Good morning. Here’s what’s happening:

Prices: Caleb & Brown Jake Boyle explains the reasons why ether could be a more interesting play than Bitcoin.

Insights Coinbase stock has risen by more than 23% following Ripple’s partial victory in court against the SEC on Thursday. Needham analyst John Todaro explained why he is optimistic about the company in a CoinDesk TV Interview.


Beyond Bitcoin

As East Asia’s day of business begins, bitcoin is down by 1% at $29,856 while ether also is down by 1% at $1,896. XRP continues its upward trajectory, rising 5%, to $0.77, despite the fact that many areas of the altcoin markets are starting the day in a sea red.

Jake Boyle, Chief Commercial Officer of Australian crypto exchange Caleb & Brown, said on CoinDesk TV that current Bitcoin movement indicates that the market has a range and is stagnant.

Boyle says that Bitcoin may experience some ups-and-downs around the $30,000 level, but no major movement is expected until certain events occur.

Following the XRP news last week, Stellar, Solana and Optimism all showed explosive growth, but for different reasons.

“Stellar has been associated with XRP for a long time… Boyle stated that optimism is a new thing. It hasn’t seen a bull market and hasn’t dropped 99% since its high.

Boyle has a keen interest in Ethereum at the moment, as he has noticed a “noticeable rise in purchasing power against bitcoin.”

“Ethereum tends to upgrade.” He said that it is more open to updates and news announcements, while bitcoin remains relatively stable.

He said, “Bitcoin’s just bitcoin.”

The Biggest Gainers

Asset Ticker Returns DACS Sector
XRP
XRP
+3.9%
Currency

Biggest Losers


Coinbase is on the Rise!

John Todaro told CoinDesk TV’s “First Mover” program on Tuesday that Ripple’s partial victory in its long-running Federal Court feud with Securities and Exchange Commission will benefit Coinbase because it clarifies a nettlesome element of crypto regulation and allows the exchange to relist certain tokens.

Todaro pointed out that observers in the industry had feared that a decision in favor of the SEC could have forced Coinbase to remove tokens from its platform, which would have cost it potentially more than a quarter of its revenue.

Todaro added that the ruling will also “give institutional shareholders more clarity”.

Now you can dig into Coinbase’s fundamentals more, rather than the stock moving only on regulatory concerns or good regulatory announcements.

A U.S. District Court ruled last Thursday that Ripple’s XRP token was not a security if it is sold through an exchange or programmatically. Todaro, along with another analyst Daniel Lehmann, wrote in a research report published the next day that the ruling could boost Coinbase’s shares, as it established that sales of tokens through exchanges did not violate securities law, at least for XRP.

Needham: Ripple’s XRP summary judgment positive for Coinbase; price target raised to $120

Analysts wrote: “This result should moderately reduce the regulatory pressures on the stock.”

The broker kept a buy recommendation on Coinbase and increased its price target from $70 to $120. Coinbase shares closed yesterday at $104,59, down by 0.9%. However, they are up 23% from last Thursday.

Coinbase is facing its own regulatory challenges, including a SEC lawsuit filed last month accusing it of violating securities laws. It also has to deal with the fallout from the long bear market which has scared investors.

Todaro, in the “First Mover”, interview, predicted that Coinbase’s trading volumes would be the lowest since 2021 when the exchange began trading publicly. He said that July volumes were “okay” and that investors had already priced in Q2’s issues. He said that people should be looking ahead to what is coming, including the halving of bitcoin next year, which “has historically coincided with higher crypto prices and ETF applications, as well as a more positive view of regulation.”


Important events.


CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

Bloomberg reported that Brian Armstrong, CEO of Coinbase, met with House Democrats on Wednesday morning. John Todaro, senior research analyst at Needham & Company, shared his thoughts on Coinbase’s (COIN) stock performance. Micah Johnson, Aku creator and ex-MLB player, discussed partnering with Starbucks. Jake Boyle, director at Caleb & Brown, shared his analysis of the crypto markets. John Oliver, from PwC, spoke on the views of traditional hedge funds regarding investing in crypto assets.

Following U.S. retail sales numbers, Bitcoin remains under pressure below $30K The rally on Thursday to a 13-month high price of $31,800 is now more than nullified.

Arkham Token Launches at $0.75 after being sold for $0.05 on Binance Launchpad : Users have locked up $2.4 billion to increase their chances of receiving the entire allocation.

Celsius estate settles with Series B holders over proceeds of GK8 sale Mike Novogratz’s Galaxy Digital bought self-custody GK8 platform from Celsius as part of bankruptcy procedures in December.

Levered Long Bullish Positions are Liquidated As Bitcoin Market Softens : CoinGlass shows that $116.38 in futures bets and $85.68 of bullish long positions were liquidated in the past 24 hours.

MOON, Brick, and other tokens are boosted by speculation about a rule change. Recently, Reddit updated its Terms of Service to allow trading of the tokenized Community Points.

James Rubin is the editor.