were “taken away” by the Chinese police, according to a July 14...

Coin Telegraph

Celsius 'pleased' with resolutions amid $4.7B FTC fine

A community member responded that they were also “pleased” to see former Celsius CEO Alex Mashinsky charged with multi...

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