TGIF. It’s been a great end to the week for crypto, and Cipher is here to get you what you need to know.

Let’s get started so we can finish and get ready for the weekend:

In Todays Digest:

• The Latest Breaking News 🚨

• What to Watch This Weekend 👀

• Crypto Market Analysis 📈

• TradFi Market Outlook 🧐

• Crypto Spotlight - Cardano (ADA) 🔦

The Latest Breaking News 🚨

• XRP becomes 4th largest crypto after Ripple's partial win over SEC

• Celsius Network reaches $4.7 billion settlement over fraud allegations

• Fidelity fires up Bitcoin ETF race with resubmission amid Wall Street frenzy

• Polygon proposes token switch from MATIC to POL for more utility

• Multichain's CEO was arrested, team to shut down Multichain

Crypto Spotlight - Cardano 🔦

Why has Cardano (ADA) gained over 32% in the past 24 hours?

Our analysis revealed the possibility for Bitcoin Dominance to show an early sign of reversal on the daily chart whilst in its weekly region of interest, that represented the week of Bitcoin reaching $65,000 for the first time.

Since, BTC.D dropped a huge 10%, and this reaction caused the exit out of the weekly region.

TOTAL3 (Total Altcoin Market Value) gained 10% and many altcoins have seen this gain on their /BTC pair.

ADA/USDT is on our watchlist today as it gained over 32% the biggest rise in 1 day since 10 Feb '21 in the heat of the bull market.

However, structure is still bearish as we are yet to break 0.3842, so we anticipate this to prove a bullish direction before relying on the support level at 0.3000.

Crypto Market Analysis 📈

Yesterday was a HUGE day for the crypto industry.

XRP saw a CRAZY price increase of 96% in just one day, reaching its highest value since March 2022. This surge was driven by a court ruling in the United States, stating that the trading of XRP tokens on exchanges was not considered investment contracts.

The ruling had a positive impact on XRP, leading to discussions among crypto exchanges like Gemini and Coinbase re-listing the token. However, legal experts suggest that the verdict does not definitively answer whether a digital asset can be classified as a security under U.S. law.

In addition, XRP surpassed BNB to become the fourth-largest crypto, with its market cap increasing by over 60% to $41.44 billion in just 24 hours.

Furthermore, data from Coinglass shows that funding rates for perpetual futures in the crypto market have reached their highest levels since at least December. Open interest-weighted rates have also reached a four-month high.

Altcoins, which are alternative cryptos to Bitcoin, outperformed the market yesterday, attracting a significant number of buyers.

There has been a noticeable decrease in transactional volume in the crypto industry, particularly during weekends, following the shutdown of Signet, a real-time payments platform used by institutional cryptocurrency clients of Signature Bank. This is due to increased challenges in executing transactions outside regular trading hours.

The trading volume of BTC-USD, the trading pair for Bitcoin and U.S. dollars, has seen a significant decline on weekends between January and June 2023.

The current volume levels are the lowest recorded since 2012.

All of a sudden the narrative changes from $BTC spot ETF to altcoins $XRP not considered a security seems to be the catalyst to trigger the full-blown altseason. $ETH is outperforming and the median alt return vs #BTC suggests a change in structure.

TradFi Market Outlook 🧐

Today, the US stock market had a positive day as several top banks and companies reported strong earnings, signaling the start of the earnings season. This has led to four consecutive days of gains on Wall Street, with the Nasdaq and S&P 500 reaching their highest levels since April 2022.

Taking a look at the overall performance for the week, all three major indices have been on a strong upward trend. The S&P 500 has risen by 2.5% this week, and the Dow has seen a 1.9% increase based on Thursday's closing figures. The Nasdaq Composite, in particular, has been the top performer, surging by 3.5% and is on track to have its best week since March 17.

The S&P 500 continues its upward movement following recent data showing lower inflation from the CPI and PPI, which has pushed the market to yearly highs.

The previous resistance level at 4495 is now acting as support. If prices decline towards this level without significant changes in the overall economic environment, it could present a good opportunity to enter the market with a bullish stance.

Upcoming for Friday, we have the US consumer sentiment report, which will provide insights into how consumers feel about the current state of the economy.

Tweet of the Day 🐦

Useful Links 💸