Cryptos Muted As SEC's Ripple Labs' Appeal, U.S. CPI Weigh

Cryptocurrencies declined more than 1 percent in the past 24 hours ahead of major developments impacting crypto on the macro front as well as at the industry level.

Consumer price inflation readings due from the U.S for the month of July kept market anxiety high amidst forecasts of the headline inflation rising to 3.3 percent, from 3 percent in the previous month. Core inflation is also seen persisting at the 4.8 percent level.

Reports of the SEC planning to file an interlocutory appeal in the legal dispute with Ripple Labs also kept sentiment in check. The SEC cited the intra-district split that has already developed in the context of Terraform Labs verdict, which rejected the Programmatic Sales approach adopted in the Ripple case, to press the case for an interlocutory review. The SEC also claimed that timely appellate review was particularly warranted given the fact that a controlling question of law was involved, there was a substantial ground for difference of opinion and that there were a large number of pending litigations. Judge Analisa Torres had scheduled a jury trial for the Ripple Labs case in the second calendar quarter of 2024.

Amidst the development, the price of the XRP cryptocurrency dropped 2.4 percent in the past 24 hours. 5th ranked XRP is currently trading at $0.6288, versus $0.4711 prior to the Ripple Labs verdict and the post-verdict peak of $0.8875, touched on July 13. XRP is also the only cryptocurrency among the top 10 to currently trade with losses on a weekly basis. XRP has shed 5.4 percent in the past week.

The greenback’s retreat however was a welcome relief. The Dollar Index, a measure of the Dollar’s relative strength against a basket of 6 currencies declined 0.34 percent overnight to 102.14.

Expectations of another quarter point rate hike by the Fed in the upcoming review in September declined to 13.5 percent, from 14 percent a day earlier and 18 percent a week earlier. However, rate hike expectations for the December review increased to 29.8 percent, from 28.1 percent a day earlier and 28.7 percent a week earlier.

Overall crypto market capitalization has fallen to $1.18 trillion, from $1.19 trillion a day earlier.

Bitcoin (BTC), the leading cryptocurrency has shed 1.2 percent overnight to trade at $29,479.69. The 24-hour trading range was between $30,093.44 and $29,376.80. Year-to-date gains have fallen to a little less than 78 percent.

Ethereum traded between $1,869.74 and $1,845.49 in the past 24 hours. It is currently changing hands at $1,849.87, having erased more than half a percent overnight. Year-to-date gains are a little less than 55 percent.

Bitcoin dominates 48.82 percent of the overall crypto market followed by Ethereum which accounts for 18.92 percent.

4th ranked BNB (BNB) declined 0.9 percent overnight. It is yet to recoup the close to 1 percent loss made on a year-to-date basis.

7th ranked Dogecoin (DOGE) is also trading close to the flatline, but on a negative note. It has however gained more than 2.4 percent over the past week.

8th ranked Cardano (ADA) has dropped 0.23 percent overnight. Weekly gains however are close to 1 percent.

9th ranked Solana (SOL) shed 1.6 percent overnight. It has however gained more than 7 percent over the past week and 145 percent in 2023.

10th ranked TRON (TRX) added 0.5 percent overnight. TRX has also gained more than 40 percent in 2023.

34th ranked Aptos (APT) topped the price charts with an overnight rally of more than 9 percent amidst continuing excitement surrounding the collaboration with tech-giant Microsoft. APT has added more than 7 percent in the past week.

42nd ranked Optimism (OP) was the biggest laggard, shedding more than 6 percent overnight.

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